Potential bidding war/best and final offers

bubble55 · 2023-02-04T16:27:31+00:00

What’s the best way to deal with this? Viewed a house today which is absolutely perfect. We have no chain as sold our house and moved back to parents whilst we look. Pregnant and due in the summer with our second child. Mortgage in principle agreed and a decent deposit. House has no chain, previously been rented out and they’re wanting to sell their properties. House viewings stopped today but they had 3 bids by the time we viewed and a further 5 views booked in. All bids above asking price. We have bidded 9k over and estate agent said “wow” - is she fooling us or are we the highest bidders at the time, who knows. Anyway it’s likely it’ll go to best and finals - we can only go up another 1k tbh. Other than pleading our case, is there anything more we can do or just sit back and do the dreaded wait? All we know is one other bid is a first time buyer.

RNBrie · 04/02/2023 16:31

You're in a very strong position so make sure the estate agent knows your circumstances. If you can afford to go 1k more then do that so you're not kicking yourselves if you lose it.

Africa2go · 04/02/2023 17:35

Set out your position in writing with your offer. Not a long winded letter, just a short email to the point. If you're willing to, possibly add that you'll take as it is (we did this with a probate property - said the vendors didn't need to clear it which I think helped as the vendors (the grown up children of the owner who'd died) didn't live locally - could that be the case for these vendors too if it's been rented out? Basically you're looking to show that you'll make this purchase as smooth as possible for them whilst offering a good price.

Chippy1234 · 04/02/2023 18:23

Definitely state your advantages in a short letter. For a relatives
probate sale we had a number of letters because it was in a very desirable area in London and we went to best and final. It really helped us to decide who to go for and it was sold in a flash!

BlueMongoose · 04/02/2023 19:37

Sellers won't necessarily pick the highest bid at best and final, some sellers will take other things into account. Fingers crossed for you.

Mark19735 · 04/02/2023 23:10

What on earth does 'pleading your case' mean? Do you think a landlord getting out of the BTL game will really sell to you for less than someone else has bid because you asked nicely or because you are likeable?

If you really, really want this place, you should bid whatever it takes to make you confident that you did everything you could to secure it. If it goes to someone else, you should be able to shrug your shoulders and say "well I couldn't have afforded any more, so it wasn't meant to be". That's what the 'best' part of best and final means. The 'final' part just means stop dicking around moving up to that number in £1k increments. Be bold, bid what it's worth to you, and don't listen to that demon whispering in your ear that the seller might've accepted a grand less. That £1k will be the last month's mortgage payment in 25 years' time, by which time it'll buy the equivalent of a meal out in a restaurant. Don't jeopardise potentially 25 years in your perfect home for that.

StalkedByASpider · 05/02/2023 00:10

Mark19735 · 04/02/2023 23:10

What on earth does 'pleading your case' mean? Do you think a landlord getting out of the BTL game will really sell to you for less than someone else has bid because you asked nicely or because you are likeable?

If you really, really want this place, you should bid whatever it takes to make you confident that you did everything you could to secure it. If it goes to someone else, you should be able to shrug your shoulders and say "well I couldn't have afforded any more, so it wasn't meant to be". That's what the 'best' part of best and final means. The 'final' part just means stop dicking around moving up to that number in £1k increments. Be bold, bid what it's worth to you, and don't listen to that demon whispering in your ear that the seller might've accepted a grand less. That £1k will be the last month's mortgage payment in 25 years' time, by which time it'll buy the equivalent of a meal out in a restaurant. Don't jeopardise potentially 25 years in your perfect home for that.

While I don’t disagree with this advice, I have to say that pleading your case can work too.

We are about to sell and we want a quick, painless move. I’d be willing to compromise somewhat on £££ in order to get a fast sale.

We bought our new place last year - it went to best and final sealed bids. We were told by the estate agent and later by the seller that our circumstances and passion for the property swung the bid. It won’t be the case for everyone but it made the difference for us.

Furries · 05/02/2023 03:12

I wouldn’t be “pleading” your case. I’d just ask the EA to state that you have no chain behind you and that you’re therefore ready to go asap. That can be a huge plus point for vendors.

Fedupofdiets · 05/02/2023 08:21

You are in a very good position and aside from a full cash buyer or somebody offering way over then you have a good chance. I agree with others, offer what you are fully prepared to pay you really cannot do anymore. Good luck it is a stressful time!

Chippy1234 · 05/02/2023 08:48

Make sure they know your position and it doesn’t get lost in the scramble

Original poster

bubble55 · 05/02/2023 08:50

Thanks everyone. We thought we would leave the extra 1k off for now so we can go higher if best and final, that was our idea yesterday anyway. EA does know our situation so hopefully relays it back to the seller appropriately. Hopefully we hear something tomorrow but I’m expecting more offers on the table. We will just reiterate our situation if it comes to best and final. Fingers crossed. Thanks.

OP posts:

MrsFrugal · 05/02/2023 23:40

bubble55 · 05/02/2023 08:50

Thanks everyone. We thought we would leave the extra 1k off for now so we can go higher if best and final, that was our idea yesterday anyway. EA does know our situation so hopefully relays it back to the seller appropriately. Hopefully we hear something tomorrow but I’m expecting more offers on the table. We will just reiterate our situation if it comes to best and final. Fingers crossed. Thanks.

I think your position shouldn't be underestimated, we offered the lowest on a property out of 3 offers and we're accepted.

Original poster

bubble55 · 06/02/2023 16:13

We got it 🙂

OP posts:

dreamersdown · 10/02/2023 18:55

Great news! Hope it goes through and is really straightforward for you.