Any Estate Agents?

[NewYearNewPlumbing]

When a property goes to 'last and final offer' is there a trend as to how these seem to go?

If offers have been made and rejected, and it goes to 'last and final' - do people tend to offer the asking price? Above asking?

Or is there no tendency?

It is a house in good nick, well finished, it won't be developers bidding.

This sounds like a closing date in Scottish terms so you put in your bestest offer. I just offered a house valued at 300 and we offered 327 and they accepted.
You just put in as high as you are happy to go.

We lost one in August. Offers over 295. We bid 311 but lost to 310 because they had no chain.

Won one in October. Reduced from 370 to 350 which is the only reason we looked, as did loads of others. Asking price offer rejected and went to best & final. We won at 361 and only because we had everything sorted and were super efficient.

House is totally perfect and hoping to exchange before Christmas, if solicitor will do it.

Still only offer what you're happy paying. It's a pressured way of selling that encourages, sometimes, some silly offers.

Got it for £2k over the asking price. Happy with that. Still a good price, and I am happy.

Thank you all for your advice and observations.

Wow that's great! Congrats!

I had to go 27k over lol

Well done!

The house was marketed at a fixed price, but properties are selling so fast here that they had 3 offers in the table at once, so decided to do ‘best and final’ with the 3. But it was as much about ‘proceedability’ as price, I think.

Those of you who offered above asking price - did the bank valuations come back ok?

We're paying 10K over asking price and it's well worth it to us - just a bit concerned the bank will disagree! We've got a bit of leeway if they do, but not a lot.

PowerslidePanda In a similar boat, having agreed 2.5k above asking price in our 'best and final'. It's so hard with how the market is fluctuating and if they'll view the adaptations made as fondly as we do. Our valuation is on the 21st so having everything crossed until then.

@PowerslidePanda the bank valuation always need to match regardless if you're going over or not. Because you pay the difference anyway so it won't matter to them.

@PowerslidePanda the one we’re buying that went £11k over was fine.

We had to withdraw from a house the month before though when both the bank and the independent surveyor said it was £15k over (we’d offered asking, not more). They were right tbh, but we’d liked the house so hadn’t minded ourselves. The vendor refused to negotiate and slammed it back on the market, where it still is, even after he reduced it (a bit) after a couple of months...

It worked out for us because we then got Dream House, but i can’t help feel a bit bad for the vendor whose rash decision has cost him!

Thanks all!

Good luck, @BiBabbles!

@Horehound - Sorry, not sure I understand? My point is that if the difference is large, we might not be able to afford to just pay it! We're approved to borrow a good bit more than the amount we've offered, but if the bank thinks it's worth say 20K less than that, we don't have 20K in cash to top it up!

One property i sold went to best and final as we had three offers the first week. Accepted price £30k over asking (which I thought was too low in the first place). There was a higher offer but went with the buyer who was quite a ways down with their sale.
Its really hard to judge how high to go but you won so congrats!

@PowerslidePanda I was referencing this part you said "just a bit concerned the bank will disagree!"
Because it doesn't matter if they agree ..they would only ever lend you what the house is valued at anyway.
So even though you're approved to have a larger mortgage, if the house you're buying has a valuation of 300k the bank wouldn't lend you more than that (or less actually as it would be minimum 85% LTV).

For example, we are allowed to go up to 410k.
But the house we actually are buying is valued at 300k and was on for offers over. We offered 327 and got it. It will not matter if our bank think the extra 27k is worth it or not because they won't be paying it! We will lol.

I think in your follow up post this is what you're saying but I just wanted to make sure you aren't trying to buy a house for more than it's valued at and thinking the bank add it onto the mortgage.

@Horehound - Thanks for clarifying - I think we are both saying the same thing, yes! This:

"I just wanted to make sure you aren't trying to buy a house for more than it's valued at and thinking the bank add it onto the mortgage."

...was the reason for my original question. If we assume that asking prices are in line with bank valuations (which I know isn't always the case), then getting a lower offer accepted shouldn't be a problem. But going above asking price increases the risk that the bank will value it lower and expect the buyer to make up the shortfall, separate to the mortgage.

@PowerslidePanda on the same page then hehe :)