Rejected house offer - Are they just trying to get more money?

grmsneddon

I have offered just over the asking price for a house but have had offer rejected as "seller is looking for more"


The EA also keeps going on about some other offer which is being considered but as of yet a decision on this offer has not been made.


My question is are they trying to get more money from me?
Is the other offer fictitious as a means of scaring me into offering more?


Basically as I explained to EA, I cant offer more, this is my best offer and has been upped twice!


They have gotten back to me immediately when I have offered so why take so long to consider this "other" offer?


Also I asked how much is seller looking for and was told by EA that they really don't know! The house is a repossession so would have thought that an offer for the asking price would have been jumped at.


So confused about what to do now . . . will they call tomorrow or do they really mean my offer is rejected?

Old_Git

walk away .move on to the next one

ACG

grmsneddon wrote: »

My question is are they trying to get more money from me?
Is the other offer fictitious as a means of scaring me into offering more?

Unless they have declined it because you have offered too much or because they dont like you then i would say yes they have declined it because they want more.

I thought if it was a repossession and was a realistic offer they had to accept but leave it on the market until you exchange incase a higher offer comes in.

anselld

Why are you confused? You have said you cannot offer more so look for something else. If they come crawling back then the other offer was fiction and you may want to consider reverting to a previous below asking price offer.

grmsneddon

Sorry if I have not been crystal clear.
What I am asking is are these tricks used by EA's to try and squeeze more out of people? Or is there likely to be another offer they are considering? if so why consider this offer for so long (almost 1 week).


When an offer is rejected does that mean it is actually rejected or do they routinely do this to try to force up the offer?


I am aware it is in their interests to make as much as possible from the property but do they lie to try and force you to offer more?


I am a first time buyer so do not have experience. Just looking for some advice from people who may have experienced the same.

anselld

It is impossible to know for sure, but
yes they lie,
yes they make up other offers,
yes they will try to play you to offer more if they think you will,
and sometimes there really is another offer.

It doesn't change your options though.

Actually the best answer when they spring the fact they have another offer just after you made yours is... "Fine, let me know if it falls through. I am not interested in a bidding war". It is a slippery slope once you start bidding against some ghost bidder.

lighting_up_the_chalice

EA's work on commission and for the seller. They pretend to be the buyers friend, yet the buyer pays them absolutely nothing. You go figure whose interests they serve.

Mind_the_Gap

anselld wrote: »

Actually the best answer when they spring the fact they have another offer just after you made yours is... "Fine, let me know if it falls through. I am not interested in a bidding war". It is a slippery slope once you start bidding against some ghost bidder.

Ha! I always like that moment of slack-jawed surprise (on their part) when you reply 'Oh, that's a relief. Please let the other interested party have it - they obviously want it more desperately than I do'.

You can always add 'If it does fall through, it's worth letting us know, but we are keen to buy something soon so please tell the vendor not to hang about. There is another property we've just seen which sounds very promising, too.'

JencParker

grmsneddon wrote: »

I have offered just over the asking price for a house but have had offer rejected as "seller is looking for more"


The EA also keeps going on about some other offer which is being considered but as of yet a decision on this offer has not been made.


My question is are they trying to get more money from me?
Is the other offer fictitious as a means of scaring me into offering more?


Basically as I explained to EA, I cant offer more, this is my best offer and has been upped twice!


They have gotten back to me immediately when I have offered so why take so long to consider this "other" offer?


Also I asked how much is seller looking for and was told by EA that they really don't know! The house is a repossession so would have thought that an offer for the asking price would have been jumped at.


So confused about what to do now . . . will they call tomorrow or do they really mean my offer is rejected?

Having had a chat with the estate agent that has just sold a neighbour's house which was recently repossessed, the following applies.

The bank/building society has a duty to get the best possible price so they do not tend to be undervalued. Balanced with that they must achieve a quick sale. The house in question went to a purchaser just over the asking price although there was another offer for £10,000 over the asking price which was rejected because they were not in a position to move quickly.

Estate agents do play games, but a repossession is slightly different because it is the bank that makes the decision based on the highest offer and speed of completion.

In this case they also published the actual offers inviting further offers right up to exchange of contract.