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Is this normal?
XiaoP
Posts: 3 Newbie
I tried to make an offer on a house today. I was planning to offer asking price (house seems very reasonably priced for area and housing market is strong here). The estate agent told me she had already had several offers over asking price, but she wouldn't tell me how much the offers were.
I might be prepared to go up a bit on asking price, but if I don't know how much the other offers have been for, how do I know how much I'd need to offer? Is it normal for the agent not to reveal the amount? I asked her if it was sealed bids/blind auction and she said no. So I don't understand what is happening.
Anyone have any experience of this?
I might be prepared to go up a bit on asking price, but if I don't know how much the other offers have been for, how do I know how much I'd need to offer? Is it normal for the agent not to reveal the amount? I asked her if it was sealed bids/blind auction and she said no. So I don't understand what is happening.
Anyone have any experience of this?
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Comments
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It is normal.
She is acting on behalf of the vendor.
By not telling you what has been offered, the idea is for you to guess and over-offer, paying more than you otherwise would need to...
Ring up every day for a week, adding £1,000 each time, until she says the offer is accepted.0 -
Yes it is indeed normal for Estate Agents to not reveal other offer prices. It is unfair to reveal the other potential buyers offer price, so you can go in higher and are sold the property. It is confidential information to protect all buyers and the vendor.0
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How odd, I'd never come across this before. All previous agents I've dealt with have been happy to say what the highest offer has been so far. And I'm not sure how it will prtect buyers if she's prepared to tell me that she HAS had a higher offer but not by how much.0
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I would also bear in mind your situation. If you are a FTB with nothing to sell and can move quick with mortgage in principal, you are worth far more than someone who is yet to market their property and saw the house on the off chance. let them put in the silly bid and see whether the vendor is willing to wait potentially 6 months+ for their buyer to sell their property.
in my opinion put in the asking price offer (if you are happy) and explain your situation to their EA. you may be the most "genuine".0 -
In my experience the EA usually DO disclose the offers unless its going to go to sealed bids then they only disclose the last offer from a certain date. Remember at this point its offers and the house is still for sale as no offer has been accepted.
Also if there has already been other offers then the EA generally do go to sealed bids which I hate. Even as a vendor I would not inflict sealed bids on the buyers, I would let the bidding reach its natural conclusion.0 -
One more question that occurs to me.... If I offer £1000 more than the asking price, is the agent then obliged to tell me if she receives a higher offer? Or could she in theory sell it immediately to someone who offers £2000 more than asking price? Just trying to decide if calling every day to offer a teeny bit more is a sensible strategy!
Thanks everyone!0 -
Make your offer in writing, stating the terms (property taken off market, subject to survey and valuation) and your strong position as a buyer (chain free/ finances in place). Don't offer over the asking price until you have had a lower offer formally rejected - the estate agent is obliged to put ALL offers to the vendor, even if they are lower than earlier offers. You don't know what the other offers were and don't know why the house didn't sell, it may be that the offers were not as strong as has been implied.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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She does not decide. The vendor decides. And if the vendor wants to sell it to someone who bid £1000 less than you did, then he can.One more question that occurs to me.... If I offer £1000 more than the asking price, is the agent then obliged to tell me if she receives a higher offer? Or could she in theory sell it immediately to someone who offers £2000 more than asking price? Just trying to decide if calling every day to offer a teeny bit more is a sensible strategy!
Thanks everyone!Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Put an offer in. If you're in a good position ready to go you might be the preffered option.
Unless it's a 16th century hand carved listed building though it's not unique and there'll be another house along in a minute, better, without the rubbishy neighbours and on a quieter street.0 -
Just trying to decide if calling every day to offer a teeny bit more is a sensible strategy
I don't think it is. All it does is encourage the vendor to hold their nerve in the expectation of a higher bid.Value-for-money-for-me-puhleeze!
"No man is worth, crawling on the earth"- adapted from Bob Crewe and Bob Gaudio
Hope is not a strategy
...A child is for life, not just 18 years....Don't get me started on the NHS, because you won't win...I love chaz-ing!0
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