Is offering 20k below asking price a bit too cheeky?!!!

Patrick20

tommy75 wrote: »

2. Get a friend/family member - dif surname to view the flat and put in a lower offer than your first.

Absolute Genius. Bloody great idea. :T

VeronicaElectronica

My friend has rang and the EA did say there are 2 offers on the flat, and she has booked a viewing...however we reckon that is of course what they'd say, "same story to all" type of thing

VeronicaElectronica

Update: 120k has been rejected. Apparantly the seller is willing to accept a higher offer from the other party. I'm going to wait and see what happens...with a view to offering 125k in the future

homehunter

VeronicaElectronica wrote: »

Update: 120k has been rejected. Apparantly the seller is willing to accept a higher offer from the other party. I'm going to wait and see what happens...with a view to offering 125k in the future

Sounds like the vendor is playing the game...! If they really have got you and one other person competing then they will probably keep trying to play you off one another, I would imagine. not that I'm experienced int his sort of thing yet!! I've really enjoyed following this thread, some cracking ideas and opinions on here! I'm sort of in a similar position - FTBs thinking about offering on a house but wondering how low I can get away with, given that property on market since Sep 07...These forums have been soooo useful for making me feel more confident about being 'cheeky'! Realised we're not that cheeky after all. You hang in there, let them sweat it. you probably both offered the same and the seller is trying to get one of you to jump to another 5k...:cool:

VeronicaElectronica

Yes this forum is fantastic, its good to get other peoples opinions...esp when you've never bought anywhere before, the 'not knowing' is highly annoying...but i know if i jump straight in with a higher offer its a mistake.

Would a real investor get into a bidding battle?

FoxtonsRIP

Are you sure the other bidder actually exists?

VeronicaElectronica

My gut feeling is that they don't exist...its bizarre that when its been on the market for months, suddenly at the EXACT same time i make an offer, there is another buyer!!! Still, could be true...and the EA knows this....AARRGGHH!!

FoxtonsRIP

You've got to call the EA bluff then by assuming the other bidder doesn't exist? And not let te EA bump your offers up?

VeronicaElectronica

Absolutely, when i last spoke to EA i said i have to walk away, cant pay any more etc etc. I remained very deadpan about it - i don't want to give anything away. EA doesnt have a great reputation locally, so I will see what happens next wk. Even if other bidder is real, i can still put in another offer

VeronicaElectronica

My mortgage advisor rang EA to cut thru all the BS, apparantly the other person is real (i'm shocked) and has offered "somewhere between" 125-130k, and i'd have to offer approx 130k to get it (and even then the other person may offer more). When i've looked at the figures, the montly repayment on 130k is too much and i'm not willing to put myself in that position.

Oh, and apparantly yesterday was "best and final offers" - i was not told that!!!! VERY shady EA indeed. Oh well, i shall move on.

Thanks very much for the advice on here :T