Going Head to head with another buyer at the crack of dawn

dfarry

Well...at the moment it feels as dramatic as gunfight in the wildwest....Tomorrow I go head to head with another buyer on the house I mentioned here:- http://forums.moneysavingexpert.com/...ount=24Problem is I just feel the price of the house is already too high, the estae agent/vendor is just playing one off against the other (assuming the other prospective buyer exists) - even if I offer more the house is within budget but I vowed to not get sucked into a bidding match with someone else....I think on the initial asking price of £309K my offers of 295K, 398K, 300K and 302.500K have been very reasonable but apparently the other offers have been similar.The agent has advised me (and the other person supposedly) to come back in the morning with my very best offer and then a decision will be made.Apparently the other buyer is in a similar position to me as well... under offer, able to move in the required timescale etc....I just can't decide what to do, but my principles are telling me to hold firm on 302.500 as the best offer and see what happens.Is doing this a common thing for agents and vendors to do, surely this causes the buyer to offer more than they might normally to try to ensure they "win" the use......THIS IS WORSE THAN EBAY!!!!I'm even paranoid the other buyer might be reading this! hehe
http://forums.moneysavingexpert.com/showpost.html?p=2380812&postcount=24

dfarry

sorry about the lack of returns... and paragraphs...formatting seems to not be working with my browser

Astaroth

As far as I am aware an estate agent cant do "off the wall" bids... so if they are saying there is another bidding party they must exist.

Certainly the idea of doing a blind or dutch auction is fairly common when you have 2 or more bidders with similiar offers on the table. Need to outline your full offer, not just the price (ie flexibility on completion timescales etc)

hollydays

I once got involved in something called a "contract race" never heard of it since.Both parties race and the first one to get the contract signed is the winner-horrible.

silvercar

State your case, prepared to move quickly, mortgage agreed......
final offer of X. You could consider saying you are prepared to place a £10k deposit with their solicitor to demonstrate your serious intent. This moves the focus away from highest price to serious buyer and encourages the vendor to consider more than price. Remember to say that the offer is conditional on the vendors not taking further viewings or offers.

dfarry

I have outlined, our position, and that our own sale is moving steadily ahead....Another problem is my wife (partner) has fallen in love with the place and as much as I liked it I would have probably stuck to my guns on my first or second offer.... which were reasonable.... basically it seems we have done all the chasing and the seller has done nothing :(So not only is the pressure financial it's also emotional LOLI have already given my final bid to the agent... I have said (actually no I won't say it here just in case).... but if that isn't good enough then I will walk away (and be stuck in the doghouse by my wife)

silvercar

If it really is your dream house it could be worth paying an extra 2k just to secure it, rather than have "if only" record on repeat play.

Ad

must be an estate agents dream...

nelly_2

Dont go..........

See what they do

dfarry

Thanks for the comments, the way I feel at the moment if I had any idea how this was going to develop I would have just offered 305K straight off....

Up until yesterday I knew one offer had been placed and declined, another was someone who was not under offer (according to the agent)
Coincidentally it seems that the other buyer is in a almost identical selling position to me and has been making offers almost identically too..... hmmmm....

My wife is not happy....she see's it as the home of our dreams where as I just see it as a very nice house that is being sold at a premium price.

At the end of the day it is just bricks and mortar and there are plenty around...might just need to wait a bit longer...

So who knows...maybe it will go our way...maybe not... :cool:

Robert_Sterling

dfarry wrote:

I think on the initial asking price of £309K my offers of 295K, 398K, 300K and 302.500K have been very reasonable but apparently the other offers have been similar.[/URL]

I am surprised that your offer of 398K was not snapped up!