Best and final

[Justanotherusername123abc]

Hi all
When we bought our current house the process was simple. Saw it, loved it, offered asking price, got it. All good. This time round it's more complicated. We're looking at more desirable locations and the market seems to be picking up. We've missed out on one by putting in too low of an offer. We've seen another we love. Not perfect, but we love the location and the space, just cosmetics really to update. Was listed as offers over £290,000. We put an offer in of £295,000. There are two more offers on the table, we're told fairly close to ours but ours is the highest. We have a first time buyer buying ours so v short chain. We know one of the others isn't sold yet and the other doesn't have anywhere to sell. We've gone to best and final. What do we do? What's a sensible offer? We want it but don't want to pay over the odds.

Thanks

I think you need to check if there are any other comparable houses for sale that you would be happy to buy if your best and final didn’t get you the house. I guess this is the house you want, in which case you may well have to overpay if you want to secure it. It’s a really difficult one and one which I have no experience off.

I wouldn't offer anymore than I think its worth. If you go too high you will risk the mortgage company doing a down valuation. (I have been in this scenario 3 times this year and its always gone to the chain free buyer). Keep looking for alternatives as back up options.

I sold a house under best and final recently.
I would up it slightly to a slightly odd number (e.g £301.5k or £296.5k) just over what someone else might offer for it. I took the view that if you play the best and final game, then the highest bidder wins even if another bidder looks easier on paper, such as a first time or cash buyer. But there are no ‘fair’ rules on this and the final decision sits with the seller on which offer to accept

Unfortunately it is not always the highest bidder who gets it with B&F.
We sold with B&F but went with the third highest offer based on circumstances, not money.

Highest offer were chain free cash buyers but we did not like them (long story.....) so we dismissed them.
Second highest were sold but in a chain.
Third were also chain free cash buyers and who we ultimately went with.
Difference between top three B&F offers was £6k. We also told the EA than any last minute attempts to drop their offer would mean immediate remarketing.
Worked for us.👍

I think you have to be honest with yourself re how you’d feel if it went for 2/3/5k more than your bid. Gutted?
or happy you didn’t go that high as it’s not for you at that price.

Just offer what it's worth to you and what you can afford, being happy to lose it if anyone offers £1k more.