Advice Required - Play Games or Walk Away?

Winkle1908

pararct wrote: »

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.

Couldn't agree more with this, don't get into the bidding war, if its a genuine other buyer it might still fall through but chances are it won't. It gives you the upper hand and revise your offer down if you so wish, leave it on the table for x days and make it a condition that your offer is based on the house being taken off the market and no more viewings.

You are chain free the others are in a chain (if there is anyone else) you have the upper hand. If you really want to bid it I would bid below £247k ( or you could bid to £247k if there is anything you would like the seller to leave, ie curtains, wardrobes (they can only say no).

[Deleted User]

Thanks for your responses so far.

It was my partner that originally was dealing with the EA, and they made the decision to offer an additional £9k as they were worried that we would miss out on this property, especially as we've missed out a few times now by being too slow to put in an offer.

I thought I smelt a rat when I spoke to the EA and they started spouting off about another buyer etc..., so I'm pleased to hear that others feel that way too.

We were going to pay the EA a visit today and tell them that £247k was our final offer (valid for 7 days and subject to survey), that we believe the sellers/themselves were playing games especially after they told us they would settle at £248k only for this to be changed when we didn't immediately jump to their request, and that if the other buyers want to pay more then that's fine - unfortunately we didn't get around to it.

We've only got until 12noon this Monday (apparently) to put in our best offer and prove that we have the funds (I think they'll use this to see if they can push in excess of £250k as we have that). So...is there enough time to put in a sealed bid?, what does this mean?, and how do we go about doing so?

Thanks in advance!

jimbog

ryan.stephens wrote: »

Thanks for your responses so far.

It was my partner that originally was dealing with the EA, and they made the decision to offer an additional £9k as they were worried that we would miss out on this property, especially as we've missed out a few times now by being too slow to put in an offer.

I thought I smelt a rat when I spoke to the EA and they started spouting off about another buyer etc..., so I'm pleased to hear that others feel that way too.

We were going to pay the EA a visit today and tell them that £247k was our final offer (valid for 7 days and subject to survey), that we believe the sellers/themselves were playing games especially after they told us they would settle at £248k only for this to be changed when we didn't immediately jump to their request, and that if the other buyers want to pay more then that's fine - unfortunately we didn't get around to it.

We've only got until 12noon this Monday (apparently) to put in our best offer and prove that we have the funds (I think they'll use this to see if they can push in excess of £250k as we have that). So...is there enough time to put in a sealed bid?, what does this mean?, and how do we go about doing so?

Thanks in advance!

Keep us updated!:j

Ivana_Tinkle

Don't bother telling the EA you think they're playing games - it won't get you anywhere except possibly into a pointless row. You've already made your offer, so unless you're going to increase or decrease it there's little point in talking to the EA again. You just have to wait and see what they come back with (and try not to look too smug if your offer is mysteriously accepted after all).

Fire_Fox

ryan.stephens wrote: »

Thanks for your responses so far.

It was my partner that originally was dealing with the EA, and they made the decision to offer an additional £9k as they were worried that we would miss out on this property, especially as we've missed out a few times now by being too slow to put in an offer.

I thought I smelt a rat when I spoke to the EA and they started spouting off about another buyer etc..., so I'm pleased to hear that others feel that way too.

We were going to pay the EA a visit today and tell them that £247k was our final offer (valid for 7 days and subject to survey), that we believe the sellers/themselves were playing games especially after they told us they would settle at £248k only for this to be changed when we didn't immediately jump to their request, and that if the other buyers want to pay more then that's fine - unfortunately we didn't get around to it.

We've only got until 12noon this Monday (apparently) to put in our best offer and prove that we have the funds (I think they'll use this to see if they can push in excess of £250k as we have that). So...is there enough time to put in a sealed bid?, what does this mean?, and how do we go about doing so?

Thanks in advance!

Don't say it's only valid for seven days that is playing games, either you want the house or you don't it's quite reasonable for a buyer or a seller to take their time making a big decision. You don't know whether it is the agent or the seller or both who are playing games with you, there is no point in putting their backs up just bypass the verbal manipulation by submitting your written offer.

You should always leave at least 24 hours between your first and second bid IMO; to up £9K without consulting your partner screams that you have more money available and are desperate for this house (generic you).

DRP

although there is a lot of boisterous and tub_thumping suggestions on here,the problem is you may just end up losing this house if the other buyer does exist.

if you are maxing out your budget then obviously stick to your guns. However , if you like the place as much as it sounds and you can afford it, then you need to offer 250, secure the purchase and enjoy your life.

For the sake of a few grand, is it worth the risk?

arthurdick

totally agree with 99% of the advice so far, take it on-board, it is very good advice..i have been in a similar situation a couple of times over the years, even once when it was a more of a sellers market, prices were rising fast, but it was a tricky game, but had cash at the time and nothing to sell, so had no fear of rejection..I found the best way, especially if i thought the E.A's were playing games, was to make an offer and tell them that it will stay on the table for a couple of weeks while you will be looking around for other properties, just in case the "other buyers" offer higher and you can not match it, the E.A's will soon play the game, either honestly, and let the "other buyers" proceed, or do what they normally do, and lie (allegedly)..

julieb1987

What happened with this? Did you stand your ground? Did you have an offer accepted?

MelaBella

i had already placed a few offers previously with different agents and every time i place an offer ..suprise..the mysterious cash buyer turns up. even though this can be true in some cases in the majority of the cases it just a game the EAs play to squeeze bucks from the buyers. Sometimes they even dont pass the offers to the vendor. I have a friend who owns estate agency, had a good laugh hearing the stories who they trick nthe buyers. Pity i was a victim of these tricks myself...

[Deleted User]

Here's an update...

In short, our offer was rejected and the sellers' decided to sell to the 'other buyer'.

We received a phone call from the EA and after they gave their 'we're sorry...now we need to find your perfect home' spiel, we gave our feedback on how niggled we were by the sellers' messing us around by making and breaking offers.

The EA was shocked at what we had to say and immediately tried to retain our custom by telling us that it wasn't their decision and that it is in fact the sellers' final decision. They also said that the 'other buyer' was in the same buying situation as us because they had sold their home.

This didn't go down too well with my partner who told them that we had been both buyers and sellers in the past and know how it all works. In addition, my partner told the EA that the 'other buyer' was not in the same situation as us at all because the sale of their home was STC and therefore isn't legally binding, would depend on whether or not they could get a mortgage, and if any party in the chain had to pull out then the sale would fall through. We, on the other hand, are cash buyers with no onward chain and the majority of our belongings are in storage so we can move as soon as possible.

To say the EA was flabergasted is an understatement. They couldn't apologise enough and have been throwing property at us daily since then. We can only hope that the sale of their property falls through and they have to come crawling back to us, to which they will have to take a reduced offer or go back on the market again.