Best-Bids

With so few available properties currently on the market in areas such as Finchley, Hendon and Mill Hill many prospective buyers are finding themselves in a “best-bids” situation.

This usually arises when the seller has received numerous acceptable offers (usually the asking price) on their property and there is nothing to choose between the buyers.

A best-bids situation is often the fairest way of choosing the buyer, avoids complicating things too much and stops the process from being drawn out unnecessarily.

This is how it works:

All prospective buyers are asked to submit their final offer by a given deadline.

It’s not wise to offer even a pound under what your maximum level would be as you could live to regret it at a later stage. That said of course it is not a good idea to overstretch yourself.

Each offer is then put forward to the vendor for them to choose which one to accept and in most cases it is the highest one.

It’s a good idea to offer an obscure amount e.g. £396,583 as opposed to £396,500 in order to avoid matching someone else’s offer.

It really is that simple and if you find yourself in that situation good luck!

Edward, Director of Squires Estates