Best and final offers: how long after deadline did you hear back? Do we stand a chance?

[FreeBeeBird]

Deadline to submit best and final offers is today at 2pm. Is it likely we will hear back today, what are the timelines for these type of things?

Property is a beautiful garden flat in SW London, we are FTBs with a 10% deposit and we are apparently competing with two other FTBs couples (I don't know what their deposit is like).

Asking price is £575K, we have offered £570K as our best and final.

Caveat is that part of our deposit will come from a big bonus I am expecting from work and it isn't in my bank account yet. I do however have a letter from my employer confirming this will be paid to me over the next 10 working days and the agency didn't seem concerned about that given we had provided "evidence" of upcoming payment.

Do we stand a chance? We really really love this place and would be so sad if we lost. Just looking for reassurance I guess :)

Impossible to say- if you're all FTB then it will likely come down to money. If any of them have aa smaller deposit or offer less money then you might be in with a chance!

Have the agent said you will hear today? As a seller I'd want to sleep on it.

@sweetpickle2 no, the agency haven't said when we will hear back, just that this was the deadline.
They had received multiple offers over the past week which is why they have requested best and final for today so I was hoping they would then decide quickly.
It's so stressful!

TBH I wouldn't get your hopes up too much - multiple offers leading to 'best and final' usually results in an above-asking-price sale, in my limited experience. There's evidently a great deal of interest, suggesting it's not vastly overpriced to start with.

@Walkacrossthesand I fear this too. I know one of the couples had initially offered 555K and was rejected so don't know how much they would have stretched this time.
No idea about the others though

When we did B&F we mulled over the offers for a couple of days, took advice from the EA (they were the ones in the know and of course wanted the deal wrapped up) but chose from the top three offers ourselves (and accepted the third highest).
In our case, I think the offers had to be submitted by Monday lunchtime and we gave our decision on the Wednesday or Thursday.

There is another thread currently running about B&F offers.