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Original poster

'Best and final offers' tomorrow...any tips?

68 replies

Elibean · 25/10/2009 14:50

There are probably at least 4 very interested parties, some in rentals and cash buyers, like us, some not...I suspect it'll go for at least asking price if not more.

Any idea what sort of percentage above asking would feel sensible?! I know thats probably impossible to answer...

And, does anyone know how 'best and final' differs from sealed bids? Seems much the same without the paperwork, to me!

Urgh, I do hate this kind of pressure

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lalalonglegs · 25/10/2009 17:59

Thinking in terms of percentages is probably not sensible. Is the house reasonably priced or is there lots of interest because it is under-priced? Work on what you think would be a fair price but don't get carried away. Also play the stamp duty bracket to your advantage: if it is on at £245k, a lot of people will stop at £250k but, if you think it is worth the extra duty, offer £252. I would never go more than a few thousand over asking though - you don't want to be the person who offered £25k more than anyone else..

Best and final and sealed bids are essentially the same thing but, with best and final, the implication is that that is the end and the agent shouldn't then come round and try and nudge you all up again.

Good luck.

HouseHunting · 25/10/2009 18:00

I think "best & final" & "sealed bids" are the same.

How much & above the AP is really up to you...how much do you feel the house is worth & can afford. I have read on here you should offer an odd figure, for example £275,497 as opposed to £275,000 & say you love the house & want it for your family to live in for a long time etc etc. Maybe say you can work to the Vendors preferred timescales.

GOOD LUCK I will be keeping my fingers crossed for you.

Original poster
Elibean · 25/10/2009 18:14

Thank you for the luck

You're right, of course, percentages is not the way to think. Its very hard to assess whats fair at the moment: I think the prices are inflated and would love to think they'd drop next year along with the rest (which I think wlll come down, eventually) but, in our small pocket of SW London, prices hold horribly steady even in recession.

I think its on at a fair price. Other houses in the same road, but on the sunnier side of the street, or Edwardian as opposed to 1930s, are going for more. Its refurbished, but not extended...therefore different to most of the others which are either wrecks or done up to the nines. So confusing

Hadn't thought of the stamp duty bit, will definitely discuss that with dp - thanks both!

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LordVetinarisApprentice · 25/10/2009 18:52

ELIBEAN!! (triplet here) What's going on with you? Have you sold your house? Obviously I see you are buying . We finally moved at the end of the summer, what a long haul that seemed but now I see you here . Have everything crossed for you

Original poster
Elibean · 25/10/2009 18:56

Hey triplet

Yes, we finally sold our house - took a whole year, first the crash last November (chain disintegrated), then our neighbour announced basement plans two days before exchange...anyway, we got there. Now happily renting, and half wondering if we should move out of London, but still so attached to school and community so....

How're things with you? And dh? And, of course, the trips? Hope you're having a much better year!

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LordVetinarisApprentice · 25/10/2009 19:01

Trips and dh fine - all trips at school now, v. weird! Me very happy because we are in our new house and building work underway! Loads of mud and dust but will be FAB, FAB, FAB when we are finished We just avoided renting but were prepared for it if necessary. You are the dream buyer of course now so hopefully this house will be the one! Xmas Smile

TheHappyCat · 25/10/2009 20:28

Best and final = sealed bids, I agree.
As for amount - totally depends. We were the people (we think) who offered quite a bit more than anyone else when we bought ours. The vendor was pleased as punch but the guy we outbid, well, this was 18 months ago and last we heard, they are still renting. if you are going for something that doesn't come up very often, and it isn't a compromise property for you (ours ticked all of our boxes), our view was that it was worth putting in what we could stretch to but would not want to go beyond (ie we would have been happy to walk away at a higher price). Also we needed a mortgage and both the others didn't, so we felt (called this one wrong) that they were prepared to pay more. We are in Wimbledon so I sympathise with you on area. I haven't noticed much change at all in prices, they all have seemed fairly static to me!
The best piece of advice is probably that the others were not prepared to go as far above asking as we thought they might, so perhaps you don't need to go as far above as you might think... but every situation is different. It is such a stressful time and I do sympathise.
Good luck.

bigstripeytiger · 25/10/2009 20:39

It depends how much you want the house. If you really want it then you could just bid as much as you could and still feel happy if you win the house, IYSWIM.

Or, if you arent totally fixed on the house then I suppose that you are playing a numbers game. I live in Scotland (where a closing date with bids is very common) and when the property market was at its peak houses were selling for 30% over the asking price. Not they are selling under the asking price, or rarely a little bit above.

Original poster
Elibean · 25/10/2009 21:25

All helpful, and dh and I have had further long talks. We're going to go a bit higher than we'd planned, to the point where we know we can't/don't want to go higher and can walk away easily if it goes above...

Still, am going to bed shaking in my shoes at the responsibility of (maybe) spending that much money!

Trips, am so glad all going well for you - your house sounds great

Will update tomorrow.

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HouseHunting · 25/10/2009 21:51

Elibean, the cost of the house we are buying frightens me too (just below the 4% SD threshold) - but we made sure we can afford it. In my area (East Herts) prices have not dropped & we have bought in one of the most desirable roads so we feel we have made the right decision. Am feeling very excited It sounds like you & DH have taken a sensible approach & I really REALLY hope your offer is successful. Will be on here tomorrow for the outcome...

HouseHunting · 25/10/2009 21:51

Oops I means 3% SD!!

HouseHunting · 25/10/2009 21:52

FFS DH has got me all confused on SD - to clear this confusion up the house cost us just below £500,000.

UnquietDad · 25/10/2009 21:53

Good luck. Estate agents are so bloody unhelpful. They always say (in whiny voice) "we advise yew to offer wot yew fink the proper-teee is worf."

Never "house", always "proper-teee".

Weell, what do YEW fink the proper-teee is worf, dickheads? You assessed it and priced it.

Original poster
Elibean · 26/10/2009 08:05

Soaking up the luck...

Would agree about EAs on the whole, this particular one is so nice and straightforward, I (judgementally ) keep thinking he can't possibly be a real EA. But even he can't tell us what the other parties are going to bid (he has told us there aren't a lot of cash buyers with cash as ready as ours, though).

We were soo stressed at the money we were spending, we've come back down to the figure we originally felt was right for us - maybe not enough for the house, but enough for our peace of mind.

Still, its not midday yet, so we may dither again

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Original poster
Elibean · 26/10/2009 08:06

HH:

Love the excitement, congrats on your purchase!

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CarGirl · 26/10/2009 08:11

Just emphasise the cash and your willing to work with their timescale as you are renting.

Original poster
Elibean · 26/10/2009 10:43

Done

dp actually told the EA we'd considered a bit more, but felt too stretched - he said he thought it good we hadn't over stretched ourselves, and that we were in a strong position. One possible problem, there is some private 'interest'...though the vendor has said their funding is a bit vague...so we're competing with that, too.

There are 3 or 4 other bids via the EA.

And now we wait: hopefully will know today, but as its probate the vendor may need extra time to discuss with siblings etc....a few more grey hairs for me today, then....

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LordVetinarisApprentice · 26/10/2009 19:04

Any news Elibean?

TheHappyCat · 26/10/2009 21:11

I'm watching too. Good luck.

saltyseadog · 26/10/2009 22:04

Oooh - have my fingers crossed for you Elibean (have just been through house selling/ renting/ buying trauma ourselves, so empathise).

LordVetinarisApprentice · 27/10/2009 06:54

Well....well....

Original poster
Elibean · 27/10/2009 12:17

Sorry

No news yesterday, then EA rang this morning and its sort of clear as mud, so far. Our offer was 'the most attractive' via the EA (not the highest, but we're cash and he wants cash) and the vendor has asked the EA to put our offer in writing to his solicitor.

EA, in return, has said we want a firm assurance that there is no other, private, buyer in the wings and to know if our offer is accepted by the end of today.

Vendor is, apparently, a 'very busy man', and hard to grab for conversations...but has promised to talk later today

So basically, we do'nt know. I feel a bit as though I'm trying to date a man with a shadowy ex girlfriend in the wings, but I suppose its promising?!?

Much appreciate the sympathy, the empathy, the luck: dh and I are both edgy and jumping every time the phone rings

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HouseHunting · 27/10/2009 13:49

Woo hoo I am keeping everything
(& I mean everything!!!!) crossed for you!! It certainly sounds promising

LordVetinarisApprentice · 27/10/2009 16:07

Me too, everything crossed. Did I just hear the phone ring....

Original poster
Elibean · 27/10/2009 18:09

Grrrrmpf

Still nothing. Apparently, the 'private buyer' is negotiating through an agent too, and as the vendor has not given us an answer yet, my feeling is that he is probably using us to try and raise the other bid.

Our EA, who doesn't want to lose a possible sale, obviously, is begging us to hang in there and wait....my nerves are starting to fray and I'm tempted to pull out if no answer by tomorrow morning.

48 hours to respond to an offer is, IME, unheard of and, IMO, rude. Am I being too impatient? Or too patient?!

We're going away for 3 days tomorrow, so this is getting a bit much....

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