We have offered on a house and been told by the agent another offer is already on the table. The other party have not sold their property which is why they are still marketing the house. The agent has told me the price of the other offer. I found this surprising as other agents I have worked with in the past would not tell me what other offers where. One agent also told me it was illegal to reveal other offers.
Can anyone enlighten me. Is the agent we are dealing with now making up this other offer to drive up the price?
Originally posted by CutieCatUk: Is the agent we are dealing with now making up this other offer to drive up the price?
Any ideas?
who knows? but the chances are he is. why not call his bluff and tell the agent to pass on your congratulations to the other party. You will probably get a phone call in a few days time from the agent telling you 'they have changed their minds'.. This is the climate to do this sort of thing if you want a bargain. If this does happen I would then lower your offer.
I don't know what the rules are, (an estate agent will come along and tell you in a bit) but having bought and sold often over the last 20 years, I have always been told what the other side is bidding. I suspect the agent is allowed to say "you must offer more than XXX" but its a very grey area.
That reminds me my brother was in a sealed bid auction last year and placed a high bid (which would have won) so the agent changed the rules 24 hours before the end to an open auction and told everyone what my brother had offered, so he could be outbid. The main thing to remember is that most EA's don't have a rules and are dishonest.
Originally posted by CutieCatUk: Thanks for that I am going to hold fast, wait until we exchange (fingers crossed next week) and then go back to them with our same offer.
Are you going into rented or somewhere else then?
This will put in an even better position, as effectively you become a FTB buyer again (no property to sell) - in my eyes thats better than a person in a sold position, 50% less chance of someone pulling out along the way!
Well the agents has called me today and told me the other party that have put in an offer have had an asking price offer on their place (but by someone who has not sold there place). The agent is really putting on the pressure to get us to up our offer.
Recently, an EA more or less said to me, "I can't tell you what they have offered, but if you guess in the right area, I will say 'yes' or 'no'". EA's have to submit all offers to the vendor. If you are about to exchange I would put forward your offer stating your position, even maybe outlining a time-table of when you could get a survey done, possible echange dates etc. You are 'procedable' - the other offer-maker isn't until they have buyer who has already sold. In the current climate the actual vendor may think a 'bird in the bush' is a better bet than waiting.
The rules are you compromise your clients position if you reveal what the other party has offered. So then it is illegal to let an offeror know what any other party has offered. In my experience I have never in 20 years heard of an agent revealing the other parties offer. That said I'm sure it has happened but no way to the extent that Baldricks brother would like us all to believe, to prop up his media lead agenda. Been reading too many comics mate, want to get your own opinion based on experience not some 18 year novice journalist jumping on the hate all estate agents band wagon. That one has been done to death! you lemming!
"The greatest trick the Devil played, was convincing us all that he did not exist"
immy I do wonder if you ever properly read other posters' posts. I know (from past experience) that you like to think anyone criticising EAs is parroting a line from the media, but BB is speaking from his own experience.
Originally posted by castafiore: D'oh. I meant a 'bird in the hand' of course.
Bird in the bush lol.
I do think that we are in a good position (fingers crossed) and that really nothing has changed as the other party are still in an incomplete chain.
I think we will hold tight but I do know others are viewing it and though it is a bit pricey it is a pretty house in a good location really nicely presented.
I hate moving house. Too much stress when you have little children and the pressure of schools etc.
I keep telling myself all the things that are wrong with this house in case it goes wrong.
Good luck with getting the house. Let us know of any developments. I know people feel the need to defend themselves and their profession, but it quickly gets a bit personal on here these days, I feel.
Agent phoned yesterday to 'just let me know' they are dropping the price and let us have first option before they send it out. They are dropping it to just over what they have said the other party have offered. I get the impression he is trying to force our hand. Do we stay strong or offer a bit more? Is this all a bluff?
I need some support I am starting to imagine my furniture in the house!!!
Is this all a bluff.
We are no closer to exchange on our house as we are waiting for a building regs certificate from the council. Arghhh.
Just out of interest, how much are we talking in between the original "offer", what they've dropped it to and what you've offered. You needn't put up your figures just the differences.
If it's not that much, I think it'll be a little tug of war as to who caves first. Hope it's them!
Holy cheeses - We put in a really low ball offer which has not been totally blown out of the water.
Our original offer was 20% below the asking price. We have been told this other 'offer' is just over 10% below the asking price. The agent has told us the buyer will accept 16% below the asking price.
The price drop that is 'about' to happen is 8% off the current asking price.
I hope that all makes sense but just working it all out makes me think there is a lot of hot air going on.
Agent phoned yesterday to 'just let me know' they are dropping the price and let us have first option before they send it out. They are dropping it to just over what they have said the other party have offered. I get the impression he is trying to force our hand. Do we stay strong or offer a bit more? Is this all a bluff?
I think it is most likely a bluff. I know its difficult, but I would not phone the EA back, let the him chase you again. If it were me I would tell him you have seen another house and won't be increasing the offer, it may be the wrong advice, but thats what I would do in your situation (nothing to do with propping up my media lead agenda either).
To strengthen your position or reolve it might help to know what they paid for the house in the 1st place and how long they have lived there. If someone paid 50k and it is now valued at 100k then 20% might be feasible. If they paid 95k then a 20% drop isn't. have a look here: houseprices.co.uk/ to see.
lv1369 - I have done all that research. They bought the house ages ago and have spent quite a bit of it extending it and have made it really nice over the years. I have also been tracking the sales in the road and based on that think my offer is fair. We also can't really afford to offer more and told the agent that when we put the offer in.
Baldricksbrother - I am really trying to stay strong and focusing my energy on making sure our sale goes through. All this is pointless if we don't sell our place for the price agreed.
Originally posted by CutieCatUk: We also can't really afford to offer more and told the agent that when we put the offer in.
There's your answer! If there is no more in the pot, then there's no more in the pot. Hold firm, get your place exchanged, and then go back as the strongest contender they've got. (And cross your fingers). Good luck.
Just got off the phone with the EA and he wanted to know if we would up our offer. I told him that we are sticking and he put on loads of pressure. He even suggested that the owners of the house were going to buy the house at the bottom of the higher offers chain. I said good luck to them.
I hope I didn't come over rude to the Agent but when they are laying it on so thick it is hard not to get annoyed. We have told them what we are prepared to pay and that is all the money in the pot. We are in a good position. I think I can walk away from this house as I really don't want to overstretch us in the current climate.
He said he is meeting both owners tonight (they are divorced). I said that our offer stands at the moment. Chickened out of saying that we will reduce it by *% next week.
Will keep you posted. Thanks for all your advice and support so far.
It will probably always be a mystery.
but having bought and sold often over the last 20 years, I have always been told what the other side is bidding. I suspect the agent is allowed to say "you must offer more than XXX" but its a very grey area. 
