Is this normal?

princeofpounds

We did actually go to see a property a few weeks ago - asking price was £215,000 and after a week they adjusted the price to £235,100 because of all the offers they had received. It is just hard knowing what to believe and if we're being "picked on" by the estate agents because we are probably big FTB mugs!

It is possible that offers are coming in, if you are looking at a hot area. But my experience is that people often think their particular suburb of Basingstoke (or wherever) is basically Knightsbridge, when in reality it clearly isn't.


When I talked about being a mug, I was specifically referring to the solicitor thing - it signals to the agent that you are very keen, but doesn't actually advantage you in any significant way.


Really the only yardstick you have is your experience and knowledge of the market. If you get excited on a viewing by what you are getting for the price relative to other places, it's quite possible others are too. If you think it's inline with what you expected, then the ten alternative offers the agent swears are there are maybe a bit less believable.


You might not get it right every time, but that's life.

Just another question - Would people wait for a rejection before upping their offer?

I would just ask them point blank - is the vendor rejecting the offer or not?


It does feel like there is a lot of messing around going on. If they have 15 offers with one significantly higher, why are they even bothering to speak to you?


And why not go right to sealed bids if it's truly that competitive, rather then try and talk everyone up individually?


The other offers should not really matter for you as you will never know the truth of them - you should always have a price in mind. Offer below it initially to add some 'negotiating room' if you like, but pay a price you are happy to pay and no more.

bouicca21

When I was buying last year, this business of the EAs talking to people individually to up their bids rather than asking for sealed bids was exactly what was happening (and I gather still is - prices have gone up so much that I wouldn't be able to afford my flat this year). You just have to get a feel for the market and the way the increases are rippling out.