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Old 16 Sep 21, 07:39 AM  
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#21
Col&Ali
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Maybe a basket of muffins would help?



In all seriousness, not a nice situation to be in Ö I think I would advise that they should emphasise what a good position they are in, eg, mortgage in place etc and only offer what they are comfortable with 💜
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Old 16 Sep 21, 08:27 AM  
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CarolynU
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Itís happened to my daughters mother in law on virtually every property that she has looked at in the last six months. Finally last week she was successful, but there could still be lots of bumps in the road sadly. We are keeping our fingers crossed for her.
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Old 16 Sep 21, 09:14 AM  
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We are in the process of moving, house sale went "live" on the friday about 4pm , bids closed the following friday , 7 people fighting over it . We didnt take the highest offer , we went for the person who genuinely loved it and were in a good position.
They offered 8k over the asking price ,then their survey came back at 16k less , the survey was done online , no one even came out, they wanted us to drop the price by 16k , we said no and miraculously they found the money all bar 3k which we accepted just to keep the ball rolling.
Its all taken ages and been so stressful
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Old 16 Sep 21, 09:27 AM  
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LunaNyteskye
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The market is crazy right now. In my area, every house on the market is going for way over the asking price at the moment, and many aren't on the market for more than four or five days before an offer is accepted. I worked for a conveyancing solicitor until recently, and had clients putting in offers for 10-15% over the asking price and still being unsuccessful. The only advice I can give is put your best offer in and keep your fingers crossed.
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Old 16 Sep 21, 09:55 AM  
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123
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Originally Posted by JAF View Post
Someone we know last year out bid the next nearest buyer on a house in Sheffield by £7k and still didn't get the property. Evidently the sellers solicitors recommended which bid the they should accept. Not a system I would want to get involved in.
Almost all properties in Sheffield are sold this way now.

It's really just a reflection of how lazy the agents are, they don't want to do any work for their commission anymore. They just set a date they want to stop marketing (about 2 weeks after they start) and then say best and final offers.

Unless you are a cash buyer who is willing to forget about a survey, you will never win a best and final offer unless you offer way over actual value (because the agent will suggest you go with the most proceedable and straightforward offer)

We have a number of rentals in that area and hate the best and final process, but it's the way all agents work there (in the 1/2/3 bed normal home market) so no way to avoid
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Old 16 Sep 21, 10:02 AM  
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Originally Posted by traceylou1972 View Post
Happened to DD2 and her partner earlier this year. Seller asked for final offers and positions by 5pm on the Friday, told they were successful and then on the Monday morning the other party put another offer in 😡. Estate agent asked them if they wanted to put another offer in - so not a lot of point in the final offer scenario. We advised them to pull out as the seller obviously wasnít to be trusted. Luckily they have found a better house and moved in July.
We do this all the time when buying rental properties. We put in a realistic (but low) best and final, if we get it then great, if we don't we go back a week later with a higher offer in cash with a guarantee to complete in 4 weeks, almost always the seller chooses to go with our company.

Unless and until the UK changes its property sales law this is perfectly legal and indeed the way the market should work, best and finals is an aberration and should be outlawed (as legally it can never be a best and final, someone can always put in another offer and the agent is legally required to communicate this to the seller)
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Old 16 Sep 21, 03:29 PM  
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sotagals
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When we got our first mortgage the interest rate was 12%

Let's hope that doesn't happen again anytime soon or some of these buyers are going to be in trouble.
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Old 16 Sep 21, 03:50 PM  
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Loopylooloo
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They are submitting a final best offer tomorrow, and a personal note that they are completely chain free (living at home) have mortgage agreed, deposit ready, and will take care of the house and forward any post for the vendors.

I will let you know how it goes! They are increasing by around 3% of asking price. I just hope the bottom doesnt fall out of this over inflated market.
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Old 16 Sep 21, 05:00 PM  
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Originally Posted by Loopylooloo View Post
They are submitting a final best offer tomorrow, and a personal note that they are completely chain free (living at home) have mortgage agreed, deposit ready, and will take care of the house and forward any post for the vendors.

I will let you know how it goes! They are increasing by around 3% of asking price. I just hope the bottom doesnt fall out of this over inflated market.
The one thing you can be sure of is that the bottom will fallout of the market, what you can't be sure of is when.

If it's in the next 12 months there will be a lot of -ve equity for those who bought this year, if it's in 5 years those same people will just lose "fake" money as their house will have gone up and then down but not below what they paid hopefully
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Old 18 Sep 21, 03:37 PM  
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Pleased to let you know they had their offer accepted, and although they had to go higher it was still a fabulous house in the right location for them, and clearly very sellable for when they move on! They are over the moon. Just hoping now that it all goes through.
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