Best and final offers - houses

chunksafc said:
My mam and dad's house was on the market 5 days and the offers got silly to the point they asked it to stop when it was 15k ove the asking price.

They have just had the buyers surveyor round who's knocked it back down to the asking price, so all in all a waste of time.
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The seller still has to agree to the deduction though surely, so only an issue if they don't have the money?
 


Geppetto said:
The seller still has to agree to the deduction though surely, so only an issue if they don't have the money?
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Seeing as most people need a mortgage, if one surveyor says no, then surely another one will.

Selling a house is bad enough without turning down the accepted offer and going back through the list of bids
 
rentaghost said:
Shit system. My daughter is going through the process of trying to buy a house and everything seems to go through this ‘best and final’ system. She missed out again today. Offers over 220k. Ends up being a guessing game - her offer was 8.5k over the asking price and it wasn’t enough. It’s sneaky - the estates agents let buyers know if a higher offer has come in right up until the last minute. Anyone else had any luck or disappointments through this system?
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Happens quite a lot, especially with reapos.

What she can do though, it put a higher offer in still, the estate agent legally has to pass it to the vendor so it's makes this best and final offer shite invalid 😂
 
chunksafc said:
Seeing as most people need a mortgage, if one surveyor says no, then surely another one will.

Selling a house is bad enough without turning down the accepted offer and going back through the list of bids
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Oh yeah if they need the mortgage offer, but they could still go over if they had the money is what I mean.
 
DisillusionedOldGit said:
This system stinks . How does the vendor know if he received the highest bid . How can he be sure the agent hasn't binned the highest offer in favour of of someone who's given him a bung . The whole system is open to abuse which means of course that it will be abused .
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Generally they are written and opened with the vendor.
 
chunksafc said:
My mam and dad's house was on the market 5 days and the offers got silly to the point they asked it to stop when it was 15k ove the asking price.

They have just had the buyers surveyor round who's knocked it back down to the asking price, so all in all a waste of time
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This is why I often think why do we have estate agents doing the evaluations when they aren't the ones who are agreeing to lend the money? Banks ultimately decide what a house is worth.
 
Daughter lost out on a few through this, last one she went to see I went with her. She really liked it, while she was being shown round I had a chat with the lad. Explained about this system and asked him what it would take for him to take it off market. He was happy with asking price, daughter rang agent put in offer, he then rang and took it off market, we all shook hands and the rest is history !
 
Mackem00 said:
This is why I often think why do we have estate agents doing the evaluations when they aren't the ones who are agreeing to lend the money? Banks ultimately decide what a house is worth.
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It was the estate agent encouraging them to keep the bidding open, like I say all pointless in the end and just added stress that wasn't needed
 
Mackem00 said:
This is why I often think why do we have estate agents doing the evaluations when they aren't the ones who are agreeing to lend the money? Banks ultimately decide what a house is worth.
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But the estate agent got it dot on if the lender reduced it to its asking price?
 
Spiritof73 said:
Daughter lost out on a few through this, last one she went to see I went with her. She really liked it, while she was being shown round I had a chat with the lad. Explained about this system and asked him what it would take for him to take it off market. He was happy with asking price, daughter rang agent put in offer, he then rang and took it off market, we all shook hands and the rest is history !
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Happens all the time mate . Durham is lifting with it .
 
25 year since I moved home but aren’t most in this area still sold the traditional way ?
Ie put a house up for £200k say and see who offers that first (or an amount you are happy to accept) , doesn’t the bidding war only happen on the very few high demand homes ? - the ones that are normally sold within a week or 2.
 
DisillusionedOldGit said:
This system stinks . How does the vendor know if he received the highest bid . How can he be sure the agent hasn't binned the highest offer in favour of of someone who's given him a bung . The whole system is open to abuse which means of course that it will be abused .
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Why are you assuming the vendor and the estate agents were both men. Sexist pig.
 

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