Disclosing other offer...

Cuppatea1982

pararct wrote: »

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.

Thank you for some great advice there. Our final offer is still 7K under the asking price which is £132,000 and I will be sticking to that, so even if our highest offer was accepted, I wouldnt feel that bad as I would be getting a reduced price anyway. If it gets declined, then we will just move on.