Put in an offer - agent tells me higher offer has been made, but won't tell how much?

mr_goosey

Dear all

I offered for a flat this morning, and had a call from the agent in the afternoon, telling me that the vendor has received another offer that was higher. I asked him to tell me what that offer was but he refused to divulge, claiming that it was "against the law". I struggle to believe that...and do not want to waste time offering up in increments, or offering more than I need to....

Any advice?

J_i_m

If you are prepared to increase your offer then do so, but only once and make it clear that it's your final one. Leave it on the "table".

Also emphasise any other strong points in your offer, I.e ready to proceed etc.

nick100*2007

Would you like your offer to be divulged to other buyers?

Kayalana99

Its not against the law at all...have you considered that the EA doesn't want you to make another offer?

Most EA's once they get the offer they wipe thier hands of it and don't want any more hassle. You offering an extra 1k on top of the other buyer only puts an extra £10-30 in thier pocket so its not worth it to them compared to the commision they do get.

If they geninuly have a higher offer its most likey that, or it could just be a scam to get you to offer higher and they probally don't have a higher offer but just hoping you'll push it up...

Kayalana99

nick100*2007 wrote: »

Would you like your offer to be divulged to other buyers?

No but only because I wouldn't want them offering over me ...But if they want a higher offer for the seller then yes they need to tell the potential buyer...it all goes on Zoopla when its all finalised anyway. :rotfl:

nick100*2007

Offers will only be advertised if its a repossession. And, exactly.....they want you to offer more than you perhaps would if you knew what the other offer was.

mr_goosey

Thanks for your replies. I highlighted to the agent that I'm ready to move very quickly, and have finance in place.

I wouldn't have a problem if he were to divulge my offer to the competing buyer. I have a top price that I'm prepared to pay and I'm sure they do too.

I upped my offer by 5k and would be prepared to go up by 5k on top (my initial offer was 25k under asking price...level of offer prompted by agent's advice on what vendor had told him she was willing to accept).

I'm just a bit worried it's a scam to get another 10k out of me...but then why would he have told me that the seller would accept x offer in the first place!

nick100*2007

Sorry, I forgot the advice part...... increase your offer and insist this is your best offer. Sounds like you're buying a re-po so get your proof of funds to the agent ASAP (AIP and proof of deposit). Tell them your solicitor is ready and waiting.... Re-po's usually want an exchange within 28 days so the more you can do to make yourself look ready to go the better

nick100*2007

Do you know if the house is a re-po?

mr_goosey

Thanks for that - will see the situation tomorrow and maybe make one final raise with the condition that it is removed from market, and get my solicitor and mortgage broker (will a broker call an agent?) to call them right after. It's not a re-po - just a straightforward sale, and I met vendor when I viewed property. Needs a s**tload of work hence under market value price.

brit1234

Beware this is often a trick estate agents use to get the buyer to bid against them self. Are you sure there is another buyer?

Best advice is not to be rash, step back and wait 24 hours thinking rationally. Look at selling prices in your area on a like for like basis. Don't feel pressured by the estate agent. If you do decide to put in a higher offer if sure there is another buyer do not overstretch your self after all there will always be another house round the corner.