Disclosing other offer...

Cuppatea1982

Hello everyone!

Me and my other half put in our first offer on a property we really liked. I rang the estate agents this morning and had a phone call just before the end of the working day saying another amount had been offered which was higher than our original one.
I asked the agent if she could disclose the amount of the other potenitial buyer so I could have an figure to work with and she said no. I'm just wondering if all estate agents do this and keep the other offer hidden? I panicked and put in our highest bid so there is no room for negotiations now I could cry!!
Any information would be brill,
Thanks,
Cuppatea

Doctor_Gloom

The other offer might not exist and you could be getting played by the estate agent. Offer what you think it's worth and not a penny more. Don't be influenced by another potentially fictitious offer

Cuppatea1982

Doctor_Gloom wrote: »

The other offer might not exist and you could be getting played by the estate agent. Offer what you think it's worth and not a penny more. Don't be influenced by another potentially fictitious offer

Yes, thats exactly what I thought after! This is why i'm wondering if they can do that. This property has been on the market for 11 weeks now and not a peep of anybody, and when we make an offer, all of a sudden 'someone else has made an offer". Harsh, I think I know I have been had. Ah well.

SimonMrGreenWard

Doctor_Gloom wrote: »

The other offer might not exist and you could be getting played by the estate agent. Offer what you think it's worth and not a penny more. Don't be influenced by another potentially fictitious offer

This is perfect advice. Keep your head (although bit late by sounds of your post) and don't put in a silly offer.

Cresswe

If they are legit EA don't think they can make stuff like that up. Was you're new offer accepted? If so at least it's yours now.

EA's wouldn't disclose the amount the other offer was as they are working for the vendor who wants the max price posible. If mine disclosed the amount of an offer I'd be furious.

Running_Horse

Remember, the estate agent does not work for you, he works for and is paid by the vendor.

Cuppatea1982

SimonMrGreenWard wrote: »

This is perfect advice. Keep your head (although bit late by sounds of your post) and don't put in a silly offer.

Well I have gone to my limit now, and I'm wont go past it. Still though, I spose I have learned something today (albeit the hard way) so I now know in this in future.

not_loaded

You could say that ‘after some thought’ you’re going back to your original offer, or decide on something in between It’s entirely up to you.

After a disappointing survey (or not) you can still change your offer.

Cuppatea1982

Cresswe wrote: »

If they are legit EA don't think they can make stuff like that up. Was you're new offer accepted? If so at least it's yours now.

EA's wouldn't disclose the amount the other offer was as they are working for the vendor who wants the max price posible. If mine disclosed the amount of an offer I'd be furious.

Yes, they are a well established Estate agents in Cardiff. She said she will let me know tomorrow as the owner works shifts.

Thats OK, as long as that happens to everyone, I feel slightly better about it.

pararct

This is a well known tactic of estate agents where they attempt to realise as a high a selling price as is possible.

It is for this reason many will insist on you seeing their financial advisor to discuss mortgages prior to letting you view anything so they can get a feel for what your highest potential offer is.

Don't be so naive as to think they will not share this information they will and they do.

Even is this is/was the house of your dreams you need to learn to keep emotion out of any negotiation. Many have fell into the trap and ended up spending more than they intended too. Never volunteer information to an agent unless they need to know it. If they do insist on you seeing their advisor politely decline the offer with an explanation that you already have a MIP. Never disclose how much deposit you have simply the price range you are looking to purchase in.

The market at the moment is very much focused on buyers. More and more property is coming to market which will not only widen choice but will also depress prices. Some pundits are already saying a slide is underway and given the economic data and forward outlook not without good reason.

If this is the house of your dreams then stick with it but be aware there will always be that little niggle as to whether the agent played you maybe for the length of the mortgage.


All said you do have options, you can withdraw the offer with an explanation you have found another property through another agent, you can leave the offer in place and keep looking or you can sit tight and proceed to exchange as soon as possible.

You are under no obligation to buy this property until you exchange contracts and even then not, although you will suffer a heavy financial penalty should you back out.
Now your offer is in though the agent will chase you to get the survey underway and to instruct a solicitor both of which do carry a cost.

Only you and your partner can decide what you want to do, but at least you have learnt something from the experience.

Emy1501

Some agents will some won't. I recently put in a low offer and whilst the agent wouldn't give the exact figure of a higher offer he gave me the rough figure to the nearest 5K. I suspect he would have given the figure if I had pushed but it was higher than I wanted to go so I did not push.

Agents are aware that most first offers aren't the highest and its their job to flush out the highest offer without losing a sale. There will be some who will use fictitious bids but you will not know whether any rival offer real or not. All you can do is make your best offer and wait and see.