How do i know if there is another bidder or is the EA playing me?

thebrow2000

Hi

Im bidding on a house and i keep getting outbid.

Can I ask the Estate Agent for proof that the other person exists? We all know they work on commission

Cheers

DVardysShadow

thebrow2000 wrote: »

... Can I ask the Estate Agent for proof that the other person exists?

What is stopping you? Tongue tied? Of course you can ask.

Don't expect a straight answer.

There is no complete answer to dealing with this - but you can improve your chances by asking about other viewings and current interest on a property before you book the viewing. If there is no interest before you view, then a late bid above yours is more likely to be a fake.

If you do get outbid, you could withdraw and say you are happy to negotiate with the vendor, but you will not do a blind auction. If you are known for doing this, the Agent will possibly back off from the tactic after a couple of goes.

As seller, I am not too keen on the tactic. If I had 2 buyers bidding, I would prefer to keep them both negotiating with me via the agent unaware of each other. Because, frankly the tactic is about as lame as door to door selling saying "I am doing a survey". No doubt there are times when there are 2 bidders. But it seems rather too common to be real these days.

getmore4less

How close are you to what you think it is worth?

have you continued viewing others while negotiating

How long has it been on the market, when did the other buyer get mentioned.
how long has the bidding process been so far.

Start getting cold feet, go for another viewing under the pretence to double check suitability and desirability

Watch the reaction when in passing hint(to the vendor not the EA) you are at/over your limit and think you will let the other person have the place be glad for them. Even throw in a white lie of your own, must be great having a cash offer on the table.

Helps if you can judge how desperate they are to sell.

Thrugelmir

thebrow2000 wrote: »

Hi

Im bidding on a house and i keep getting outbid.

Can I ask the Estate Agent for proof that the other person exists? We all know they work on commission

Cheers

Decide what your final offer is. Once that level is reached walk away.

thebrow2000

getmore4less wrote: »

How close are you to what you think it is worth?

have you continued viewing others while negotiateing

How long has it been on the market, when did the other buyer get mentioned.
how long has the bidding process been so far.

Start getting cold feet, go for another viewing under the pretence to double check suitability and desirability

Watch the reaction when in passing hint(to the vendor not the EA) you are at/over your limit and think you will let the other person have the place be glad for them. Even throw in a white lie of your own, must be great having a cash offer on the table.

Helps if you can judge how desperate they are to sell.

its a repossession, so im guessing the rules are different. After reading the repo threads on here it seems to fall into the same pattern of bid, rejection, 2nd bid , rejection. Final bid acceptance.

The property was undervalued, so im happy with the price i'm paying, just not happy with dealing with crooks!!

Think i will use your advice and call their bluff

Muscle750

We bought a repod house some years ago now i bid way over the last bid on advice of estate agent then after i found that it was the estate agent bidding under another name which is illegal i shot myself in the foot to the tune of £30k.
Within weeks the estate agent had ceased trading and when i went to get the keys he actually threw them at me
You can get a real bargain but also a heap of trouble

opinions4u

Assume there is no other bidder.

Even if there is, let them pay over the odds.

More than enough other houses out there to buy.

SG27

You can never be sure as EAs lie frequently! I normally say I'm not interested in other bidders as it won't effect my offer.

CBR600F_2

The other bidder is real, believe me. I overheard him talking to some guy in B&Q car park. He was mocking you. He made fun of your inability to not keep getting outbid. He said you dressed like a homosexual. They were both laughing pretty hard. Are you just going to take that? No, it's time to do something stupid.

thebrow2000

CBR600F wrote: »

The other bidder is real, believe me. I overheard him talking to some guy in B&Q car park. He was mocking you. He made fun of your inability to not keep getting outbid. He said you dressed like a homosexual. They were both laughing pretty hard. Are you just going to take that? No, it's time to do something stupid.

ha ha thats about right, dam EA!