Best and Final Offers?

[housingcrisis]

I have made an offee

Sorry toddler!.. I have made an offer on a house for 5000 under the asking price. I think it was fair. Unfortunately (for us) they have had 6 other offers! The house needs a lot of work doing and will cost 30,000 to do up (1/6th of asking price).
My question is, does it just go to best and final offers if the top 2 bids are close in price to each other? Or if we offered 5000 under and the next bid was 10,000 under, would they accept ours and not go to best and final offers? If it goes to best offers, does everyone increase their offers or can you stay the same, ie keep your offer the same?

It’s up to the vendor! With 6 offers I suspect they’ll go for best and final - unless there’s only one buyer who’s proceedable.

If it’s best and final, I can only suggest you have a clear think about what the house is worth to you, knowing the work needed. We’ve lost out in a best and final, but we offered the max we would have been willing to pay, and so have no regrets.

Vendors choice. I’m sure there will be other considerations bedsides price e.g. who can move quickest etc

Their call. They might only have an offer from you, they might have several offers for well over asking price. Just give them a final best offer of whatever you would be willing to pay and dont feel regretful if someone bids higher.

They don’t have to go to best and final offers, they might just accept the one that suits them best.
Likewise if they do go to best and finals some people may increase their offer, others may have put forward their best offer from the start.
Maybe talk to the estate agent and see where things stand, could you go higher if necessary?

Well, it has gone to best and final offers. We find out later this afternoon. We increased our offer to 2000 under asking price (from 5000 under). There are a few other offers. We were tempted to put the asking price but as I have said previously, the house needs a lot of work so we gave what we felt was a fair price. We didn't want to be sucked into paying more than we wanted to originally. I feel like it is likely we will have been beaten. Oh well, there will be other houses!

Good luck! You’ve given it thought and offered the price it’s worth to you - if you don’t get it, it’s not meant to be!

(It was surprisingly painless to lose the house we placed a sealed bid of 10k over asking on. We were surprised, but knew we had offered the right price for us)

Someone else offered a higher offer. So that's that I guess :-(

That is a shame OP but good for you for being sensible about the cost if it needs upgrading. I wouldn't want to over pay either.
Good luck with your searching!