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No good at this game!
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The Estate Agent is in no way obliged to give you any details about the other "potential" buyer. They are legally and contractually obliged to obtain the best deal for their vendor, which also means they shouldn't be telling you about the value of any other offer, rejected or otherwise as this restricts the highest price they can achieve (ie if you didn't know the other offer was £300,000 you might offer the asking price, but as such you are trying to go over the next best offer by as little as possible).0
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We have heard from the EA this afternoon and there will be another open day later this week, so the vendor won't be making a decision til the end of the week. All this waiting is very annoying!
I really want to retract our offer, but it may still work out (slim chance) so we will just have to be patient. I think we may put a note through the vendor's door though, as we still have doubts that the EA is passing on information.0 -
Two open days this close together seems a bit strange.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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.... Or nobody showed up on Saturday so they've been on the phone desperately rummaging people up to view!0
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.... Or nobody showed up on Saturday so they've been on the phone desperately rummaging people up to view!
To be honest that never even crossed my mind! My thought was another teactic to keep people offering that viewed at the weekend. It seems crazy they have a processable offer and are messing around. Conveyancing would be a nightmare with these guys!This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
It seems crazy they have a processable offer and are messing around. Conveyancing would be a nightmare with these guys!
That's what we've said to the estate agent, we've written to them this morning to express our concern at the level of messing around that's already happening. We've left the offer on the table but have made it clear we're looking around.
Waiting for their response and then depending on what they say, we might put a note through the vendors' door later as we still can't be sure our offer has been passed on, the EA is dodging our questions about the vendors' reaction to it.0 -
They are likely using the existence of your offer to improve or obtain offers from others. Once they have another offer, they can come back to you and tell you there's another offer and you need to improve yours. They will of course do the same to anyone else who offers, and they will do this even if any other offer is lower than yours.
It's clearly not in your interest to help them do this. So I'd advise them that, as the vendor has had plenty of time to think about it, they can have only until the end of today to accept or decline your offer. It will then be withdrawn.
Politely observe that if they decline now but then come back to you later, your next offer will obviously be lower. If you offer 300, they decline, and then some weeks of trying later nobody's offered better than your 300, clearly it's not actually worth 300. If anybody else had also bid 300 then the agent would not now be talking to you again.
If nobody else has done better than 290, the vendor clearly has a bit of room to drop the price having seen where the market values the house. So the question will be how much less than 300 is the vendor going to go.
The main thing is though that they shouldn't go into their next open day with the warm fuzzy feeling that they're going to get at least 300 (off you) and that you'll wait patiently while someone else bids higher than you and then match the bid or let someone else have a chance to outbid you.
That's the bit you need to interfere with for them.0
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