Moving home: Best and Final Offers, tell me about your experiences

[Snorkers]

About to offer on a house that the agent indicated will probably go to Best and Final Offers. Never gone through it before, tell me about your experiences and tips please.

if they go to sealed bids make sure you are present when they are opened

Assuming you are in England:
It isn’t just price that will affect their choice of buyer. Emphasise all the points that make you a strong buyer in terms of proceedability. Your ftb status or else a strong and stable chain that is well advanced. Your mortgage agreed in principle. Your ability to pay a 10% deposit. Etc.

And price wise, offer what you think it is worth to you and can afford to pay. Do you want to lose it for the sake of £3 or 5 K if it is likely to be a long term home? Or Are you being pushed into making a panicked higher offer?

It isn’t just price that will affect their choice of buyer

Agree with this. Our buyers had 9 best offers, we had 2 hours between viewing the house and putting our best and final offer in. It was so stressful. I still don’t know if we were the highest (agent said not) but we made it clear the the agent that we were in love with the house, we had no chain and we made sure to have a chat with the vendors and expressed our interest. The buyers selected our offer out of everyone’s because they liked us and they wanted the house to go to a young family. Try to build a bit of rapport with the vendors, although it’s very hard during COVID to do this. Maybe a card through the door? Good luck Op.

NewyearNewplumbing. I read your post and the bit where you say emphasise all the points that make you a strong buyer. Your FTB but I saw your FWB (friends with benefits) status and I thought bloody hell she is committed to get a house if she is offering that with a final sealed bid. On second reading, I now know you mean first time buyer status.