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Best and Final Offer...Why?

Best and Final Offer...Why?

Julie Stone, 7th March 2017

Why should an Estate Agent ask for ‘Best and Final offers’ or ‘sealed bids’?

In your opinion you have made a reasonable offer, you are in a position to proceed immediately so why can’t the Agent agree the sale to you?

In the current market it is often the case that there will be a high level of interest in one property and therefore the Agent will receive a number of offers on that particular property.

It is a safeguard for the buyer against gazumping, although when a best and final offer is requested by the Agent, this can be annoying for anyone who has made an offer. Also, what do you offer? You obviously don’t want to offer too much, but on the other hand you don’t want to miss out!

Here are a few pointers to help you:

Do not offer more than the property is worth – do your homework first. There is plenty of information on the internet these days to help.

Do not offer more than you can afford – The Agent will ask you to prove you have the funds to purchase the property. If it is cash, make sure that you can show a bank statement proving the money is available. If you require a mortgage make sure you have an A.I.P. to prove that you would be considered for a mortgage.

As originally mentioned, a best and final offer, or sealed bid is partly designed to discourage gazumping. Once best and final offers have been submitted to the Vendor of the property, the offers are then closed and Fraser Wood would then agree the sale to the successful party. If the deadline has been missed or your offer has been rejected, it is too late to increase your offer. The only chance you would have to purchase the property is if the sale falls through and the property is re-offered.

Fraser Wood, your local Walsall Estate Agent, will treat all offers fairly. All offers will be submitted to the Vendor of the property for a decision to be made. When requesting best and final offers, Fraser Wood will always give a date and time when offers must be submitted by, giving you sufficient time to submit your offer with proof of how you intend to purchase the property and the position you are in (e.g. First time buyer, property sold, investment).  We would also require your best offer,  photo ID and proof of your address together with the name of your Solicitor.
Last but not least, if you are making a best and final offer on a property, GOOD LUCK! We know what a stressful time this can be!

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