Advice Required - Play Games or Walk Away?

C_Mababejive

Oh yes..with EA's there is always another buyer interested. I'd leave it and let it cool for a while.

BlueC

anselld wrote: »

Sounds like you have already believed the EA too much! The EA are making stuff up to play you for max price.

Why on earth did you offer 247 after the EA said "they would accept nothing less than 245". Should have either been "238 stands, we will wait and see", or "we are really stretched, we could just manage to meet at 240".

By bidding too high you have invited the agent to play you up to the full 250.

What's done is done, at this point the conversation should be something like ... "we bid in good faith 2k above the level the vendors indicated was acceptable. So take it or leave it, we are not interested in a bidding war"

This. You're being played by the EA big time, and your willingness to increase your offer so massively without much encouragement has just made them realise you are an easy target.

I'd be amazed if there is another bidder. The EA is just making you feel like you're in a competition so you will offer the £250k.

You're being had. So unless you absolutely love the place then put in a sealed offer of £238k.

abaxas

Dont forget you need two copies of the sealed bid.

One for the EA.
One to post through the house's letterbox.

mumcoll

I hate the games that EA think you'll play. My son and his wife saw a house that needed a new boiler, bathroom etc. immediately, as well as various other not so immediate things doing . It was on for £149,950 and they offered £128, this was rejected so they offered £132.

They heard nothing. Meanwhile, they saw one that needs nothing doing, a few doors down, so similar size etc. for £159,950. Offered and had accepted £150. EA rang them a few days later telling them the original house had had a higher offer so would they like to offer more. My son took great delight in telling them he was no longer interested......

pinkshoes

On monday, just say £246k, chain free, ready to move, offer on the table for 7 days.

Mickygg

You wont know if is a game. Pretty simple to me. If you want the property go in with your max offer, even if lower than the £247k, otherwise walk away.Might not be a game as asking for sealed bids is risky as many people will walk away from this. I would especially if I offered just 3k below the asking price.

Unreconstructed

I bought my present house 11 years ago when my job relocated from London. I did feel a bit guilty because the house was already under offer, but it did need a bit of work. As the move was organised via a relocation company, they agreed a sum for my old flat and I was in the position of being a cash buyer.

I made an offer at the asking price, and the estate agent came back and asked me to increase it!

Cant believe I agreed, but I felt under pressure from work to complete the move asap, I did really want the house, and it was about the time that property prices were just beginning to take off.

So 11 years on I'm still here, and the house is worth roughly what I paid plus what I've spent on it.

20400keith

Are you close enough, and do you have time, for a second viewing? This should give you an opportunity to talk directly with the vendors, letting them know your position and hopefully getting information to help in making your decision.

(and if the vendors like you they might go with your offer regardless of anything else that might be around).

I bought my house through sealed bids and over paid because I fell for the agent's 'advice'. We live and learn.

pararct

Tell the agent you are not interested in getting into a bidding war and retract your offer.

Tell them if the other offer falls through to get back in touch and you will tender another offer

If there is another party interested this will flush them out pretty quickly.

If there isn't as many posters here suspect it will give you the leverage to reduce your offer.

Better_Days

20400keith wrote: »

Are you close enough, and do you have time, for a second viewing? This should give you an opportunity to talk directly with the vendors, letting them know your position and hopefully getting information to help in making your decision.

(and if the vendors like you they might go with your offer regardless of anything else that might be around).

I think this is good advice - you may find out whether or not the vendors even know about this supposed other offer.