Advice Needed Please, Best and Final Offers

[Evenstar]

I viewed a house last Monday, lovely house, really spacious and a nice area. It has however been rented out for four years and is “tired” decor wise and still has original 90’s bathrooms and kitchen units. I think a new boiler and front door will be needed too. The price was OIEO £395,000 so with the refurbishment needed we offered £400,000 last Tuesday.

The owners are in Australia and there were further viewings booked over the weekend, so we expected a wait before hearing back from the agents. This morning the agent who showed me round rang back and said the owners have decided to go for best and final offers, when questioned she admitted she hasn’t yet spoken to any of the other viewers, so evidently there are no more offers at this point.

I said I would get in touch later in the day, but wonder if I should stall for a few days, we haven’t been given a deadline.

We could afford and would be happy to pay another £15-20,000 but not if we don’t have to! We are cash buyers so don’t need to worry about a mortgage valuation which could prove a stumbling block for other offers. Zoopla gave a top value of £414,000 which I would assume would be in good condition.

TIA I have not been in this position before although I have bought and sold several times.

Depends how much you want it. They'll have valued it taking into account the tired decor, kitchen and bathroom. So don't expect anything lower for that, it's already factored into the valuation.

Did you emphasise your chain-free position and being a cash buyer?

And never mind the Zoopla estimate, how does the price compare to sold prices for similar houses on that street?

We had already looked at sold prices, the nearest equivalent property in the road sold for £325,000 last May and was in much better decorative order with a new kitchen. The one we have offered on has a separate detached garage, rather than attached, and is on a corner plot set back from the road with a bigger driveway. It is hard to compare values really.

I think the road is quite sought after and the estate is all four bedroom houses all quite individual and of differing sizes even though they were built by the same builder.

And yes we did emphasise chain free and cash buyer. We are moving from the South and were surprised they allowed us to view and offer without checking that out, certainly agents round here would want to see proof.

I'd emphasise you're a chain-free, cash buyer and stick with £400k, say that your solicitor is instructed and you're an experienced buyer and would very much like to proceed.

Yes I think I'd do that too.

What @Glamorgans said!

Thanks everyone, only just come back to this, thanks for advice, we actually did pretty much what was suggested, I sent an email and said we were still discussing a higher offer.

They accepted our offer of £400,000 at lunchtime as we were in the best position to proceed, which I emphasised in my email , and pointed out that buyers needing a mortgage offering more could end up with a valuation lower than the agreed price. Just hoping all goes smoothly now.

Congratulations! Fingers crossed it all goes smoothly