Phantom Bids??

Milliewilly

I mentioned in a few posts about houses going to sealed bids. Noticed today that one is back up for sale.

Been on since May 08 (Thankyou Propertybee) and has been successively reduced from £340K

It was 'sold' in the first week of December (was now on at £249999). It had 80 viewings over the weekend so the EA told me, when I rang to enquire the position '8 proceedable offers of asking price, now its going to sealed bids'.

So with that level of interest, why does it need to be re-advertised 6 weeks later. Surely the EA coud have dropped back onto any one of the other 7 proceedable offers of asking price? Or were there actually 8 proceedable offers (I refused to get into a bidding war as a cash buyer and the house needs a lot of work)

I have had this issue before with this EA.

DVardysShadow

So did you put any offer in at all? Sorry, not clear to me.

Milliewilly

No - because I wasn't prepared to go to sealed bids as a cash buyer and was not prepared to offer over asking because of all the work needed. I took from the Agent's comments that with there being 8 offers that were proceedable then I would have had to offer over asking so left it.

My point is that why has the EA had to re-advertise 6 weeks later if there were another 7 proceedable offers already on the table prompting the need to go to sealed bids.

Fire_Fox

Ask the estate agent!

Milliewilly

Fire_Fox wrote: »

Ask the estate agent!

I will but I have experienced them trying to get me to bid against myself before and there's no way of proving it - its just that 7 other 'proceedable' bidders to fall back on doesn't tally with having to re-advertise does it?

getmore4less

Ask the vendor

chewmylegoff

Milliewilly wrote: »

I will but I have experienced them trying to get me to bid against myself before and there's no way of proving it - its just that 7 other 'proceedable' bidders to fall back on doesn't tally with having to re-advertise does it?

i suppose it is possible that the person who won the sealed bids realised how much they had overbid and pulled out, and the other 7 had found something better, or were now not prepared to pay over the asking price when they had had a cooling off period after the bidding war? sounds suspicious though.

bid what you're willing to pay for the house and tell them to get stuffed if they ask you to increase your bid. if you do that it doesn't really matter whether they're lying about the other bids or not.

DVardysShadow

Milliewilly wrote: »

No - because I wasn't prepared to go to sealed bids as a cash buyer and was not prepared to offer over asking because of all the work needed. I took from the Agent's comments that with there being 8 offers that were proceedable then I would have had to offer over asking so left it.

My point is that why has the EA had to re-advertise 6 weeks later if there were another 7 proceedable offers already on the table prompting the need to go to sealed bids.

OK, EA was playing poker. You were not up for it. EA's bluff of 8 offers called. No sale for him, no purchase for you. You are now in a position to put in your realistic bid and no doubt he will come back with his sealed bid nonsense. At which you tell him that last time he was a man of straw, so this time, he can choose to admit there are no other offers and you will negotiate in the normal way, or if he insists on sealed bids, then the rules are that this is your best and final offer, so would he be good enough to put it in a sealed envelope and open it by Friday.

You have to be prepared to lose the place of course, but in your position, I would not be dealing with this idiot while he is playing games.

G_M

Just put your offer in writing, hand it to him with instructions to pass it on to the vendor.

Then, if/when he comes back to you asking you to up your offer, tell him politely you're not interested but that your existing cash offer remains on the table whenever the vendor decides to come back to you.

Is this a repossession by any chance?

maninthestreet

80 viewings in just 2 days??!! - I find that hard to believe.

Milliewilly

maninthestreet wrote: »

80 viewings in just 2 days??!! - I find that hard to believe.

Well I was there for the Saturday and there was an open viewing then and on the Sunday. About 30 - 40 people on the Saturday and the EA told me the same expected on the Sunday.

The house is a deceased estate so no vendor to ask easily.

I will bide my time and see what happens. I too have had 6 weeks to reflect on it.