Best and Final offer advice for buying

[Beingwomen]

Dear all,

I am very new to buying a property and I am a first time buyer. Me and my husband looked at a property in Sale Manchester Region a 3 bedroom flat of area 1200 square feet. The asking price is 300000 and we quoted 300500. Now the estate agent said there are 4 buyers interested in the property and asking for a best and final offer. We like the property very much, at the same time we do not like to quote much higher as well causing regrets later. Please can you help us to secure the property with the appropriate best and final offer.
Thanks in advance.

With 4 buyers for best and final you’ll have to go as high as you can to secure it.

Offer the maximum price you would be happy to pay.

As others have said, offer the maximum price you are happy to pay without over stretching yourself.

Be realistic about the age/state of the property and how much you need to keep aside for things that'll likely show up in the survey.

We recently solds ours. Was on at £450,000 and we had 5 asking price offers after 1 day of viewing. Top offered was £475,000 but he lived overseas and we felt too dodgy. Next offer was £470,000 but has there house wasn't on the market yet. We went with couple who bid £467,000 as they were almost at exchange (they weren't). You will get extra points as a first time buyer as you have nothing to sell and no fear of chain collapsing (ours has collapsed twice so far). I would empthisize you are first time buyers and chain free and all ready to go.

Hi all..
Thanks for your responses. Finally we offered 310500 for this property as the best and final offer. The estate agent said the vendor rejected our offer since there is a buyer with higher cash offer. I liked the property but it's gone now. Disappointed. Please can some one shed some light on whether it's a right time to buy a property or not . Is this is a seller's market. Also any idea about the cash buyers . Are they exploiting the market.

It’s the right time to buy if you need a house. Right now inventory is low so properties are going for over ask with multiple buyers. Cash usually wins.

In the current market I wouldn't overstretch yourselves. Properties are being downvalued lots as well so you need to keep that in mind . Just offer what you comfortably can. This is still peak market time , rates are going to rise and things are going to be a struggle so be cautious.

Quite often cash buyers turn out not to be cash buyers.

Their offer is accepted. Things go slower than expect, and a month or so in the sellers discover the buyers are waiting on inheritance or need to sell a property in order to get the cash.

Basically they meant 'I don't need a mortgage' rather than 'I have £310k in the bank ready to go today'.

It's tough but hang in there, we had 4 offered rejected, all to cash-buyers, 3 of whom offered less or equal to us. Before finally getting somewhere.