Best and final offer/ sealed bids??

[sianyb83]

We were first people to see a project type house on Friday (vacant, elderly owner has gone into residential accommodation)

Its listed at 499,999

We offered 495,000 that day...however we were told the 12 booked viewing for Saturday would take place. On Saturday, the agent emailed to say they had received other offers, and would put them forward to the agency selling the property - so we needed to formally submit our best and final offer, along with chain position, mortgage info etc.

Because we loved it we upped offer to 507500.

We are selling our current property at 490000, so in a good position as our sale is well underway and we don't need much in the way of additional borrowing.

What do you think our chances our??

Our worry is someone has gone in way higher then us?? in which case our (good) position won't matter?

It could be a ploy by the agents. They might be no one else interested. Or there could be and they've all gone in around the offer price. If they are developers they'll usually go in low . Inshort it's impossible to know. But if you feel it's worth it and are happy to pay the price you have offered then if it's meant to be, it will be . 🍀good luck !

It's really a calculation on how much you are personally able to spend on this place given that it will need work done. You could always work backwards from other comparibles near by - would how much you need to spend to do it up take it over or above the ceiling price for stuff nearby?

I would be mindfull not to get sucked in if it needs alot doing.

Don’t get sucked into paying more than you’re happy with.

The vendor may have very similar £ offers, but buyers positions can vary significantly. Also, some vendors will choose purchasers they “liked” and believe are reliable etc, if offers are very similar.

It’s very hard to tell!

Still no word so surely we haven't got it...they said they'd get back to us on Monday