Best and final offer - can I do this?

[MotherHubba]

Was told to give a best and final offer on a property within a day. Really liked the property - gave x amount, but the two other buyer both gave 10k more.

I am able to give more. The seller is currently deciding between these two and has rejected mine.

Would it be too late or too cheeky for me to counter these with another? If so, how do I play this? An offer hasn't been accepted yet as far as I am aware.

As for what to say, you could go the route of:

'I loved the house so much and was so disappointed to miss out that I've gone back through my finances and done some juggling and re-evaluating and am now in a position to offer X.'

As one who has been on the other end of house buying/selling politics, last minute demands for reductions etc I'm afraid I think that morality doesn't figure! By all means put in another offer, if it's rejected then ask the agent to keep you on file in case the purchaser pulls out.

You could say that you've had the chance to obtain more funds and offer above what the others are offering. Nothing ventured...

What else can you do to make yourself seem reliable and worth considering? The best kind of buyer is a cash buyer with no property to sell. No one wants to get involved with a game-player who might pull out or offer less at the last minute.

Only on MN have I seen people get so personally affronted about making offers on houses

Who cares what anyone else thinks or what's fair to other people in the process. It's the vendor's choice what to do. If you can offer more and want the place that badly, then do it.

Lesson learned and you may well be told to bugger off, but don't sit about thinking about offering - just do it.

Only on MN have I seen people get so personally affronted about making offers on houses

You’ve clearly led a sheltered life without much exposure to the property market then.

Until the vendor has accepted one offer, there's nothing remotely wrong for them to accept whatever offer they want.

In England it's still legal to change your mind until exchange, even if that is morally very questionable, but when people are still making up their mind? That's fine.

NOW is the time to discuss, bargain and negotiate. Best and final offer is only a way to get it over and done with.

The best kind of buyer is a cash buyer with no property to sell.

Absolutely disagree with that!

Mortgages can be a bit of a faff, but once they are agree, people are clearly more committed: paying mortgage fee, survey... Cash buyers have no financial incentive whatsoever to go through with the sale. Absolutely no guarantee that they won't change their mind at the last minute, they have nothing to lose.

It doesn't mean I wouldn't refuse to sell to a cash buyer, why would I, but that no sale is done until you sign.

You’ve clearly led a sheltered life without much exposure to the property market then.

Nope but I'm in Scotland so things are generally less of a disaster here (not always but usually). But I've done plenty of buying and selling, as I've had several rental properties, and I've never been offended when someone has low-balled us or tried to get a bargain. It's just common sense, no need to get emotional about it when it's just at the initial offer stage. Obviously being gazumped at the last-minute is a different matter.

You definitely can! Offer away.

Of course you can but it’s also possible that the buyer will not want to deal with you.

People are ridiculous on this thread. Of course you can go back with another offer. It's business.

Nothing is set in stone. In this country, rightly or wrongly, things can fall apart anywhere up to completion. If you want the house go for it.

You’ve nothing to lose by offering more, as long as you really can afford it and you really do want it that much.

I really don’t understand the comment that if the vendor is greedy they will take a higher offer. A house is the largest asset most people have, so why wouldn’t you try to get as much money for it as you can?

You can try, but as a seller I wouldn't take it seriously, and be concerned that you are untrustworthy/unreliable and likely to pull out or upset the process further down the line.

Well if the seller ends up with more money. Why not?

As long as you don't mess them around. Do it. What've you got to lose?

Again, until the vendor has accepted an offer, he won't be messing anyone around. Buyers whose offer has not been accepted will be in the exact same position.

I think the agent has to pass the offer to the vendor so why not but of course the other potential buyers could do the same.

as long as you don’t mess them around.
Op has already messed them around trying to get away with a lower offer. I wouldn’t trust that she wouldn’t continue to fart about and cause more hassle / delays further down the line.

* Op has already messed them around trying to get away with a lower offer. *

It’s called negotiation
Not “messing them around”

So not sealed bids if you know. In that case, you have sources additional funds and therefore raise your best and final to X (poi’s reiterate any other positive features to your offer, whether that be cash buyer etc)

Of course you can offer. The estate agent legally has to pass your offer to the vendor.

However, the vendor won’t accept it as you’ll look like you’re messing them around. Offer, but take the lesson for next time

Just do it. Worst case scenario, people you will never meet again might think you’re a bit cheeky. For the sake of getting a house you want it’s worth taking that risk. Plus the seller may we’ll be happy about it, if you’re offering more than the other two bidders. Nobody really loses here by you having another go.

there's 50/50 chances the vendor will accept, why wouldn't they?

It’s called negotiation. No, asking for best and final offer is not an invitation to negotiate. Only time wasting arseholes would read it as such.