Can estate agent "make up" an offer?

charliechin

Hi all,

Just curious (possibly a really dumb question!), is it possible for an estate agent to "make up" an offer that cuts above the offer we've put in to see if we'll increase our offer?

We've got an offer on a property, but unfortunately the seller has had another viewing today (yes, it is still on the market! ) and I'm just concerned how we'd know any reports from the seller or estate agent regarding the other potential buyer are legitimate.

Thanks folks,

Russ :cool2:

fatpig_2

It's de rigeur for an Estate Agent to tell porkie pies so the answer to your question is an emphatic yes.

chewmylegoff

charliechin wrote: »

Hi all,

Just curious (possibly a really dumb question!), is it possible for an estate agent to "make up" an offer that cuts above the offer we've put in to see if we'll increase our offer?

We've got an offer on a property, but unfortunately the seller has had another viewing today (yes, it is still on the market! ) and I'm just concerned how we'd know any reports from the seller or estate agent regarding the other potential buyer are legitimate.

Thanks folks,

Russ :cool2:

well an agent phoned me to tell me that i place my 290k bid had been rejected on had received another offer at 298k (asking 320k) i didn't increase my offer and then within 48 hours the place was on the market for 299k.

was the 298k offer bogus?

you decide.

Jorgan_2

In theory an agent could make an offer up, I have never felt the need to do so & believe it is a very rare practice, a lot rarer than some people try to make out.

dianaar

Its OK BUT watch out what you say.

charliechin wrote: »

Hi all,

Just curious (possibly a really dumb question!), is it possible for an estate agent to "make up" an offer that cuts above the offer we've put in to see if we'll increase our offer?

We've got an offer on a property, but unfortunately the seller has had another viewing today (yes, it is still on the market! ) and I'm just concerned how we'd know any reports from the seller or estate agent regarding the other potential buyer are legitimate.

Thanks folks,

Russ :cool2:

Ian_Griffiths_Halifax

Never heard of anything like this happening.

Aren't Estate Agents pillars of society? :whistle:

Jorgan_2

Ian_Griffiths_Halifax wrote: »

Never heard of anything like this happening.

Aren't Estate Agents pillars of society? :whistle:

Yep, up there with mortgage advisors.;)

Premier_2

Whilst an EA could be dumb enough to make up a bogus offer, it's a very dangerous game to play as in this case it appears to have lost a potential buyer.

i.e.
Potential buyer: I would like to make an offer of £290k on the property

EA: Sorry, the seller has rejected your offer, and has already a higher offer from another potential buyer at £298k

Potential buyer: Oh well, thanks for letting me know - suppose I'll just have to carry on looking for somewhere else.


Wouldn't it be better if the converstaion went as follows:

Potential buyer: I would like to make an offer of £290k on the property

EA: Sorry, the seller has rejected your offer, but would possibly accept an offer close to £300k. Would you like to place a revised offer, perhaps at say £299k?

Potential buyer: Oh well, thanks for letting me know - I'll have to have a think about it and also see if I could stretch that far.


This second scenario leaves the door wide open for either side to contact the other and continue the negotiation. Unfortunately the first scenario probably closes the door as far as the potential buyer contacting the EA again about the property and the EA in a difficult position to contact the potential buyer without the EA spinning more lies and/or arousing more suspicion.

Northants_Simon

I put an offer on a house which was accepted, then the estate agent said a higher offer had been received and wanted me to enter a bidding war. I delcined.

Looking on houseprices it seems the other buyer paid considerably more than my offer, they paid the full asking price. I'd imagine the estate agent told them my offer was higher than it was. I can't think why else someone would pay the full asking price in the current market.

Ian_Griffiths_Halifax

That sounds ok Premier, but many on here would prefer the conversation to go more like:

Potential buyer: I would like to make an offer of £240k on the property

EA: Sorry, the seller has rejected your offer, but would possibly accept an offer close to £300k. Would you like to place a revised offer, perhaps at say £299k?

Potential buyer: Don't you know that property prices are dropping faster than any time in history and I have a right to buy the house for whatever I want?
Stick your house, there's loads on the market.

Ian_Griffiths_Halifax

Northants_Simon wrote: »

I put an offer on a house which was accepted, then the estate agent said a higher offer had been received and wanted me to enter a bidding war. I delcined.

Looking on houseprices it seems the other buyer paid considerably more than my offer, they paid the full asking price. I'd imagine the estate agent told them my offer was higher than it was. I can't think why else someone would pay the full asking price in the current market.

When was that?