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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

OP posts:
Original poster
Elibean · 27/10/2009 18:10

Not to mention the cheek of the man, keeping my MN support group waiting too

OP posts:
LordVetinarisApprentice · 27/10/2009 19:14

I would get back to your EA tomorrow and say your offer runs out at 12. You are in a good position and are not prepared to get into a bidding war. It is a blardy cheek on all counts

saltyseadog · 27/10/2009 19:34

I second LordVetinaris. However I am dreadfully impatient, and liable to be wound up by such activity (i.e. think that the vendor and private buyer have some blardy cheek), so I'm probably not the best person to listen to.

I guess it depends how much you want this house. Having bid and lost on 5 (yes 5) houses in as many months, and finally got an offer accepted this week (on a house we like very much), I can safely say that there will always be other houses.....

Good luck

NoseyNooNoo · 27/10/2009 19:35

I don't think 48 hours is unheard of - we had to wait 8 days but this was a sign of things to come.

I think it is worth setting a deadline though - and it may well be that you are being used as leverage.

I'm guessing the term 'sealed bids' was not used because the private buyer is being allowed to know what everyone else has bid - which isn't very sporting.

Original poster
Elibean · 27/10/2009 20:14

Thats helpful - wasn't sure if I was over or under reacting. Thanks.

Agree it feels like a cheek, and unsporting, though I suppose the vendor, being a businessman and managing his parents' estate (its a probate property) is just doing his thang.

Still, even as one who congenitally tends to try and understand all points of view etc etc, enuf is enuf

I set a time limit tomorrow!

OP posts:
saltyseadog · 28/10/2009 13:29

How'd it go elibean ? Hope you got it

HouseHunting · 28/10/2009 14:10

Any news? Hope your bid was successful

Original poster
Elibean · 28/10/2009 14:22

Not good news, thanks for asking...

dh saw someone else viewing it this morning with a different agent, rang our EA and said this isn't ok, whats going on? He said he'd seen it too, its the other buyer with their agent (apparently a 'one off' viewing they had prior to the house actually going on with our EA, who is sole agent ).

So...we've said we need a positive response today, or we're out. And I think we'll be out, because I suspect the vendor is not the sort to respond positively to boundary setting - but thats too bad. We don't think any house is worth being messed around for, so we mean it.

Sigh.

Will let you know if anything changes, but I suspect that is that - unless of course the other buyer's process falls through

Thanks again, the support has been appreciated by dh as well as me!

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LordVetinarisApprentice · 28/10/2009 15:10

Gawd. The vendor sounds like an utter arse. Hopefully he'll see sense and realise we are still in a recession and that there aren't buyers like you waiting round every corner. Presumably he hasn't heard the saying 'a bird in the hand etc'

Everything still crossed for you.

Original poster
Elibean · 28/10/2009 16:36

Thanks. No call, so doubt it, but you never know

Vendor is a mega busy restauranteur, may just be busy with too many other things - that, or possibly as you say

Now in Oxford enjoying half term break with family, so much easier to let go at least!

OP posts:
HouseHunting · 29/10/2009 13:40

How is it all going now Elibean? It all sounds a bit iffy to me letting the OP go view. Ugh. Feel for you...hang in there!!

Original poster
Elibean · 29/10/2009 21:04

Gone and, strangely, [relieved].

EA finally called tonight and admitted the whole thing had been a mess - the vendor apparently felt obliged to go with the OP, who had been desperately trying to get the house before it ever went on the market, and had a bullish EA to help him.

Here's the bit that makes me feel better: the OP's offer was not only a bit lower than ours, its also not cash - so it does ring true that he feels somehow obligated, otherwise he'd do a lot better with us! Prat.

Anyway, he should never have marketed the house under those circumstances. A lot of people put through stress and strain for nothing, us included.

dh was not able to restrain himself from hoping (out loud to EA) that the whole thing would fall through, that they'd come crawling back, and that we could take pleasure in telling them to stuff it

Thanks for hanging out with me through it all! There'll be another, I do trust that...

OP posts:
LordVetinarisApprentice · 29/10/2009 21:10

Oh sorry to hear that Elibean, how annoying to have been put through that...what an idiot
Hopefully the better and cheaper, perfect property is just around the corner

saltyseadog · 29/10/2009 21:23

Sorry to hear that too elibean. What a swine to have marketed the property when he had no intention of selling it to the interested parties.

Och well - what goes around comes around - I'm sure some housebuying karma will bite him on the arse at some point. You will find that house soon, no doubt cheaper and better .

Fleecy · 29/10/2009 21:52

We have moved a lot over the years. And every time we've lost a house (and I've cried ) a better house has been just around the corner. Figuratively speaking.

It won't be long until you're in a lovely new house of your own and thanking your lucky stars you didn't get this one

HouseHunting · 29/10/2009 22:25

Oh Elibean I am sorry hun It stinks what the vendor put you & your DH through. I will be keeping positive thoughts that you get a fab house VERY soon!!

Original poster
Elibean · 30/10/2009 22:05

You're all lovely

Am feeling heaps better today. Helps that another possible house has come on and we'll veiw it this week, and have to admit the housebuying karma biting on the bum thought cheers me up too

Onwards! Good luck HH, sounds as htough you're looking too...

OP posts:
goldenpeach · 31/10/2009 19:17

Gosh some people. I got outbid on a house in May and it has finally completed. I was gobsmacked to find out that a young couple paid 381 for it in sealed bids, since the guide price was 330. We were cash and went up to asking price but then we were asked to go over 350. I pity these fools. The house needed total update and it's the most expensive in the whole road, where most houses in that condition go for 300K. We were cash and they went for a chained mortgaged offer, so cash doesn't win the day!

Original poster
Elibean · 10/11/2009 18:19

Guess what. dh got a call from the EA (the one we were using, supposedly sole) and the deadline on exchange of contracts has been reached, no exchange.

So now, the vendor and the EA have been 'talking', and the house might be 'back in play'

We'll find out, supposedly, tomorrow - but half of me feels so cross with the vendor and how he behaved that I don't even want to consider his house! THe other half is interested, but unsure. dh said we might still be interested, but would need huge amounts of assurance from vendor before taking it further (ie survey).

Personally, I feel like saying we might still be interested, at asking price - but not at the bid we put in a couple of weeks ago. There has to be some consequence for crap behaviour, no?!

its been beautifully peaceful (ie nothing for sale) this past week....

OP posts:
HouseHuntingNoMore · 10/11/2009 19:28

Oooooh interesting Let me know what happens tomorrow!!

Original poster
Elibean · 10/11/2009 20:54

I will. THough atm, my inner alarm bells are sounding, and I feel , because actually what the vendor is doing is trying to get back-up in case this sale goes bellyup....pressure for the buyers, and probable disappointment for us again. I don't trust him an inch, and the EA is nice but far too wishywashy.

Grrr.

Thanks for asking, though, and sorry to moan so much!

OP posts:
NoseyNooNoo · 10/11/2009 22:27

I think that you are quite right to lower your bid - especially since the winning was lower than yours - the vendor has shown that he will accept the lower amount.

Good luck!

HouseHuntingNoMore · 11/11/2009 13:41

Any news Elibean

Original poster
Elibean · 11/11/2009 16:43

Not much

EA rang dh earlier, and said vendor had phoned to say if no exchange by close today he'd pull out of the contract, and were we still interested. dh said yes, but at asking price (all cash and can exchange v fast) as previous offer was made with EA as supposed sole agent, with best of final, and a few competitors. EA tried to persuade dh to stick with former offer, saying with less the vendor 'might extend the time to exchange for the current buyers' - to which dh, quite rightly, said 'fine, if thats what he wants to do - we're not wanting to gazump anyone anyway'

He then fired off a tough and very clear email to EA re-stating our offer, and saying we'd only move on a survey if given absolute assurance that we were the only party in the frame. He sounded far tougher than he normally does, probably because he's on steroids for asthma atm and all fired up

May well scare the vendor off, have a feeling he's used to getting his own way (major entrepreneur, I googled him last night ) but thats too bad. I feel better. Doubt we'll hear more today either way...

...you are lovely, still taking an interest in this long drawn out saga!

OP posts:
HouseHuntingNoMore · 11/11/2009 21:23

I hate it when EA try to take you for a ride Well done to your DH for sticking to his guns & not falling for the spiel.
Hopefully tomorrow morning you will get that call saying the house is yours Really hope so!