Made 'best and final' offer and now feel sick

[Changingwiththetimes]

I couldn't tell from the agent whether it was a winning bid or not. Went more than I wanted to - Ask was £850k, I initially offered £820, other buyer involved so it went to best and final with seller saying he wouldn't take less than 835. I offered 845. Now I'm worried I should have gone full ask, though that would be more than it's really worth now, but I don't think it would make any difference in the long term. I feel sick. I can't stand the wait. Argh.

You’ve done all you can now. The market is crazy at the moment and a lot of people are paying more than the properties are worth in the frenzy. Good luck and if it doesn’t work out, something better will come along.

How many people were bidding? I would say if you are bidding against many others it is likely to go above asking.

Good luck OP. Best and final offers is just the worst. It's a horrible market right now.

Remember the vendor won't just take the amount into consideration, they'll also look at your position compared to any other bidders. If you're chain free or already under offer, that puts you in a good place.

I think it's always better to stick to your guns than risk over bidding. We got carried away on a best and final offer before and really regretted it. Fortunately the property fell through for other reasons and we were relieved!

One other bidder in same position as me (under offer, soon to exchange). I think as seller said no less that 835 the other bid was close to my initial offer (820). It is on at the same price as another (just sold for 840) but that one had a new kitchen and arguably better end of street. I think 835 is a truer value but in the long run wont make much difference if I paid 845 (and if I can still make the stamp duty deadline that will help). I have no mortgage so will be cash once my house goes through.
It's the wait that's killing me! I don't even know if the other party has made it's bid yet - deadline today but they didn't specify when.

It sounds like you're in a great position then OP. If you don't need a mortgage, that might just nudge you ahead of the other bidder (I think they call it cash on completion?)

Still haven't heard anything, so now a long wait overnight! Either the other bidder waited til very late in the day to put offer in, or seller was busy? I mean, surely if we are both as proceedable as the other you just make a decision on price. It took me about five minutes chat with my agent to make a decision when I sold to best and final (years ago).

OMG! Agent said they put the offers to the seller yesterday but still haven't heard back yet! How agonising is this!

Oh, I feel for you OP! Try and keep busy to take your mind off the painful wait! Keeping fingers crossed for you ....

I feel for you. We've lost out on so many lately. We've just had an offer accepted on one but we had to go for full asking price straight off and ask they take it off the market and cancel viewings- which they did. We may have paid a little more than it's worth (so hard to tell) but we haven't stood a chance otherwise. Houses are regularly going at full asking or over round here (SE).

All the best of luck. You were very near asking price there so hopefully stand a good chance.

Wow OP they're really taking their time! How hard can it be to choose between two bids?!

Wow OP they're really taking their time! How hard can it be to choose between two bids?!

Finally heard back and we got it! Yay! This one better stick! Seller is chain free thank goodness.

Congrats OP!

Whoop! Nice one!! Congrats

Brilliant news! Congrats

Congratulations!

You were buying a 845K property all cash, and sweating about an offer !!!
Congratulations.

Congrats! All the best of luck

Congratulations OP
Yesterday I had an offer accepted and then a few hours later the estate agent called to say that a full cash buyer had offered more so they had accepted that.
I am only getting a 10% mortgage but there’s no point in offering more as they want a quick sale so the full cash person wins.
So disappointing.

@itscoldoutthere that's awful, I'm sorry Once an offer has been accepted that should be it!

@pinksnowball I know but it seems anything goes in this market.
I’m not sure if the EA was hoping I might up my offer, but he stressed that they wanted the full cash buyer so I couldn’t really see the point in offering more.
I’m just so tired of looking, I’m on a tight timescale as I’m only here till mid June (we are living overseas and trying to find something to move back to).
Just have to hope something comes up soon.