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Original poster

Best and final offers - are they absolutely final?

22 replies

JamieNotJames · 10/02/2022 14:08

We've offered on a property which went to best and final. We were led to believe it was us against another party and unfortunately got the call to say they've accepted the other offer.

Is this absolutely the end of the road for us and this house (which we loved and I'm genuinely gutted) or is there a possibility of us going back with more still?

We've been viewing and offering on properties for a year now, all going to best and final and it's becoming so disheartening. Our poor buyers have been waiting for us to move out since last summer. 😩

Any experience as a buyer, seller or estate agent appreciate - I really really wanted this house!

OP posts:

Remytherat · 10/02/2022 14:19

If you really really wanted it, why didn't you offer more in the first place? It's obviously worth more to you and you can afford it if you want to up the offer now. Legally estate agents have to pass on every offer they're given so you could do it, but it would be incredibly unfair on the other buyers and the sellers may not go for it if they have any integrity.

GreenLunchBox · 10/02/2022 14:24

Yes, why didn't you offer what you were willing to go up to? It's not like it's the first time you've lost out on a best and final scenario

Sally872 · 10/02/2022 14:25

You're disappointed but you surely did put in what you truly were willing to pay? Can you actually afford/be willing to pay more or is it just disappointment talking?

Hope another house comes along soon. Next time (if best and final) put your very best offer and if its not good enough then you know there was nothing else you could have done.

Hotelhelp · 10/02/2022 14:28

Learn a lesson here OP. Go as high as you possibly can whilst still being happy to pay that price for it. If you don’t get it you should be able to walk away saying ‘we did what we could’.

In Scotland we have a closing date and offers need to be in by X time on X date and that’s that. It’s very final.

Original poster

JamieNotJames · 10/02/2022 14:33

I know!
Hindsight is a wonderful thing. We already went in 20k (on for £390k) over the asking price which we thought was more than enough. At what point do you draw the line before it gets ridiculous?

I would be happy to continue to offer in small increments if we were allowed.

OP posts:

Hotelhelp · 10/02/2022 14:35

20k is nothing … sorry!! For reference my house is

dubyalass · 10/02/2022 14:36

But who's to say that the other party wouldn't do the same? It just turns into a bidding war.

Shouldbeworkingnotreadingtalk · 10/02/2022 14:42

But that's the thing ... they don't want to faff around in small increments. They want your best and final. This also happened to us, but the estate agent on the house I was selling said to me "if you really, really want it, throw everything you've got at it to get it. (Obviously only up to the point where you'd be happy to walk away).... we went £48k over (5 years ago). Got the house. The other bidders then said "oh, but we'll offer more!!! He was a solicitor and forced the estate agent to put his offer to the seller. (Probate).

Luckily for us, the seller (which was a solicitor on behalf of deceased estate) said of this new increased offer "they knew the rules, please kindly tell them to fuck off with their offer" .... huge sign of relief for us as we literally couldn't go any better.

Next time, go as high as you think it's worth to you. Fingers crossed this sale falls through, ask estate agent for first refusal when / if it does.

Londongent · 10/02/2022 14:54

An honest vendor probably won't accept any offer now. However, estate agents are legally obliged to pass on any offer right up to exchange of contracts so although I doubt you will get the house, you have nothing to lose by going back with your very best offer

Original poster

JamieNotJames · 10/02/2022 14:55

Thanks for your input. I think it is disappointment speaking as we've lost out so many times now - more often than not we have actually had the highest bid but instead have lost out to cash buyers.

There's a fine line between what you can actually afford on paper and being sensible enough not to stretch finances too far. I think we just went slightly too short of that fine line ☹️

OP posts:

Haribosweets · 10/02/2022 15:03

It depends on the other party too, if they are cash or no chain then that could be the reason too. It's worth a shot though. I offered more on a property that had already been accepted to someone else and the agent said the sellers wouldn't go with me because it wasn't far on those who had the offer accepted. So be prepared for not good news if you do try

Hotelhelp · 10/02/2022 15:07

Chalk it up to experience OP and remember for next time. Easier said than done though, I know. It’s soul destroying at the moment.

Remytherat · 10/02/2022 15:16

@JamieNotJames

Thanks for your input. I think it is disappointment speaking as we've lost out so many times now - more often than not we have actually had the highest bid but instead have lost out to cash buyers.

There's a fine line between what you can actually afford on paper and being sensible enough not to stretch finances too far. I think we just went slightly too short of that fine line ☹️

Imagine how you'd feel if you'd offered your very best and final offer, the vendor accepted, and then a week later someone else bid more and they went with them? Think of it as good house karma and hopefully next time you'll get the house you want.

I've realised that it doesn't matter if you "overpay", if it's the house you love and you can afford it, it's worth that much.

Doubleraspberry · 10/02/2022 15:18

Don't forget that quite a few sales are falling through because people are making big offers and the survey value comes in so far under that they can't afford to buy. Could you end up in that situation? I think it's easy to get carried away in these final offer scenarios and just see things unravel a few weeks down the line.

FloBot7 · 10/02/2022 15:21

@JamieNotJames

I know! Hindsight is a wonderful thing. We already went in 20k (on for £390k) over the asking price which we thought was more than enough. At what point do you draw the line before it gets ridiculous?

I would be happy to continue to offer in small increments if we were allowed.

I think you draw the line at what you yourself are willing to pay for the house. Depending on the deposit you have it would also need to take into account the fact that a mortgage lender might give it a lower value.

GreenLunchBox · 10/02/2022 15:25

The housing market is ridiculous. Good luck, OP

Zodlebud · 10/02/2022 15:28

We paid 12% over the asking price to get the property we wanted last year. Houses NEVER come up in that location - this was the first one in five years. The value there is more in the land than the actual property (a 1950s bungalow) so we were all good with mortgage valuations. It is our forever home (or will be once we’ve extended it) and we could afford it. I think we overpaid £20k more than the next highest bidder.

onedayoranother · 10/02/2022 15:38

You need to look at cheaper properties if you can't afford more.
I pulled out of buying a place because the vendor (who had initially said she'd go in to rental) offered on five places and kept missing out. I said to her agent that she is just not reading the market - she needed to offer more or look at cheaper places. In the end she stayed put. You need to figure out your max budget then look accordingly.

AgathaX · 10/02/2022 15:57

Best and final offers are not legally binding but most vendors do them to avoid the tiny incremental increases situation.
If you are still really keen, and can afford to do so, it might be worth a one off, much higher offer, say another 20 or 30 thousand. Of course they'll probably say no, as they should do really, and you run the risk of the other buyer doing the same if your offer is accepted, but at least you'd know you given it everything.

mindutopia · 10/02/2022 16:14

You can, technically, do this. But it's (a) a bit mean and (b) makes you look not very serious as you didn't put in your best and final offer the first time around, so are probably more likely to pull out.

Unfortunately, this is just how it is right now. It has taken us 2 years to buy a house in the current market - we complete in less than 2 weeks almost 2 years to the day since our first offer was accepted. In that case, the vendors decided to pull out before exchange and not sell, but eventually went on to re-market the property and sold it for offers over £850k...our original offer they accepted was £660K! They bought the property 18 months before for £580, so basically made almost £300K in profit in less than 3 years. Mind boggling.

The property we are now buying, we offered £820K on offers over £750K, but definitely lost out to lots of offers that were easily £100K over previous to that. I think realistically, you have to go in hard and with the offer that you are happy with from the start, and you've missed your chance on this one.

TabithaHazel · 10/02/2022 18:28

@JamieNotJames

I know! Hindsight is a wonderful thing. We already went in 20k (on for £390k) over the asking price which we thought was more than enough. At what point do you draw the line before it gets ridiculous?

I would be happy to continue to offer in small increments if we were allowed.

I was advised to always offer a slightly odd number like instead of offering £20k over, offer £23.5k. That way you could be the highest bidder by just a few £k. If you look on Rightmove sold prices you'll see lots of random prices, I saw one today that we looked at but didn't offer on that I know went to best and final that was on for £775k, and I saw it sold for £777750. Better luck next time OP :)

TrueBuys · 13/02/2022 17:31

I think you are being incredibly unfair even considering this OP. You were asked for your BEST AND FINAL offer. You didn't offer enough, the other buyers wanted to offer more than you.

Walk away with dignity and don't try to poach a deal from another buyer who has played by the rules.

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