FTB here so any advice greatly appreciated. NC due to details. Slight rant, sorry!
We viewed a property last summer. It'd been on the market 2+ years.
We registered our interest with the EA, explaining we were waiting for DH's new job, to be in a better position for a mortgage. We kept in touch in the meantime, got our AIP and made offer in March - low, but an amount the EA said all along would likely be accepted.
Were told the vendor was away for a few weeks so not to expect a quick response. Waited 2 weeks, called the EA and discovered someone else had had a higher offer accepted (and the amount) over a week before. He said he hadn't let us know as we'd said our offer was the best we could do.
Immediately made a higher offer, were told the vendor would consider it for a few days.
Discovered we knew vendor through mutual friends, and that he'd had a minimum amount in mind all along, so our 1st offer was never in the running. (Also discovered he'd accepted our 2nd offer on the spot, not said he'd need a few days!)
Instructed solicitors, began full mortgage application.
A week later, EA called to say he's going to ask the other buyers for a higher offer, so please can I make a higher offer now, so he can take both to the vendor and 'get this over and done with'. I declined, as there seemed no reason to go higher til we were outbid!
The other buyers have now made a higher offer, best & final. He won't tell me the amount this time, and apparently hasn't told the vendor either, but vendor again said he'll take the highest (fair enough).
Apparently the other buyers submitted their AIP with their offer, around 2 weeks ago, their application is being dealt with by underwriters right now, and they'll have a formal offer on Monday morning, then all they have left to do is the valuation.
How can they have a mortgage in place if they don't yet have the final price of the house, or a valuation?
We can afford to increase our offer by a little bit (as we really don't want to lose it, we're taking from money we'd set aside for improvements)
In my position, would you:
- Contact vendor (he's said he's happy to communicate with us) and find out what amount would take it off the market - is there any way of making this formal? I don't know how I'd phrase it.
- Make our actual best & final offer to EA - it may be well above the other buyers' and we'll end up spending more than we could have?
- Make only a slightly higher offer, and say it is best & final, as that's what EA is insisting on, run the risk that it's too low - do we have the right to keep coming back with more even though he's asked for best & final? The other buyers may also be lying when they say their offer is final.
Aargh, TIA!