EA discloses bid for house

kingkenny77

put a 2nd offer in for a house the other day which was subsequently rejected.

The estate agent has just called me and told me that someone else has made an offer on the property and actually told me the exact value of the bid and the position of the bidder, i.e. that he needs to sell his house first before he can complete.

Strikes me as a bit convenient and I was under the impression that EA was not allowed to disclose the value of a bid.

Can any one shed any light on what the EA can and can not tell me and if you think this sounds like great tactics to squeeze a little more cash out of me?

PS i am a first time buyer

camper_1982

Does this other bidder actually exist? As they are willing to tell you so much information about them maybe its their tactic to making you pay more.

I dont know what they can and cant tell you, someone will be along shortly who knows this.

Milliewilly

Depends on the EA I have often known them disclose the buyers bid value and position until the point if /when they decide to go to sealed bids then they only disclose the last bid before the notice to go to sealed bids is made.

kingkenny77

So a bid is not confidential?

xtra_time

How can they bid if they have not sold there own house yet?

Eric1

After rejecting my bid, one EA told me it got to the point when the vendor would only consider bids in excess of a certain amount.
Disclosing someone's bid and position to others does not sound right, though it may be legal, not sure

Milliewilly

kingkenny77 wrote: »

So a bid is not confidential?

Only sealed bids in my experience not regular bidding against another party.

googler

xtra_time wrote: »

How can they bid if they have not sold there own house yet?

Quite easily;

"I offer to buy your house for £x with an entry date of dd/mm/yy, subject to survey and subject to the successful sale of my house" essentially.....

However, I wouldn't accept an offer with the last condition in it. Leaves me too much at the mercy of someone else's agent.....

Gorgeous_George

It makes no odds really. If they don't reveal the bid just increase your offer £1 at a time until they say you are winning. It's a stupid system full of corruption IMHO.

I would go to the auction house if I wanted to bid on a property. Make an offer and avoid the temptation to get into a bidding war.

GG

Eric1

Gorgeous_George wrote: »

It makes no odds really. If they don't reveal the bid just increase your offer £1 at a time until they say you are winning. It's a stupid system full of corruption IMHO.

I would go to the auction house if I wanted to bid on a property. Make an offer and avoid the temptation to get into a bidding war.

GG

Spot on.
You can make a low "opening offer" only because everyone expects you to.
Then make your final offer and explain that it is absolutely final final

missb123

Yeah stick to your price, an EA did this with me... i walked away and of course nearly a year later the property is still on the market! silly twit!
convo went..
EA- someone has put in a bid for £xx more than you did, so if you can beat that i can convince the seller to go with your offer
me- convince? its a good offer, im not in a chain, is the other person?
EA- i cant disclose that! so are you going to up your offer??? you will lose out if you dont
me- that was my final offer, pass on my best wishes to the winning bidders
EA- click!
lol