Putting in a matching offer on a property

alexlyne

A quick question for the EAs and otehr experienced people on this forum:

The EA has told us of a higher offer that has been made on a propeprty that we have already offered on. This is their legal obligation.
However, she told us how much this offer was for.

If we match this higher offer (we are cash buyers, and the other offer probably isn't), then does the EA have to inform the other potential buyer? If not, is it likely that they will anyway?

Thanks

Alex

pawpurrs

The EA will of course go back to the original offer, and will try and get the best possible price for the vendor, if neither you or the other party increase the offer as it stands at the moment, then the vendor will make a decision based on postion, who they feel is less likely to mess them around or who they prefer, or who offered first.
Sometimes in these situations an Agent may ask for best and final offers and go from there.
Unless its an Asking price offer, I would never disclose an offer made on a property, but may indicate if we had had a higher offer.

moneysavinmonkey

If you know about the vendors and other people's circumstances then you may not even have to match their offer. The estates agents legally have to pass on all offers. I remember when my sister bought her house she offered 2k less than another party had already offered. But the other party still had their house to sell and the vendors wanted a quick sale so they choose my sister as she was a FTB and this was in 2007 when the market was a lot busier too.

alexlyne

I wasn't expecting them to tell me what the other offer was either - and I'm not sure how I feel about that. If we matched the offer, then we're close to the limit of what we would offer.. it would then be if we are in a better position to put the sale through quicker, and hope that if a counter offer was made, the seller wouldn't be greedy to take that if it would lead to a longer completion period.

House buying - don't ya just love it?!

alexlyne

OK, just found out we are not technically cash buyers... we just don't have to rely on someone buying our house first. Oh well.

The EA are verifying this other offer that IS a cash offer. We have matched it, so our chances are slim assuming this other offer is valid. C'est la vie!

Assuming the other offer is taken, then we will retract our matching offer, on the chance that theirs doesn't complete.

pawpurrs

Your only cash if you have cash, if you need a mortgage you are only chain free.
I would rarther a cash buyer than someone who needed a mortgage.
If you want the house I wouldnt retract your offer if they go with another party, just leave it on the table, if you retract it you look like you would be mess people about.

alexlyne

Ok Pawpurrs, thanks for your advice

pawpurrs

Good Luck! If you really want the property you could consider increasing your offer? You say you have a little more to play with?

alexlyne

Well, we just had a call from the EA again (same office, but the person actually dealing with their client).. she says that as the other buyers are cash, and we are chain free with a mortgage in place, we are in equally strong positions (more or less) and so she can't take a matching offer. We have upped by 0.5K. We are now within 1K of our absolute limit. So, if the other bidder (I call ourselves bidders now) put's in a counter offer, we have nowhere to go. This is likely if their first offer is high anyway.

alexlyne

Forgot to update this thread, so bumping it because I have another question.

We went in at 147.5, the other bidders went up to 149K, so we decided to pull out (asking price 150).
This was on Wednesday.

How long should it be before the EA has the property listed as SSTC? It's still showing 'for sale' on theirs and RMs website.
Hypothetically, if we managed to pull a bit of extra cash from somewhere, could we go in on Monday and place another offer?

You could say we're having second thoughts...

Greenwellies_2

My property wasn't listed on RM as SSTC until all the solicitor details had been sorted.

GW