You've found it, your dream home, your forever home - exciting!!!!
So you ring the estate agent full of confidence to place your offer. Then come the dreaded words "we currently have 5 other offers on this property". Suddenly you realise your dream home is also someone else's dream too. How can you detach from this property when your emotions are so invested in it? Questions fly around your head, "what do we do to ensure we get it?" - and so the process begins....
Best and Final Offers
This may seem a harsh system when your heart is set on a property - but is it really that unfair?
Prior to reaching this stage the Negotiator will speak with each offeree informing them of the latest amounts and frequently applicants want to increase on their offer. This process can be lengthy with small increments causing the price to escalate bit by bit. It can be agony or irritating for you when the Negotiator calls back with the latest offer, particularly if it's the amount you would have also offered, and then you might feel the urge to increase, hence repeating the cycle.
So, when is it right to call time on this pain and go to sealed bids? Typically when there are numerous offers, the Negotiator discusses them with the Vendor and then a date and time for final offers is agreed. At that point the top offer becomes the 'Highest Disclosable Offer' and all future bids are then confidential.
The question begs - how high do you go? There is no crystal ball to give you that answer, but our advice is to decide on an amount you're happy with, be confident that that's the value you would place on the property, and put that forward. It's easy to get caught up in the heat of the moment and put a bid in to eliminate others, but would that give you peace of mind knowing that you paid more than you wanted to and eating into any future resale value? Take a step back, evaluate the situation and keep level headed.
When the Vendor accepts an offer, all applicants are immediately informed. This can be devastating when your heart is set on a property, but there can only be one buyer.
There is a dream home for everyone, you may just have to offer on a few frogs to find your true love.
Come and meet us at Spencer at 469 Ecclesall Road, or call us on 0114 268 3682 to have a chat or email us, if you prefer, at firstname.lastname@example.org and we will offer friendly advice.