Receiving best and final offers; why do they work so well?
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Ben Rivett of Savills Norwich residential team reflects on the process of a best and final offer. What do a pretty cottage in need of refurbishment in Cley next the Sea, an elegant Georgian house in Norwich's ever-popular Thorpe St. Andrew and a traditional Norfolk barn in Wood Dalling with planning consent for conversion all have in common?
At first glance probably not very much - but all three properties, for sale through Savills in Norwich, have recently gone to best and final offers. After being launched, all received high numbers of viewings and multiple offers, and each vendor took our advice to set a deadline for prospective buyers to put in their ultimate bid.
Best and finals are a very good way of managing a competitive market and, although sellers are under no obligation to accept the highest offer on the table of course, going down this route provides them with the opportunity to maximise value.
Spanning different house types and locations as these three particular properties do, the high level of demand we've seen is a positive indication of market sentiment although it's important not to get too carried away.
Overall, the market remains price sensitive and it's crucial that sellers are realistic in their expectations. There are motivated buyers out there, yes, but they have done their homework and understand the prevailing conditions. Sensible guide pricing from the outset combined with getting the marketing right to spread the net wide and bring in fresh interest, alongside the buyers we have waiting on our database, is key to a successful sale.
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So what of the weeks and months ahead? The final arrival of spring and some long-awaited warmer weather is bound to entice more people out to view and this, in turn, will ultimately translate into more sales. If your house is currently on the market, it's well worth making sure you are ready and waiting with tidy, welcoming gardens, courtyards or terraces to make the most of sunnier days and evenings to come.
For more information about the residential market in Norfolk contact Ben Rivett and the team at Savills Norwich, 01603 229 229. Savills has sponsored this column. www.savills.com
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