Do we have any chance at all?

[Kalipsekokkalis]

Dream house, going to best and final. In the uk, a place where houses are scarce, demand is very high, also foreign cash buyers. We have ltv 40%, mortgage agreed in princple. Ours is just on the market, >10 viewings. Dream house had one offer 10%below asking price from a cash buyer, 2 on asking price by people similar to us. We can go 9% over max...

Suppose it depends on the sellers situation, are they after a quick move or have their eye on somewhere? Good luck op.

Thanks Ccvyyan, they haven’t yet bought, and they are still looking, so not in a hurry. How would that affect a sale?

I suppose they have more time to hold out if they don’t have a property in their sights yet.

They have time to hold out for better offers you mean? But they are going for best and final... Do you mean they might have time for us to sell, so can wait for a higher price?

I don't want to be a downer, but when you say the other people are similar to you, do you mean that they also have properties on the market which haven't yet sold? In which case what is the point of these vendors accepting any of your offers? Anyone can offer anything they want for the property if they're not in a position to proceed! Otherwise, if the other interested parties are cash buyers or chain free, I'm afraid I would absolutely expect the vendors to go with one of them.

When we bid in a similar situation we could only bid if we were in a proceedable position ie. under offer. Luckily at the time the market was such that we sold literally straight away. I think it all depends if you can get under offer before best and final otherwise o don’t think they’ll even consider your offer.

i think @unfortunateevents is probably right.
But If it is your dream house offer the most you are comfortable with then at least you know you have put your best hand in (no point in playing tactically and going too low). Then what will be will be and least you know you did all you could
Good Luck!

Thank you for your replies. Not under offer yet but literally on the market last week 😭 the other 2, yes they have to sell, like us. And the one who was a cash offer, offered 10% below. They aren't in a hurry to sell. So if you were the vendors you wouldn't wait at all for a higher price? We're talking about a 100k difference here.

If it meant to be, it will be, wishing you all the best OP.

Thank you Roselilly and Puravida for your wishes, I think we need all the luck we can get!

Sorry I think I misread a bit of your post about best and final but I think it still applies as general advice. If they are set on a property and need to proceed quickly then I suppose the chain free offer is most attractive. If they don’t have a property to offer on yet then I’d say that they might take the highest?

I’d say just go for it but depends on the EA, some don’t take offers of house unsold do they?

Wishing you all the best. It’s stressful and exciting ugh i know!

Most people selling in the UK won't take an offer seriously until the person making it has sold their own property.

If they are making the decision on best and final offers, they won't choose someone who is not already under offer.

What would be the point in best and final? They might as well keep on marketing it.

Can't offer until you're got a buyer , but also, beware the seller with no where ti go..::
They may take a while to find something suitable, thus holding your chain up , or worse they may never find anywhere and just waste everyone's time when they finally take Their property of the market.
(Which happened to us)

"Not in a hurry" doesn't tally with "best and final"offers though. So what do these sellers actually want? And if they want best and final offers then they obviously don't want to wait for a higher offer. Unless you think that your offer may be £100k higher if they wait until you sell, then I don't know why they would wait or why you might not just as well throw in your best offer now - although as several of us have said, unlikely they will (or can) take it seriously.

unfortunate events, that’s good point on the contradiction, so now wondering whether the EA has been bullshitting us. They said 100% certain they are still searching for a house, and not in a hurry has been mentioned several times. The way EA put it to me is that they had lots of interest and they don’t want to faff around with small increments forever, and want to just put everything on the table for the buyer....Best and final is quite common where we live, so I thought it was just the way of doing things.. :/

Sounds like BS from the EA or the vendor of both.

wow, surely if 10% under is being accepted without a chain, and you are offering 9% over, it’s worth selling and going into rented? Not for you, just saying generally?!

They rejected the 10% less cash buyer offer though..

Best and final offers is quite common when there's a lot of interest in the property and particularly if the vendors don't want to spend weeks going backwards and forwards between a couple of buyers going up tiny increments at a time. Sounds like that is the situation here. The vendors may not be in a particular hurry to move, but they also want to know that potential buyers are serious.

You don't go to best and final with someone who is not ready to proceed.

Thanks everyone - will update you on this :)