Best & Finals – what are they and how do they work?

Best & Finals – what are they and how do they work?

Sometimes, when a property generates a really significant amount of interest, Estate Agents will inform prospective buyers that the sale is going to ‘Best & Finals’.

Best & Finals is a sealed bids process where buyers are asked to submit their best offer – along with proof of funds and ID - by an agreed deadline. It is sometimes used when vendors are overwhelmed with the level of interest and helps to make the sale more manageable.

There isn’t an opportunity to increase or change the offer after the bid is submitted, so buyers should really think about what they can afford and what they are prepared to pay.

We’re asked all the time “what have the others offered” or “will £x get me the house?” – but we can’t answer those questions - agents cannot influence your offer in any way or advise on how much other hopeful buyers have offered, this keeps the process as fair as possible.

Of course, properties aren’t always sold to the highest bidder, sometimes it’s the buyer in the best position who is successful – so the process of submitting the offer is an opportunity for the buyers to put their circumstances across too.

If you’re asked by an agent to submit Best & Finals and you need to have a chat to understand it more clearly, then feel free to give us a call whether we’re the selling agent or not – 0151 804 4303.

Good luck!

Kate