Up offer now or wait?

[lemon88]

After months of searching we saw a property yesterday that we loved. It ticks all our boxes. We made an asking price offer straight away, but the vendor has other viewings lined up that they're going to continue with. Everything around here is going for above asking at the moment. I'm worried someone else will come in with a higher offer and we won't get the chance to submit a best and final. Do we go back with a higher offer or hold tight? It's on with Purple Bricks if that makes any difference so we're liaising directly with the vendor.

I don’t know the best way to go about it. When I was offering I always waited for best and final. All the houses I offered on went to best and final. Have you asked the estate agent? For ones I was really interested in I asked if they thought it would go to best and final.

The risk of putting a higher offer in now is that they can use your offer to leverage higher offers at the upcoming viewings. This happened to my friend. He was told they weren’t planning to go to best and final so he offered about 10% over asking and then he got an email from the estate agent that was sent to everyone, saying there were lots of offers of up to 10% and they were doing best and final. So he was already at his highest offer and was outbid by someone else knowing they needed a bit more than 10%

I would probably ask if they had a figure which they would be willing to stop soo viewings they have booked for. If they aren’t willing to tell you then I would hold off submitting an increased offer until after they have had the viewings. That way they can’t use your highest bid as leverage.

Exactly this