''Best and final offers''

[AnxietyForever]

We're viewing a house at the weekend, it wants 'best and final offers' before next Friday.

Would you think this house would have had lots of interest to use this phrase?

We're first time buyers so not sure on the protocol but it looks promising and ticks lots of boxes.

Also says offers over!

The way the purchase is presented is irrelevant, do your research on the going in rate for this type of property, work out the price per square meter in the area and offer according to the size of the house.

Yes absolutely, its usually used where they've had multiple offers and rather than negotiating with everyone individually telling Person A that a higher bid has come in and does Person A want to increase its offer etc, then the same for Person B, C, D etc, they just set a deadline and say make your best offer by 4pm on X date.

We've been in it twice, we wrote a letter both times setting out our position (chain free, mortgage & solicitors in place) and the amount.

Great thanks for the advice, don't want to get carried away with a too much of a higher price either as the house needs some work doing to it.
The asking price is definitely affordable but don't want to go over the asking price by much really

If you love the house, say so. Lots of emotions involved in buying houses, as well as money.

@Mosaic123 Very true, thanks

Yeah they tend to go with this when they expect multiple offers, all you can do is offer what you think the house is worth and you'd be happy to pay 😊 I'd submit something in writing alongside saying how much you love the house and highlight your strong position as first time buyers. (We actually went with a lower offer when selling our house last month due to the couple we went with being ftbs and clearly passionate about the house).

For what it's worth we viewed a property last weekend, there was a huge song and dance from the agent about how they had 17 viewings on it that day and best and final offers to be submitted by midday Monday. We felt it was overpriced and needed a fairy bit of tlc so didn't offer in the end... Lo and behold I had a call from the agent on Tuesday morning to say they'd had no offers so were asking for feedback. They subsequently dropped the asking price by £25k after one day of viewings. So the house you're viewing may sell very quickly or may not if it's not been priced right!

The letter should state the facts - sorry but as someone who's house went to best and final i just wanted the person who was most proceedable and offered an amount I was happy with - not the highest necessarily.
It is a gamble for sure, but do your research, do your figures, don't get carried away, and if you lose out there's always another house (and tell the agent that you are interested should the deal fall thtough).

Great advice, thank you!

I didn't even know offers had to be put in writing, is that an email or letter?
I thought it was all done over the phone.

Usually it is a letter or email or the EA will have a form to complete. I’ve completed many over the years as a developer. It’s important to not get carried away. Stick to your budget and be clear about your financial situation- mortgage %, chain free or not etc. If this is a probate sale the vendors will probably have waited some time to get to this point so a proceedable buyer with no chain and a Cash purchase may be preferential than the highest bidder for example. That said, Some probate sales only want the highest bidder and will wait. I’ve been contacted previously as the next in line when the original bidder has fallen through so make friends with the EA and let them know how much you want the house and if you aren’t the chosen bid you may well be next in line. Good luck with it all.

Also consider a random amount bid in case the vendor is looking at the highest bid only. E.g asking price, £750k, you can afford £800k, submit £801,750 (frankly not worth losing over £1750 and it may nudge you past the next highest bidder). Remember that what you are prepared to pay might not match your mortgage valuation if you need one so don’t get carried away!

Might be a very popular property, might just be the EA playing games (as they are well known to do!)

Also bear in mind if you get caught up in a bidding war and offering over the properties genuine market value your mortgage lender may well chop that back and then you’ll either have to walk away, make up the difference in cash or try and renegotiate

@Youngatheart00

Might be a very popular property, might just be the EA playing games (as they are well known to do!)

Also bear in mind if you get caught up in a bidding war and offering over the properties genuine market value your mortgage lender may well chop that back and then you’ll either have to walk away, make up the difference in cash or try and renegotiate

@Youngatheart00 that's sage advice. OP don't be pressured. It's a jungle out there. Good luck though. Exciting times 😊