Have i been gazumped, what to do next??

ihatebananas

EA phoned up to day to say that there are now 4 offers on the table (asking price 149,000)

I have have until 1200 on friday to up my offer (145,000) if i wish

Any advice??

Thanks

Mayflower10cat

IMHO, depends on how badly you want the property. In your first post, you say 'your ideal house came on the market for £150k.' Later, you also say it's a bargain! There's bound to be plenty of interest. In an estate sale like this, the executors are trying to get the best price for their late client. However, you might be in a unique position, for instance; you are a first time buyer (no chain) with mortgage arranged and can move fast, or you area cash buyer. Which might put you in a far more appealing light than others who've made offers. If you really want the house, put together a good case with your (best) offer and see what happens.

Arthritic_Toe

Are you sure the other offers really exist? Maybe the EA is playing you like a fiddle. Just a (cynical) thought.

surreybased

Hi,

In a probate sale the asking price can often be lower than the estate agent valuation. This is so they attract buyers interest. Just consider what the house is worth to you. What have other houses sold for?

If it's probate then be aware that probate has to be completed before you can exchange/complete.Ask a few questions about the probate process might, you don't want to start spending money on solicitors etc and find that it's much longer than you thought. .

bap98189

They got 4 offers in less than a week??? Either this house is Buckingham Palace, undervalued, or someone is telling you porkies.

By making an offer without even seeing the house, and showing exactly how desperate you are to buy it, the estate agent must have thought it was Christmas come early. I'll bet given the timescale that there are in fact no other offers on the table whatsoever. The estate agent has worked out how desperate you are for this property and is taking full advantage of this to get you to offer more and more money.

My advice, back off. Tell them your £145k offer stands and is your upper limit. Then wait for a response.

ihatebananas

The property has been on less than a week. 4 offers ? more

I dont think the EA are trying to pull a fast one, the house is 3 bed detached, large garden, cul-de-sac, quiet location.

Somebody has already offered asking price 149,000

There is potential investment here for those that want it. Needs modernising.

I just want it because it is 9 doors up from my elderly mother where I live now (for past 2.5yrs), close to school/childminder and would live in it til I died probably (sniff):o

No real drama how long it takes to complete.

My ceiling is 160,000.

Spoke to brokers can get mortgage with 20% deposit.

Do I offer my ceiling or less???

Sphynx

Less!!! Don't offer your whole lot when it is so much above the asking price!! They might accept 153K. I would try that.

eanick

Offer the most that you are willing and able to pay for it. If you get it then thats great - if you don't then I am sure something will come along even better!!

I don't know where you are but in SE London I showed 34 viewers over a three bed semi on an open house (probate and well priced to reflect the work it needed) we had 7 offers on the property and agreed a sale 10% over asking price. I know that the market varies across the country but the market has certainly changed down in Surrey!

Fire_Fox

*sighs* Place your offer in writing, stating your strong position (FTB/ chain free/ finances in place etc.) and enclosing a copy of your MIP and your conveyancing solicitors details.

Sphynx

I think it's true that in different parts of the country prices differ. Where I am very few properties are going for over their asking price bargain or not...