Best And Final Offer Strategy

Explaining the process of best and final offer strategy UK

Best And Final Offer StrategyWhen sellers believe there is sufficient demand for their home, they may ask potential buyers to submit a ‘best and final offer’. Also referred to as sealed bids, this is intended to secure the highest possible price in a fairly active market.

We take a look at best and final offers and answer some of the questions we are asked about how the process works.

Lockings Solicitors offer a full range of services, including sales, purchases, transfers, leasehold conveyancing and remortgages.

We have a high level of expertise and deal promptly and effectively with difficulties, should they arise. We understand the importance of avoiding delays and we always work proactively to complete as quickly as possible.

We hold the Law Society’s Conveyancing Quality Scheme accreditation in recognition of the high standards of competence, risk management and client service that we provide.

We offer a FREE initial chat so that you can ask us any questions you may have. Call us on 01482 300 200, email us at welcome@lockings.co.uk or fill in our Free Online Enquiry and we will call you back promptly. We have offices in Beverley, Hull and York and we deal with conveyancing in East Yorkshire, the York area and beyond. We are on the panels of approved solicitors of all major lenders.

Asking for a best and final offer

Requesting a best and final offer is a seller’s tactic to try and encourage high offers on a property. The usual process is that an estate agent will advise potential buyers to make their offer by a certain date.

This avoids the need for the seller to enter into negotiations with multiple purchasers. It is hoped that each buyer will offer the highest amount they are prepared to pay and the seller will be able to select the purchaser they want. The seller might also consider issues other than price, such as how quickly you are able to proceed, whether you have a mortgage arranged and whether you have a seller for your own property, if you need to tie in a sale.

Because the bids are not generally revealed, you will not know how much other parties are offering and the idea is that there will only be one chance to make an offer. The agent may be prepared to let you know if the seller has received earlier bids, to give you an idea of the offers that have been refused.

How do I decide how much to offer?

As well as looking at how much you can realistically afford and making sure you do not overstretch yourself, you can do some market research. Check what similar properties have sold for recently and have a look at whether property prices are rising or falling. This can be particularly important if you are not tying in a sale.

Although you might be prepared to make a high offer for a property you have fallen in love with, try to think carefully about whether this is wise. You could regret overpaying and end up wishing you had waited for a different and better value property. Your lender may also have concerns if you offer substantially more than the property is worth.

If my offer is the highest, am I guaranteed to be accepted?

The seller is not obligated to accept any of the offers but in reality they are very likely to pick the one that suits them best. So even if your offer is the highest, you are not guaranteed to be chosen. Other issues may be important to the seller, such as moving quickly or selling to someone who is chain free.

To give your offer the best chance, you should make sure that you have taken the following preliminary steps:

  • Provide the estate agent with your identity documentation
  • Secure a mortgage in principle
  • Let the estate agent have proof of funds, if these are not coming from a related sale
  • If you have a related sale, make sure that the estate agent knowns the stage this has reached, for example, if you have a buyer in place
  • Instruct a solicitor so that if your offer is accepted, the estate agent can send out the sales particulars straightaway and work can begin on the purchase process.

I didn’t win with my best and final offer – can I make another offer?

While the process is intended to encourage buyers to make their highest offer, there is nothing to say that you cannot make another offer. Estate agents are legally bound to pass on any offer they receive. If you increase your offer, the seller may decide to switch to you if they want your higher sum, particularly if there are other benefits in choosing you, for example, if you have a buyer in place yourself or you are chain-free.

Is my best and final offer legally binding?

Offers in conveyancing are not legally binding and the seller is only legally required to sell once contracts have been exchanged.

This means that the seller could pull out at any time or choose to go with a higher offer made after the best and final offers process has ended. While this might seem morally wrong, if thousands of pounds are on the table some sellers will opt to take the higher offer.

Similarly, it does mean that you can also pull out at any stage up to exchange of contracts, should you wish to.

It is also open to the parties to renegotiate the sale price. For example, if you have a survey carried out and you discover that work is needed to remedy defects, you can reduce the amount of your offer. The seller may accept the new price or they might negotiate with you to agree on a reduction that is acceptable to them. There is a risk they might pull out, but they are likely to experience the same issue when a new buyer has a survey carried out, so it might be in their best interests to negotiate.

I am selling my property – should I ask for best and final offers?

If you are selling your property, your estate agent will be able to advise you on whether asking for best and final offers is recommended for your situation. This will depend on how lively the property market is and the level of interest they have received for your property.

They will take into account how sought-after similar properties in the area have been and how many potential purchasers they have waiting for a home like yours.

Asking for best and final offers can speed matters along, encouraging potential buyers to make their offer by the set date and giving you the opportunity to choose the offer that is right for you, which might be from someone who can proceed quickly, even if theirs is not the highest offer.

If the market is not particularly favourable to sellers, you might want to stick to the normal process of receiving offers and negotiating to try and secure a higher sum.

Contact our East Yorkshire and York area conveyancing solicitors

If you are thinking of buying or selling a property, we would be happy to represent you.

You can ring us for a FREE initial chat on 01482 300 200, email us at welcome@lockings.co.uk or fill in our Free Online Enquiry and we will call you back promptly. We have offices in Beverley, Hull and York and deal with conveyancing in East Yorkshire, the York area and beyond.

What Our Clients Say

Find out about our simple, straightforward service from the people who know it best –– our clients.

Why Choose Us

No Hidden Costs

We promise to inform you before we begin and to keep you informed throughout so you're always sure what everything will cost.

Clear Communication

Engage in straightforward, jargon-free conversations via your preferred communication method(s)

Flexible Availability

Talk to us about your schedule, urgency and timeline to see how we can tailor the service you receive.

Free Initial Chat

Book a free, no-obligation chat with one of our friendly and experienced team at a time convenient for you to get clarity on your legal needs and to see if we’re a good fit for you and your family.

Find Us

Looking for a solicitor local to East Yorkshire or York? Visit our offices in Beverley, Hull, and York, or get in touch via telephone, fax, or email.

Hull

Beverley

York

Accreditations

If you are a customer of Lockings Solicitors and we have contracted with you online you may be entitled to use the EU Online Dispute Resolution (ODR) Platform to assist in resolving any dispute with us. This service can be found at https://ec.europa.eu/odr.

Our email address is welcome@lockings.co.uk

Lockings Solicitors is a trading name of Lockings Legal Services Limited registered in England and Wales company registration number 09244568. Lockings Legal Services Limited is authorised and regulated by the Solicitors Regulation Authority (Main Office SRA ID number 626081). A list of our directors is available for inspection at all our offices. Use the following link https://www.sra.org.uk/solicitors/standards-regulations/
for
online access to the current professional rules applicable to solicitors. All calls are recorded for training and quality purposes.

VAT Number: 282 2447 58

Contact Us

Tell us the basics below and one of our friendly office team will be in touch for an informal, obligation-free chat.

Once we know a little more about your requirements, we’ll match you to a solicitor with the right expertise to help you.
Hugosplay Slot Gacor Slot Demo Rtp Slot Sbobet https://www.liceoerika.edu.co/ https://smatag45.net/ https://kwardariau.org/ Hugosplay Fixislot Vittonplay Slot Thailand Slot88 https://stationbet.ubinus.ac.id/ Slot Thailand Slot88 Slot Demo akun demo slot demo slot demo slot mahjong demo slot pg demo slot pragmatic slot demo slot demo gacor slot demo gratis slot demo pg slot demo pg soft slot demo pragmatic https://jdih.pa-pangkajene.go.id/ https://antrian.jdih.pa-pangkajene.go.id/