Which offer to pick

[Babyburrito0]

I posted here the other day asking for advice on how to chose a buyer. We've had our final offers in now and really struggling to know which offer to accept.
We've had 10 offers, all at or over asking price.
2 we're BTL , we're in a fortunate position where we are not going to consider these.
Our highest offer is £13,000 over asking from a FTB but their deposit is very small so I don't think that would be a smart move.
We've got 2 offers at £10,000 & 8,000 over asking price but they're both sstc with first time buyers.
Then the rest are FTB with the highest offer at £5,000 over with a healthy deposit.
Obviously the extra money wouldn't hurt but also want to make sure that they are serious and that we look attractive to sellers when we start offering.
I'm going to speak to the estate agent to see what they think but with this information who would you go with?

I would take advice from the EA because this is such a mixed bag.

I wouldn’t discount the FTB with a small deposit. We’re the same, but we are also looking at houses selling for 1/3rd of what the bank are offering us due to a high income and no kids. So we fly through affordability checks and get mortgages issued within 48 hours (we have had some purchases fall through).

Anyway, it’s the EA’s job to guide you. So they should.

Also, congrats! That’s a superb result for you :)

What a great position to be in. All the offers seem to involve FTB, except the BTL, so I would ask the EA who they think is in the best position to complete. I am presuming they all have their mortgage offer in place.

Thank you for your messages!
A bit if a spanner in the works is one of the people in the chain has just increased their offer to £18,000 over asking price.
I really don't think that the bank would value it at that and I'm concerned that even if the had the cash to top it up they may be offering high with plans to try and knock it down further down the line.

I agree with @KievLoverTwo that you should take advice from your EA. They are in a better position than you to ask questions and check how solid the offers are from the different people.

Good on you not considering the BTL offers.

Sorry to derail your thread but I think it's lovely that you're not considering the BTL offers.

When I bought my first flat (over 10 yrs ago) I was up against a landlord who'd offered more than I could afford but the vendor had inherited the flat from her mum and liked the idea that I'd be living in the property rather than just renting it out so chose me instead. It's not always about money 😊

Our highest offer was 30k over asking but we went with the FTB that our estate agent said was in the best position.

Just ask your EA to rank offers.

We were in the same situation and your EA is in the best position to advise, they want the deal to go through as smoothly as possible.

We had multiple offers over asking with the top three being £30k, £26k & £25k over and all in a good position to proceed.
In the end we went with the £25k over just because we liked them the best (the top offer had done something which annoyed us).

I would also choose a lower offer if it meant buyers with a healthy deposit. We were lucky to have a couple of offers over asking to choose from and did the same. Even then, our buyer (a FTBer) has had real issues getting their mortgage offer and it’s taken months (and a lot of stress on both sides). Lenders are being really thorough with affordability and in person valuations. I think you’re right to be wary of high offers, however attractive, that are likely to be down-valued by the lender, and risk too small a buffer for the buyer. Good luck - it’s a nice position to be in but not an easy decision!