Is this an estate agent trick?

daisbuys

We had a 2nd viewing on a property yesterday and put in an offer.

The house hadn't had much interest since it's been on the Market back in march. And when we were viewing it the agent didn't indicate that there was any other interest in it nor any offers on the table and he seemed keen for us to make an offer....However when we pulled up he did call us by the wrong name!

The estate agents got back in touch later that day and said that a FTB had put in an offer that same day which was higher than ours. The agent asked if we wanted to put in another offer, which we did stating that that would be the highest we could go (not true,would go higher) and she still said that the other offer was higher, and that the vendor was aiming for xxx ammount.

We are only 5-7k short of what he is asking, while the agent indicated that the FTB's were only 3k short.

We have an AIP and have also got a sale agreed on our property and need to move quickly as the buyer wishes to complete within 6-8 weeks to which the agents are very aware of.

Is this just a common tactic that agents use, if so how should we play it??

Thanks in advance!

poppysarah

No interest until you show interest? I'd say stick with your original offer.
If the other FTB wants to spend more then let them.

googler

Decide what you're willing to pay, and offer what you're willing to pay, possibly in writing and possibly with a short limit date for acceptance - "this offer is open for acceptance by hh:mm on dd/mm/yy".

If your offer hasn't been accepted by your limit date, walk away and find another property to buy...

This is standard practice in Scotland, and I don't see what prevents offerers doing this in England & Wales. I read on here people saying that "we put an offer in 3 weeks ago and the vendors are still considering it...." and I think - why are these people sitting around waiting for a decision, when they could have specified in the offer that they should have a decision by a date of their choosing?

getmore4less

Set up some more viewing and tell them you need to think about it.

Even consider another viewing of this house, if the vendors are around you might be able to sus out the true situation.

Disapointed they did not accept your offer you though it was fair, any way they can sweeten the deal, if the EA is playing games they will probalby let slip.

Orpheo

They could be playing you. On the other hand thay could be telling the truth. Either way they are trying to get you to offer more. No-one can advise you of what to do about it, it really comes down to how much you want the house; the EA is hoping that you want it so much that you will bid up the price. It is interesting that your competitors are the rare and mythical FTBers, presumably with a clean credit history and a 25% deposit? How strong is your buying position?

If it were me I would not increase my offer, instead I would tell the EA that the offer is on the table for 3 days after which time it is withdrawn. I work on the assumption that the default setting of any EA is lie, cheat and steal.

Orpheo

getmore4less wrote: »

Set up some more viewing

THIS.

Viewing other properties might focus their minds a little if they are playing EA games.

daisbuys

Thank you all for replying.

We requested the same day to view other properties on their books after they said we needed to up the offer. They didn't flinch at that, which I found suprising as the property is on with the same agency but with a different branch to which they put me in touch with!

I sent them an email this morning asking if the FTB's offer had been accepted, and am still waiting for a reply.

I don't think I will contact them again now until Monday evening and then maybe put the best and final offer in on a condition that it is either rejected or accepted by Wednesday by 5pm, as we need to pursue other properties if this is rejected...

Does this sound OK?

nollag2006

I would make no further contact at all now, and wait for them to contact you. They will want you to sweat a bit over the weekend, and your email to them this morning shows them how keen you are.

If you call them on Monday, they will definitely know they have you over a barrel and will keep pushing you for more.

googler

I think the OP should merely restate their current offer, in writing, with the accept/reject deadline as specified above, also specifying this is their best and final offer.

Fire_Fox

daisbuys wrote: »

Thank you all for replying.

We requested the same day to view other properties on their books after they said we needed to up the offer. They didn't flinch at that, which I found suprising as the property is on with the same agency but with a different branch to which they put me in touch with!

I sent them an email this morning asking if the FTB's offer had been accepted, and am still waiting for a reply.

I don't think I will contact them again now until Monday evening and then maybe put the best and final offer in on a condition that it is either rejected or accepted by Wednesday by 5pm, as we need to pursue other properties if this is rejected...

Does this sound OK?

You shouldn't have contacted them at all, certainly don't again on Monday. You should be letting them sweat not the other way around.

DPJames

Estate agents telling lies and playing games??? Nooo, they wouldn't would they?!?

They're a natural born breed of cheats and thieves and i wouldn't believe ANYTHING they tell you. Your plan sounds excellent, stick to it. Make an offer and a time limit and carry on looking for a house in the meantime. If in a few weeks it's still on the market maybe inquire again. Good luck amigo.