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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

Best and final offer - can I do this?

87 replies

MotherHubba · 10/03/2020 10:12

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.

OP posts:

bengalcat · 10/03/2020 11:46

Of course you can match the apparent other two offers or even up it . Up to the vendor who they go with . If I was selling I may well accept the higher offer particularly if the buyer was good to go . However would need to balance that with consideration of further delays from you down the line .
22 years ago I liked my property as soon as I saw it , I wanted it and so offered the asking price as a first time buyer with the mortgage in place . I got it .

Bringringbring12 · 10/03/2020 11:49

They asked for best and final.
That’s not a formal process like sealed bids!

oldwhyno · 10/03/2020 11:51

As others have said, of course you can offer more. And if you offer enough they'll have to seriously think about taking it.

But if you only add few k on top of the other offers I personally think many sellers wouldn't consider that a "trump card" and include other factors in their decision. Accepting an offer is only the start of a buying process that doesn't always end up in a successful transaction. One factor could well be that you were playing games, and maybe you'll play more games down the line.

You've got nothing to lose so go for it, but just be careful that such tactics can annoy certain sellers.

Fairenuff · 10/03/2020 11:55

You've not nothing lose. Make the offer.

TheTeenageYears · 10/03/2020 12:00

Totally comes down to morals - yours and the seller’s. Your dilemma is should I go back and offer to pay more for something even though I was told I only had one shot and the sellers, if you do go back with a higher offer, is should I accept a a higher offer from someone who had their chance and took advantage of the fact they were told they were out of the running due to a lower offer.

If people want the house buying process to get better they have to act better. I would put money on the fact the agent only told you you were out of the running so you could go back with a higher offer.

MarieQueenofScots · 10/03/2020 12:03

It isn't a formal or binding process.

You're not gazumping anyone.

Make another offer.

silverbubbles · 10/03/2020 12:05

Of course you put the offer in. You are now able to offer more. Tell the agent. They will delighted to hear this.

Fairenuff · 10/03/2020 12:06

Agents just want the sale. They don't really care if the seller gets an extra 10k or not they just want it done. They really don't try to get the best price for the people that are hiring them so I would say, yes. Make a bigger offer, the vendors will appreciate it.

IamtheDevilsAvocado · 10/03/2020 12:12

Nothing to lose

Say you've managed to get an increased amount so you can up your offer...

The EA MUST pass this on to the vendors

If you're good to go... Sell yourself!

Are you proceededable??

IamtheDevilsAvocado · 10/03/2020 12:13

Or even proceedable? 😁

Beau20 · 10/03/2020 12:14

Yes you can but it's called 'gazumping' and the people ahead of you will probably hate you for doing it and it's really frowned upon...

I know you want the house but imagine if you had your offer accepted somewhere and someone did this to you? You'd be fuming, it's probably the other vendors' dream property too. You had your chance and you lost it.

namechangetheworld · 10/03/2020 12:15

Of course you should put in the higher offer.

I used to work for an EA and on occasion people would call to offer on properties that had already had offers accepted - so further along in the process than you're considering. We had to forward all offers to the buyer, no matter what. The sellers often accepted it if the person was in a better position than their original buyer (first time buyer or no chain) or the offer was considerably more money.

MarieQueenofScots · 10/03/2020 12:17

Yes you can but it's called 'gazumping' and the people ahead of you will probably hate you for doing it and it's really frowned upon

It isn’t gazumping. No offer has been accepted.

Butterwhy · 10/03/2020 12:19

Yes you can. It would likely have to be significantly above the offers from the other buyers to be entertained let alone accepted though.

londonrach · 10/03/2020 12:23

You can offer but seller might think you mucking around if you didnt offer best price before and be wArned if you playing this game one of the other buyers might offer more too.

TriangleBingoBongo · 10/03/2020 12:31

You’ve got nothing to lose and everything to gain so just do it..!

Feck MN etiquette, it’s a property not tea and scones with her majesty.

Hotchocolate321 · 10/03/2020 12:33

I’d give it a go, you’ve nothing to lose, they can only say no. The estate agent should pass your offer on if it isn’t sold yet. You’d have to offer more or be a v attractive buyer (no chain etc) to swing it though.

Weirdwonders · 10/03/2020 12:36

Make an offer, the sale hasn’t been agreed yet, nothing cheeky about it. You don’t need Mumsnet permission. The agent wants a sale, they won’t care either.

Cam77 · 10/03/2020 12:54

"best and final offer"
sounds like a ruse to get more money than it should. IE person A would go up to 200k person B 205k and person C 215k.
So person C gets the house but pays nearly 10k more than they "needed to" if it was sold in a normal auction format, the excess profit is then pocketed by the agent/seller. Screw em.

JustInCaseCakeHappens · 10/03/2020 13:02

sounds like a ruse to get more money than it should.

if you are grown up enough to buy a property, surely you are grown-up enough to only offer what you can afford and what you think it's worth. No need for "ruse"

Same when you are selling, you don't accept less than what you think it' worth.

As much as I dislike agents, £10k makes absolutely no difference whatsoever on their commission.

Stefoscope · 10/03/2020 13:06

I don't see the problem as the seller hasn't accepted either of the other two offers, if they had it would be different. If I were selling I'd go with highest offer at this stage, but not if I'd already accepted another offer. In reality I imagine a lot of people would.

SpokeTooSoon · 10/03/2020 13:48

Of course you can. The last property we sold the buyer made THREE best and final offers. We kept rejecting it and he kept coming back with more. It’s a meaningless term.

inwood · 10/03/2020 13:52

Best and final , means that. Why didn't you do it at the time?

DailyKegelReminder · 10/03/2020 13:59

If I were selling my property and you came back with the highest offer in the end, then I would sell to you. At worst someone out there thinks your cheeky, oh well.

Bluntness100 · 10/03/2020 13:59

You can do it of course, the seller needs to decide if you’re trust worthy though or will try to drop again on survey, as you tried to low ball him in the first place.

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