Estate agents - is there another bidder?

cyclegypsy

I think I have played my first game with one. Could see I was very keen on the property. Told me there was another bidder. So I entered my first bid. Then that was rejected by the owner. I put in the next bid, above that which the estate agent though would be accepted, that was rejected. I was asked to increase my bid, I wouldn't. Then mysteriously the other bidder came back on the scene again. I was informed about this, and after talking to friends I have continued to stay at my current offer. I am considering pulling out now, I am a little peed off as everything seems to have occured with amazing co-incidence(the other bidder, and the owner rejecting my second offer). I really like the flat, but a friend has done a calculation and thinks 2 flats will come up for sale approximately every two years, especially if as everyone seems to think and is verified by my experience lately prices are going down.

Is my leg being pulled, and should I just wait and see. I am considering placing a note in each flat to see if anyone wants to sell. Is this a good idea or not??

Gypsy

Robert_Sterling_3

Always remember the Estate Agent is firstly working for himself and secondly for the vendor.
Look at a lot of property in your price range.

littleangel

Pretend you're at a really slow moving auction. What are you actually prepared to pay for this property?(bearing in mind what else is available in the area, whether the vendor wants a quick sale, whether property in your area is going up or down etc) That's your top offer. If there's a fictitious bidder, the vendors will end up accepting your bid. If it's a real bidder, and they're willing to pay more for the property than you think it's worth, then you're not losing anything.

Estate agents are not your friend. But pretend that they are. Play hardball, but watch where you apply your ultimatums. A few judicious comments about other properties you've seen and offers you're considering making never go astray either.

Good luck!

littleangel

P.S. Just read the end of your post, and YES! drop letters through the mailbox of all the flats you're interested in - you never know! But make it personal, explain a bit about you, and why you want to live there - people respond better to a personal approach. And make sure you've got a good solicitor.

StarX_2

This is exactly what's happening with me.
F
I had been told another person had offered a sum, and I offered £2000 on top of that.

I have been waiting for 2 days for the owner to accept or reject my offer. The agent keeps saying the owner is still undecided.

I have now told them tomorrow is the last day of validity of the offer.
I am starting to hate Estate agents.
StarX

Ruthann

I don't have any helpful advice, but I just wanted to add that i hate estate agents too.

dougk_2

Estate agents are there to make money and to sell the house at the highest value as possible - they don't really care about the buyer or the seller!

In my opnion this % comission stuff should stop and it should be regulated on a set fee regardless of the value and size of property.

It costs no more to sell a 4 bed house to a 1 bed starter flat.

I've never been sure whether estate agencies ever pass on the offers or just make things up.... if you are not sure drop a note through the house letterbox in writing stating your offer - the vendors are more likely to see this!

Anyone fancy joining me and starting a fair estate agency company?

ajm1966

I do have to disagree with the last post!

Estate agents are employed by the vendor to get the most they can for the property. They work for the seller, not for the buyer. Having said that they also need to ensure that the buyer is treated with professionalism becuase more often than not they also have a house to sell.

A percentage based fee encourages an agent to work hard to get the best price, that way the vendor is getting the most for the property. An agent working on a flat fee basis doesn't really care since they will get paid the same regardless of what they gete for the property.

And it does cost more to sell a 4 bedroom detached house than a 1 bed flat becuase the marketing is done very differently.

Estate agency is no different to any other profession, a few spoil it for the majority who give good service !

In my opinion anyway.

Fionnuala_2

Hi Cycle Gypsey

Just a note about your idea about putting a letter through the letterboxes of other flats you might be interested in...DO IT! That is exactly how I got my last place - I just picked the areas I liked and put a typed letter through letterboxes. The flat I bought hadn't actually gone on the market at the time so I had no competition whatsoever as the vendor was only too happy to do without an estate agent. If you can cut out the estate agent then that gives you a little bit more room to negotiate as the vendor doesn't have to pay anything to this third party - a saving of maybe 2 or 3 percent of the selling price is not to be sniffed at and you could maybe meet in the middle!

By the way it sounds like to me there is a genuine other bidder - if you think about it, the estate agent will get maybe 1.5, 2 or 3 percent of the final sale price...a thousand pounds up or down doesn't make that much difference to his fee - I don't think they would put up with the hassle of lies and risking their reputation for a tenner or two. Some estate agents are bad but not all of them. (I am not an estate agent by the way!).

stuartlwilliams

There is likely another bidder. The agent is more interested in getting the property sold quickly than stringing you along to get a higher price. I like the advice about treating it like an auction. Take your time, don't get carried away.

I lost out on 2 houses before buying my current place. The 2 I missed out on are now suffering leaks, rising dampt, etc. The house I found is nicer than the first 2, has no problems, and I got it for 20k less! All 3 are on the same road. My point is, don't get disheartened, something better might turn up any time.