How much can estate agents share?

SomeDaySoon_2

We are interested in a house, and will be making an offer but have been made aware of an offer being placed already. The estate agent has said she isnt allowed to tell us what that offer is, but can they tell us what position the other people are in ie. are the FTB's?

I'm skeptical as to whether an offer has been made and whether the EA may be just bumping the price up, and therefore am struggling to decide where to place our offer. My partner wants to go in at the price we had previously agreed (Just under 10% below asking), but we have already said we'd be fine to go up to asking if needed. Whereas i am now thinking should we boost our offer to around 5% below asking which i think may well secure it.

My thinking is offer a reasonable and fair price without looking like we arent seriously interested, and see what happens. But my partner is thinking of sticking at the lower offer and seeing what response we get.

What would people advise?

[Deleted User]

What difference does knowing the position of the other person make, it's not going to prove if they're real or not.

Offer what you think the house is worth. Don't mess around trying to play games or second guess what someone else might be doing, it's a waste of time.

Surrey_EA

I know of no law that prevents an EA disclosing the amount of an offer to another interested party, however, the property ombudsman advises that if an EA shares the specific details of one offer, this information should be made available to all interested parties.

It is an offence under the Estate Agents Act of 1979 for an EA to invent an offer on a property. Sadly it does happen, but I believe it is nowhere near as common as some seem to think.

There are many factors to consider when deciding exactly where to pitch your offer, and there is no perfect formula. However, it is worth remembering that it is very easy to increase your offer, should you wish to do so, and much harder to reduce your offer if the owner bites your hand off following your opening bid.

Most sellers are conditioned not to accept the first offer, so worth factoring this in to your thoughts.

SomeDaySoon_2

Thanks for the replies. I think we're just trying to strike the balance between fair starting offer, and not looking like time wasters.

If we offered what my partner is saying and they accepted the other buyers' offer, could we then offer to match/increase on it, or would that be sealed?

Surrey_EA

There is absolutely nothing to stop you making an offer of any amount, on any property, up until exchange of contracts. The EA is legally obliged to put the offer forward, irrespective of whether the owner has previously accepted an offer.

slowpoke_rodriguez

SomeDaySoon wrote: »

My partner wants to go in at the price we had previously agreed (Just under 10% below asking), but we have already said we'd be fine to go up to asking if needed.
?

Who to? Not the estate agent, I hope...

SomeDaySoon_2

Aha no, not to the estate agent...thankfully we know that much :rotfl:

We haven't even made an offer yet and I'm completely stressed out with it all!

suburbankid

Myself and my partner have started to look at properties recently, and are amazed how much estate agents try it on.

From both ends of the spectrum. The agent we are with made us numerous promises about advertising ( prime location in shop window etc ) - we are forever chasing..

Re purchasing.. We viewed a property a few weeks ago and the owners son let us in... The estate agent was late..

She told us they already had an offer they were considering.. fair enough.

The estate agent then turned up, and before he could say a word, she was " ive already told them about the offer that was made" - the estate agent looked taken back, then was like, "oh yes, we have" - it was soo obvious he hadnt got a clue..

5 minutes more into the conversation, it turns out that the house belongs a family relation, and the old woman is his step mum...

But it just goes to show they will say anything..

We made an offer on another house, and the estate agent kept saying it was rejected, as they had an higher offer...

the "other offer person" was prepared to pay more than i was, so i told them i was no longer interested..

3 days later, estate agent calls up and says they will accept my last offer. At this point, id decided against that house anyway - do i believe there was another person offering.. no..

I made the offer up to what i wanted to pay...

ironically, the property has been up now for 2 months since i made the offer, and the price has dropped 10K very close to what i offered anyway :rotfl:

Surrey_EA

suburbankid wrote: »

Myself and my partner have started to look at properties recently, and are amazed how much estate agents try it on.

The vast majority make the rest of us look bad!

Thrugelmir

suburbankid wrote: »

Re purchasing.. We viewed a property a few weeks ago and the owners son let us in... The estate agent was late..

She told us they already had an offer they were considering.. fair enough.

The estate agent then turned up, and before he could say a word, she was " ive already told them about the offer that was made" - the estate agent looked taken back, then was like, "oh yes, we have" - it was soo obvious he hadnt got a clue..

5 minutes more into the conversation, it turns out that the house belongs a family relation, and the old woman is his step mum...

But it just goes to show they will say anything..

Perhaps the vendor was playing the game........not the EA.

makeitstop

SomeDaySoon wrote: »

Thanks for the replies. I think we're just trying to strike the balance between fair starting offer, and not looking like time wasters.

If we offered what my partner is saying and they accepted the other buyers' offer, could we then offer to match/increase on it, or would that be sealed?

Wouldn't stop me one bit to be thought of as a timewaster. After all, you are actually "making an offer" so they can decide what to make of that offer and respond accordingly. If (and perhaps when) you get knocked back, state that you ARE interested in the house, ask what sort of figure could perhaps seal a deal and go in at just below or at that. If the agent says asking price, then you have something to consider.

Only you know what the house is worth to you, what other similar property is worth in the area, and, how quickly it's likely to sell.

Whatever happens, don't be afraid to start low...ish.