Stuck in a bidding war?: What best and final offers really mean

Property Advice: Don't bid blindly. Learn how to prepare a winning offer

A ‘best and final offers’ process is often used when a property attracts strong interest from multiple buyers.

Hi Majella,

I am interested in buying a property in East Cork. It’s coastal, and I have been bidding for over a week. I’m stuck in a bidding war. The agent informed me that there is lots of interest and that “best and final offers” are to be submitted within the next seven days.

What does ‘best and final offers’ mean? How is it different from normal bidding? I really want to buy the property, but I am not sure what offer to submit. Will I be informed of other buyers’ bids, so that I can counteract them, or is it final? Is it simply a case of the highest bidder wins? Is it legally binding, as I haven’t yet instructed a chartered surveyor?

Any advice would be appreciated.

Tom, East Cork

Dear Tom,

Thank you for your question. What you’re experiencing is a very common scenario in today’s competitive property market, particularly in East Cork, where demand for coastal homes remains strong. A ‘best and final offers’ process can feel daunting if you’ve never encountered it before, but once you understand what it means and how to prepare, you’ll be able to approach it with confidence.

A ‘best and final offers’ process is often used when a property attracts strong interest from multiple buyers. Rather than continuing an open bidding war — where prospective purchasers can increase their offers repeatedly — the selling agent sets a specific deadline for all interested parties to submit their highest and final offers. Once that deadline passes, the seller reviews the offers and decides which one to accept.

Think of it like a sealed-bid situation. You won’t know what others are offering, you won’t get the opportunity to change your number afterwards, and there are no second chances.

This is clearly different from traditional bidding. That process is more open and can go on for weeks. The selling agent usually communicates the current highest offer to all interested parties, giving them a chance to increase their bids, if they wish.

In a ‘best and final’ process, this back and forth is removed. You’re asked to submit one single, firm number — the absolute maximum you’re willing and able to pay — without knowing what the other offers are.

It can feel nerve-wracking, because you don’t know if you’re offering too little (and risk losing) or too much (and overpaying).

But that’s precisely why it’s important to prepare carefully and set your limit before submitting.

Will you be told what others are offering? That’s a simple ‘no’. That’s one of the key features of a ‘best and final’ process. It’s a blind bidding system, meaning you don’t know the other parties’ offers.

It can feel nerve-wracking, because you don’t know if you’re offering too little (and risk losing) or too much (and overpaying).

Once you submit yours, you can’t adjust it based on what others are doing.

This can feel uncomfortable, but it is intended to create a fair process, where every interested buyer independently decides what the property is worth to them.

Is it simply ‘highest bid wins’?

Not always. While price is obviously a major factor, it’s not the only consideration.

The seller will often also look at:

• Your buying position: Are you a cash buyer? Are you mortgage-approved? Are you in a chain or ready to proceed immediately?
• Readiness to move: Can you progress quickly, or are there likely to be delays?
• Any conditions you attach to the offer: For example, if you require certain repairs or a specific closing date.

It’s not unusual for sellers to accept a slightly lower bid from a buyer who is in a stronger position (for example, chain-free and ready to proceed quickly) over a higher bid that comes with complications.

It’s important to know that a ‘best and final offer’ is not legally binding. In Ireland, no offer is legally binding until contracts are signed. Even if your best and final offer is accepted, you still need to carry out all of your due diligence — instructing a chartered surveyor to conduct a survey, engaging your solicitor, and finalising your mortgage — before the sale becomes legally binding.

This also means that if something significant arises during your survey or during the legal checks, you still have the right to walk away without penalty.

• Know your limits

Deciding on what to bid is often the most stressful part of the process. Here are some steps to guide you:

1. Set your ceiling. Decide the maximum figure you are comfortable paying. Ask yourself: ‘If I lose this property for €1,000 more, will I regret it?’ If the answer is ‘yes’, you may want to push your limit slightly. If the answer is ‘no’, stick with your figure.

2. Do your research. Look at recent sale prices for similar properties in the area. The Property Price Register is a good place to start, and your mortgage advisor or solicitor may also be able to help.

3. Balance emotion with reason. It’s easy to get caught up in the heat of a bidding war. Set your figure with a cool head and make sure it’s affordable and reasonable, based on the property’s market value.

4. Strengthen your offer. Don’t just submit a number. Include proof of funds or mortgage approval, your solicitor’s details, and a clear statement of your readiness to proceed. Sellers value certainty.

Before submitting, make sure you have mortgage approval in principle in place and have engaged a solicitor and chartered surveyor.

This means you will be able to forward the solicitor’s details and be ready to instruct your surveyor immediately if your offer is accepted.

Stating what kind of buyer you are and demonstrating that you have considered your timelines — for example, when you can draw down funds or vacate your current property — shows that you are well organised and makes you a more attractive buyer.

If the seller accepts your best and final offer, the agent will issue a ‘sale advice’ letter to both your solicitor and the vendor’s solicitor. At this point:

• You’ll need to instruct your surveyor to carry out a survey;
• Your solicitor will begin the conveyancing process, reviewing contracts and raising any queries;
• Your mortgage lender (if applicable) will carry out a valuation.

Remember, you can still walk away at this stage, if significant issues arise, but doing so can mean losing out on survey and legal fees you’ve paid.

The ‘best and final’ process can feel daunting, but it’s designed to bring clarity to what could otherwise be a long, drawn-out bidding war.

The key is to approach it with a clear head: Submit an offer you’re comfortable with, make your position as strong as possible, and be prepared to move quickly if you’re successful.

And, remember — winning isn’t just about offering the most money. Sellers often prefer a buyer who is well-prepared, ready to proceed, and unlikely to cause delays. The best of luck in your pursuit of this property.

Majella Galvin is Chair of the Membership and Public Affairs Committee of the Society of Chartered Surveyors Ireland. A chartered surveyor, estate agent and registered valuer at DNG Galvin Auctioneers Bandon, she has been working in the property sector for over a decade - www.dnggalvin.ie If you have a property-related query or issue you would like to raise with Majella, please email [e-mail]