Best and final offer? help!

[vanillafudgecake]

Ok been going back and fourth all day on this and driving myself insane!

Our potential 'forever house' came on the market recently. We viewed the house and within 24 hours put an offer in at £1.5m (asking price is £1.6m) we are currently not proceedable, home due to go on the market with some viewings already lined up.

Four more offers have been put forward, two the same amount as us at £1.5m with both parties proceedable and two offers over £1.5m (amount not disclosed) both parties non proceedable.

We increased our offer to £1.55m. The EA has said this will go to best and final offers and that one of the non proceedable offers is over £1.55m.

We have to put our best and final offer in on Friday and proceedable versus non proceedable won't particularly matter at this stage to the vendor.

Not sure how best to play this, £1.6m would be a bit of a stretch, doable but slightly risky and I kind of think offers will go over asking anyway which we definitely couldn't do. It's such an amazing house in a really desirable location and they don't come up often!

I'm leaning towards upping to £1.575m but of course will be a bit gutted if it goes for between this and asking price.....but also relieved that we didn't max ourselves out....although would totally have been worth it....arrgghh! 🤯

Surely the vendor will pick the highest offer they get from someone in a position to proceed? Why would they accept an offer from someone who hasn’t sold their own house yet? I doubt they will, whatever the EA says.

You have to try at £1.6m . However if I was selling I would not have you first in line. I might if you sold. By going high you are presumably putting pressure on your selling price and what offer you can accept. There will be people who are better placed than you I fear.

I think if you are not proceed-able they’ll take a lower offer sorry

I think you're mad to have offered on a house that you can't proceed with. You basically just set the baseline for further higher and better offers. The agent is just using you to push up price and interest.

Sorry but your offer won't be accepted, unless the sellers are very foolish, because you are not proceedable. As the pp said, they are just using you to push the price up from others.

We recently sold my late mother’s house and didn’t entertain any offers from people who were unproceedable. One offered £20k more than the buyer we eventually went with - the higher bidder hadn’t sold their house so it was just pie in the sky. Sorry OP, but you are pretty unlikely to get the house given your current circumstances, even if you offer £1.6m.

This. You're basing your offer on a presumed valuation of your own home. Until you have an offer of yours, your offer is theoretical. I'm sorry OP, first step is to get your house on the market. You never know, the sale might fall through and you could then be in a position to offer.

I think there is zero chance that the seller will take an unproceedable offer. Why would they?

We lost out on a house even though we were under offer & submitted the highest bid, the vendors accepted a lower offer (£40k) from first time buyers

Vendor made the right choice as our buyer pulled out, a better version of the house came up a few months later which we're now in & 18 months on the neighbours with a practically identical home are now trying to sell at our offer & it's been on the market a month with no interest

Thanks for your input everyone,

A lot has happened in the last couple of days, viewings took place and we are in negotiations with an offer. We received 2 offers from 4 viewings!

Feeling like we are in a much better position for today but still a long way off.

Now to decide on the final amount we put in. As far as we know we are up against 2 others in a similar position, and they are further into the process, and 2 others non proceedable which could have also changed .

Trying not to get my hopes up but I'm a little more excited now.

Earlier this year we made a higher offer than the other buyers but they were much further along than we were in the process so the seller took the lower offer and went with them. Wishing you luck but for a lot of sellers speed is as important (if not more so) than the cash.

Hi all, thought I would jump back on and update.

As you all predicted we didn't get the house.

We didn't max out with our offer and it wouldn't have mattered if we did, the vendor went with a proceedable offer, they didn't even have a house to sell so we stood no chance!

We are in the early stages of the sale on our own home and will continue with it to put ourselves in the best position next time, or maybe the sale will fall through and we get another chance....either way we should significantly increase our chances of an offer being accepted on whichever house comes up.

Thanks for the update anyway.

There will always be another house. Though I know it feels sad at the time when you miss out on one that seems right for you. Good Luck moving forward.