A request made to all interested buyers by the estate agent; for them to deliver their top price before a time limit. It is often used when a lot of people want the same property and are likely to have their offers entered on it at similar times.
The fact of the matter is, Estate Agents Gloucester tend to employ best and final offers in a couple instances – when there are multiple showings packing into one another at front doorsteps all too closely for comfort, or if more than one offer emerges outbidding the rest. It happens on appealingly-priced homes as well. For advice from Estate Agents Gloucester, consider Murdock & Wasley.
Just because you have the best and final, does not always mean pay the most to get into contract. If all else is equal, they will go with the offer that feels like less of a risk to them as sellers. Perhaps it is a first-time buyer with an AIP (agreement in principal) for his mortgage, perhaps he’s a cash-buyer and not part of any chain at all. The number can be important, but equally so too are often the completion timescales; whether there is flexibility on dates and if there are proof of funds.
Sellers benefit by not losing a buyer due to delays, and being in the best position for optimal price based on what the market will pay at that particular point. The downside is that some buyers find the approach too aggressive and might even drop out of negotiations if it happens in a way they can’t understand.
If you are asked to put in a best and final offer, find out what the seller is wanting for this (price/speed of transaction/chain position) plus make sure your bid has substance. A well-constructed offer can beat out a slightly higher but risky one.