Best and final offers tomorrow - HELP, how DOES this work?

[dietstartstomorrowok]

Seen a house we like, on for a guide of 650, offered 665 this morning, suspect I am too low. Agent said it's best and final offers tomorrow before the end of the day.

Any tips to a) find out what the other offers are and b) how to secure it - I suppose go in with clever numbers such as £672, 840 or something like that?

THANK YOU!

[namechangedtoday15]

I would make it about your position too - write a letter setting out what advantages you have over other buyers (eg you're in rented or you've sold to cash buyers - something to demonstrate how quickly you can move, how you can ensure no delays (eg we said my husband's law firm would handle purchase which he could monitor / chase as required, you want it as a family house etc). We've done this twice, and both times have got the house even though we weren't the highest bidder.

[origamiwarrior]

The seller will hear about all offers, not just the highest (so no harm doing the clever number thing, but it's not like ebay where the highest proxy bid will get it!).

Things like how quickly you can move/flexibility around their purchase timelines, whether you are under offer, whether you have a mortgage in principle for the offer amount, have deposit funds readily available, will also sway the seller.

What it would be most worthwhile finding out is more details about the sellers and why they are selling, e.g. if it is a divorce, then money and speed are likely to be king (so you can say you would be happy to commit to a 10-week to completion timescale with survey instructed upon acceptance of offer) or if they have not yet found a house to buy, you can tell them you will be happy to go into rented while they look for a house.

Finally, there is no harm in appealing to the emotions (i.e. if you and the sellers are both with kids, say what a lovely house it would be to raise a family, or if they have sympathetically renovated it, say how much you appreciate finding a house with restored period features etc). Go for their Achiles heal!

[Sunnyshores]

Agreed, its def not all about money. Do as suggested above all the facts about mortg sorted, solicitors names, timescales you can meet, flexibility, etc etc and handwrite (on beautiful notepaper!) a covering letter briefly saying what buying this house would mean to your family.