Estate Agent advice required regarding offers

bandolero

Hi everyone

I searched the forum for similar questions, so apologies if this gets asked frequently.

I've made an offer on a property after several viewings which was well under the asking price. The EA has contacted me to say the offer had been rejected and another offer has been made from another interested party, in addition to that, the seller has also stated their bottom line which is only 5K below the asking price.

I asked what the other offer was which prompted the reply from the EA that they couldn't tell me, though it was close to the sellers bottom line.

Is that correct?

I can't help thinking that after viewing the house several times within a period of a week, the EA has sensed that I am very interested despite being cool about it where possible.

In addition to that, the property has only been on the market just under 4 weeks. I'm guessing there are other interested parties, as when I attended the viewings, people were leaving when I arrived and also arriving when I was leaving on all occasions.

Any thoughts, help or advice would be appreciated.

Thanks.

fannyanna

It's true that they can't disclose offers.

Is the property already reasonably priced? It's not always the case that you can get a lot off the asking price. It's true that most properties go onto the market over-priced but some go on at a reasonable price and sell quickly at either the asking price or very near to it. At least that's what I've noticed in my area.

As the property is new to the market you'll probably find it difficult to negotiate hard. Even if it's overpriced the vendors probably haven't had the dose of reality yet that makes them realise it.

googler

Unless the EA is paying actors and extras to turn up at the house, it's sufficiently in demand for a good turnout of viewers.

Given that you've seen a number of others arriving and leaving the property, I wouldn't say there's any reason to doubt that there's other offer(s).

All you need to decide is how much you're willing to pay, and make that as your 'best and final offer', If they don't accept, go look for another house. If they do, all good and well. Make sure they take it off the market after they accept your offer.

bandolero

Thanks for the advice and replies.

I checked the the sellers buying price from 6 years ago and made some rough guesses as to the value/worth and it kinda adds up to a point.

I'll respond with my 'best and final' offer and go from there.

bandolero

We didn't get the house, we offered 5k above the asking price in the end, how ever another buyer in the same position [ renting / no chain etc ] also offered the same and were accepted instead.

We offered to go higher however the EA declined.

Pretty hacked off though the search continues.