Share your experiences of best and final offers

[deathbollywood]

We have viewed and offered on a property that's had lots of interest. it's a doer upper in a great location. So far there are 4 offers on the table and there are more viewings next week. Agent says it will go to best and final. Any tips for success, apart from obv offering loads more. We are chain free but so are at least 2 of the others who have offered

Our buyer also wrote us a nice email explaining why he liked the house. As it turned out, his was the highest offer by quite some way, but if it had been close to a higher offer we would still have picked him because of the email. I want someone to buy the house who really likes it and wants to live there and enjoy it (vs a property developer or BTL landlord for example).

I've not had to do it in England, but in Scotland when I was buying/selling it was quite common for properties to "go to a closing date" which amounts to the same thing - everyone whose solicitor has noted an interest on the property gets to make one sealed bid, usually by noon on a given date.

The practice there was to not offer a round number, because then there's a chance that it would be exactly the same as someone else's offer. So for example you might offer £281,777 rather than £281,000.

All you can really do is work out what you can afford and what you can borrow based on the surveyed value of the house - then add your "magic numbers" to the end.

We had to go to best and final offers and were advised by the estate agent (who was probably sick of us pestering for houses) to put a random number in. So the one we put our offer in on was offers over 250k. We put an offer in of 261,750.
We were told we won by but only just

As an ex EA I’ve handled a lot of best & finals. The main thing isn’t always the price and it’s an absolute no no to add a random number, it’s not EBay! It’ll make you look amateurish.

Your position is important, as is flexibility, people may be chain free but for example have to give notice to a Landlord and want to avoid paying both rent and a mortgage so want more time between exchange and completion. The Vendors may not have found a place to buy yet so would appreciate a buyer prepared to wait while they do this. The ultimate buyer would be totally flexible in regard to dates/timescale.

Next is do you need a mortgage? A cash buyer will trump anyone needing a mortgage. If you do need a mortgage, what %? Include that info - the higher the % mortgage the more you’re at the mercy of your lenders valuation. You may still get the property if your mortgage is a high % but including the info makes you look like you know what your doing.

If you do need a mortgage have you got an offer in principle? You should have.

Always write something about how much you love the property and why you want to live there. A lot of people want to sell to someone who will love the house.

Mention your solicitor and don’t use or plan to use a big online only style conveyancing company. The EA will know which solicitors are great and will make the conveyancing process run smoothly and which are a nightmare, the big online ones are terrible. You could ask the EA who they recommend, and mention it.

So it goes, We are Wendy and Bob our off for property X is £5,000 we have an offer in Principal for a 75% mortgage. Currently we’re renting/whatever so are chain free and are very happy to be as flexible as the Vendor requires in regard to dates and are willing to move at short notice if required. We will be instructing Sarah & Co solicitors.

Most importantly we adore 101 Acacia avenue, it feels just like the family house we’ve dreamt of, our children loved the garden and we feel it would be the perfect home to raise our family.

If you have any further question, please get in touch.

I’ve had Vendors choose a buyer for many reasons it really isn’t always down to price. Good luck 🤞🏻

thank you. this is all really helpful

@WhoEatsPopTarts

As an ex EA I’ve handled a lot of best & finals. The main thing isn’t always the price and it’s an absolute no no to add a random number, it’s not EBay! It’ll make you look amateurish.

Your position is important, as is flexibility, people may be chain free but for example have to give notice to a Landlord and want to avoid paying both rent and a mortgage so want more time between exchange and completion. The Vendors may not have found a place to buy yet so would appreciate a buyer prepared to wait while they do this. The ultimate buyer would be totally flexible in regard to dates/timescale.

Next is do you need a mortgage? A cash buyer will trump anyone needing a mortgage. If you do need a mortgage, what %? Include that info - the higher the % mortgage the more you’re at the mercy of your lenders valuation. You may still get the property if your mortgage is a high % but including the info makes you look like you know what your doing.

If you do need a mortgage have you got an offer in principle? You should have.

Always write something about how much you love the property and why you want to live there. A lot of people want to sell to someone who will love the house.

Mention your solicitor and don’t use or plan to use a big online only style conveyancing company. The EA will know which solicitors are great and will make the conveyancing process run smoothly and which are a nightmare, the big online ones are terrible. You could ask the EA who they recommend, and mention it.

So it goes, We are Wendy and Bob our off for property X is £5,000 we have an offer in Principal for a 75% mortgage. Currently we’re renting/whatever so are chain free and are very happy to be as flexible as the Vendor requires in regard to dates and are willing to move at short notice if required. We will be instructing Sarah & Co solicitors.

Most importantly we adore 101 Acacia avenue, it feels just like the family house we’ve dreamt of, our children loved the garden and we feel it would be the perfect home to raise our family.

If you have any further question, please get in touch.

I’ve had Vendors choose a buyer for many reasons it really isn’t always down to price. Good luck 🤞🏻

thanks who eats. I have pm'd you

The example given above is good. I sold a house to best and final. Each wrote a letter which I largely ignored (so keep it short and sweet like above). Proceedability is the first criteria, then price. I sold to the second highest offer as they were under offer through the same estate agents. The highest offer (by some way) felt like they were trying to dazzle me with numbers - they had not sold so no go. The third people offered under asking so dismissed immediately.

@WhoEatsPopTarts it is not in the least bit "amateurish" to add non-round numbers to the end in the circumstances I've described! In Scotland, offers are always made and accepted/rejected via solicitors, who (professionally speaking) are clearly several steps above EAs so absolutely the opposite of amateur.

Adding random numbers would make be assume you are really stretching yourself and having to spend every penny you possibly can - in which case you are likely to try and knock money off further down the line after survey etc, and I'd therefore be wary of your offer.
(Appreciate this may be perceived differently in Scotland but it is a very different system so you can't really compare.)

DD has just hit the house at best and final offers. It was up for £200k, she put £205k but also put a note to say why she was a good proposition such as FTB, living at home no flexible, substantial deposit, good secure income, excellent credit rating, her job meant she was honest and reliable and trustworthy.

The vendor worked at the same employer as DD and in a similar but more senior role.

She got a slightly higher offer but gave the house to DD because of the note she wrote. There were three best and finals on the table.