This morning's offer

lush_walrus

Regardless of what the EA has said, or whether it is the truth or not or anything else, the only problem that yu actually face at this moment is that you have not offered what the vendor would like. So its simply a matter of offering what they do, or walking away. Thats it, and whether truth or lie thats all the EA actually wants from you is an offer that they can tie up. Call and ask the question straight, what price does the vendor require. If they say they dont know, tell them to ask. Then once you know if you offer that or a little bit less or whatever is up to you. But that is the bottom line of what you need to know, you offer is not good enough, all you actually need to know now is what offer would be.

Jorgan_2

The agent shouldn't tell you what other offers have been made.

The 1979 Estate Agents Act, (undesirable practices) (No2) Order 1991 states that it is an 'undesirable practice' to
-misrepresent offers or the existence or status of another buyer
-not forward offers made by buyers promptly & in writing
-discriminate against a buyer because they will not take services from you

You may want to remind the EA you are dealing with of this when they call again.

It isn't rare to get multiple offers, sometimes on the same morning/afternoon, but at the exact same time? No sorry don't beleive that. Trust me I am an Estate Agent.

Try calling their bluff.

lush_walrus

It is also against trading standards, but to be honest at this stage pointing out to the EA that you think they are lying will not really put the OP in a better position and in all realities, its whats called sods law that there could well be another offer. My guess is that the other offer is true, but probably was infact already in place prior to showing you the property, but as the OP are not in a position to proceed the property is still on the market. This often happens as until someone is in a position to buy, only a fool would take a property off of the market and wait for them (unless they have decided on a set period), but the vendor is likely to sit and wait for the other offerer to sell if you offer substantially less than them, especially as the vendor has not found somewhere to go. The only lie in the whole thing could be the timing of events.

And EAs are perfectly within their rights to reveal other offers, unless the vendor has asked them not to, or it is a sealed bid situation.

Tahiti

I'm in the position at the moment that I am about to move. I can tell you one thing for sure, whether it is ethical or not, I have been told by the only three EAs I've discussed money with, what offers have been on the table for the property(ies) I've discussed. Whether they're genuine prices, I wouldn't like to say though!

The chances are that the EA you've mentioned is talking rubbish, but he may well know what sort of figure the seller has in mind, and the figure he quotes is probably close to it. Out of interest, how much more than your offer is he saying has been offered?

Personally, I'd offer what I thought it was worth, and reiterate that you bring no additions to the chain (something that would encourage many sellers to accept a lower offer).

Your original offer as an opening offer doesn't appear to be particularly low if for example the property's been around for a while.

zappahey

lush_walrus wrote:

So its simply a matter of offering what they do, or walking away...

... Call and ask the question straight, what price does the vendor require. If they say they dont know, tell them to ask. Then once you know if you offer that or a little bit less or whatever is up to you...

Which is exactly what I said in the OP

I've done just that and the response is that the sellers want £220k, which is more than we're happy to pay and, I suspect, too large a gap to be bridged. So, we're back to rightmove!

zag2me

Saying "there is another buyer interested" is the oldest trick in the estate agents book. Dont get reeled in by that one. Offer you best price, and be prepared to walk away if they dont accept it. Forget about this imaginary 2nd buyer.

kenshaz

estate agents and lawyers,never trust them ,use your gut instincts

zappahey

What a busy day the estate agent has had, not only have they received two offers but now it seems that, only today, the sellers have found a house they want to buy and really want to get things tied up.

Am I being overly cynical in my scepticism of the way everything seems to have fallen into place in very short order?

Claire_DC

Haha it does seem very convienient.. how are things with the offer now then? Are they willing to take a lower offer all of a sudden?

Tassotti

Apologies to the honest estate agents out there (if there are any), but this all sounds extremely familiar. The EA is on commission and wants as much out of you as possible. Stick with your offer, tell them its still open, but you have seen another property with another EA that you are considering putting an offer in on. If they want to make a sale, you will get it at the price you want to pay.