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Original poster

Best and final offers any advice?

15 replies

mum61 · 28/04/2022 09:06

I made an offer of the guide price for a property (grade 2 listed with some issues that needs work) I am under offer to buyers with no related sale(living with family) but who require a mortgage ,they have a MIP.
I dont need a mortgage.
I was initially told by the EA my offer was provisionally acceptable but he needed to do due diligence on my buyers... After which he said the vendor is not saying no to you but wants to continue viewings as he would ideally prefer a cash buyer.
I was just trawling Right move this morning and saw the house now says Best and final offers by Tuesday (The Agent didn't give me the heads up about that )
Do I Increase my offer in the hope the vendors views me more favourably or no point as im not a cash buyer?
The EA is difficult to get hold of ,doesnt return calls .
The house is in a very hot market area and we've been outbid 3 times before.
Apologies for rambling ,any advice re Best and final offer scenarios .

OP posts:

parkrunner1977 · 28/04/2022 09:14

If your offer was put forward by the EA they should have come back to you if the vendor had decided to go to best and final. Our EA contacted everyone that had viewed our house to notify them when we did this, regardless of whether they had actually already submitted an offer or not up to that point. We had the same of houses we viewed.

Original poster

mum61 · 28/04/2022 09:26

@parkrunner1977 The Agent is obligued by law to put my offer forward .
I am confused as to why he didn't let me know it was going to best and final and the date.
I was told the vendor didn't say no to my offer wanted to allow viewings to see if he could get a cash buyer ....
Its all so frustrating.

OP posts:

CellophaneFlower · 28/04/2022 20:11

I'd offer more, if you're prepared to pay it. Be sure to put the offer in writing. If you've lost faith in the EA and it's possible, you could perhaps pop a note through the door stating you've made an offer and just wanted to make them aware of it as you're concerned you weren't kept informed about best and final?

cherrywhite · 28/04/2022 20:37

A house near me had Rightmove text saying 'best and finals by (time) on (date)'. The house stayed on Rightmove beyond that date and the text disappeared. It's still kicking around 4 weeks later and has now had a price reduction!

Not saying that this is the case here, but I'd suggest calling the agent to find out what's going on!

Original poster

mum61 · 28/04/2022 20:56

@cherrywhite
I dont think that will be the case with this house. They have had 60 viewings in 2 weeks and only cash buyers to summit offers.
I am under offer to buyers who dont have a related sale ,they are living with family .I dont need a mortgage and would offer 20% over guide price .....basically the best and final offer info stipulates , no one who needs a mortgage , no one who will have mining surveys done, no one who want planning permission ,no one who offer is depended on another offer. Only offers from those who can exchange in 6 weeks.
I love the house and am so disappointed but it seems beyond my influence

OP posts:

Africa2go · 28/04/2022 21:07

The estate agent isn't obliged to put your offer forward "by law" or anything else if the vendor has given instructions as to what offers they'll consider (when we last sold, we told the EA we didn't want to know about any offers that were more than 5% below asking). It sounds as though the vendor's have a list of criteria for proceedable buyers - you don't fit that criteria but obviously several do and the EA has therefore gone to best & final offers.

Original poster

mum61 · 29/04/2022 05:26

@Africa2go
My original offer was the guide price , I was told it was acceptable in principle but needed due diligence, after a week of no response ,I saw best and final on right move so I think you may be right about vendors stipulations.

OP posts:

user1487194234 · 29/04/2022 06:02

It would be very unusual for a seller to accept an offer at the guide price from a non cash buyer so looks like the agent was just stringing you along and no doubt telling other parties that you had offered the guide price
All you can do is put in your best offer

Original poster

mum61 · 29/04/2022 07:01

@user1487194234 Is it really unusual for a vendor to accept a guide price offer from a person who doesn't need a mortgage and whose buyers don't have a related sale?
Perhaps it is unusual in a very hot market?
I can see how as interest escalated the vendor would want to get the best the market could take with the securest sale ie :cash buyer .
The Best and final offer instructions are full of stipulations like no offers acceptable from anyone who need a mortgage on the property, no offers subject to planning or mining surveys, have to agree to 6 weeks to exchange etc..
I think i've given up on this one....

OP posts:

user1487194234 · 29/04/2022 07:21

i have over 39 years experience in the housing market and would say so

TabithaHazel · 29/04/2022 07:37

mum61 · 28/04/2022 20:56

Why so many caveats? Sound really dodgy to me. Are they saying there is something so wrong with it that no one would get a mortgage for it?

Original poster

mum61 · 29/04/2022 08:36

@user1487194234 Thanks for the insight.
The best and final stipulations of no offers that need a mortgage on the property, no mining surveys(its in cornwall in an area of historic copper mining with shafts), no subject to planning offers, specify how you will use the property, 6 week exchange stipulation.,prefer no survey (it's grade 2 listed) a list a mile long...are these things usual .or is this dodgy?
I think they want a cash buyer (literally money under the bed ) who will be quick which they can probably get in a hot market.
It really an unpleasant process and I think as you said all I can do is make my best offer and the market situation will decide.

OP posts:

Original poster

mum61 · 29/04/2022 08:51

@cherrywhite Its a grade 2 listed building in a copper mining area.so could be issues.
A pervious sale fell through close to exchange ,the house was taken off the market for 6 months then re marketed with a different agent. Its a very hot market with demand exceeding supply so a sellers market.

OP posts:

Lastqueenofscotland2 · 29/04/2022 10:05

Christ they obviously know there is an issue with mining remediation works needed to be done in the area (which fyi won’t happen unless they decide to build a motoroway
on top of it). I’m pretty brave but wouldn’t go near that

CellophaneFlower · 29/04/2022 11:48

Yes it's pretty clear the property is unmortgageable imo. I wouldn't touch it with a barge pole. Annoying that they've wasted your time though. Possibly they didn't stipulate all this in the beginning to get a guide price offer they could use as a benchmark. How underhand if so.

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