Advice - Like gazumping..

Gemandcraig

So there have been 4 offers on the property - 3 people renting and the one in a chain. 2 people have put higher offers in than the asking price and we have put our final offer in today. From what i gather our final offer has to be in tuesday and then the vendor will decide that day.

But say we put an offer in today of 150k then the ea spoke to someone tomorrow and said a higher offer has gone in they could just outbid us... It feels like sealed bits and the ea has said vendor will decide tuesday - but they are not committed to doing this are they? They can still wait for higher offers cant they?
Gem

Gemandcraig

Eddddy - No what I am saying is normally you would put a price in and they would say no and you could loft the bids and negotiate and we dont seem to be able to negotiate with this which is frustrating.

alchemist.1

Gemandcraig wrote: »

Eddddy - No what I am saying is normally you would put a price in and they would say no and you could loft the bids and negotiate and we dont seem to be able to negotiate with this which is frustrating.

Sellers market. In this case the vendor doesnt need to. Same as around here.

If you have been on friendly terms with the estate agents they will give you hint as to what level it will go for. Upto you whether you trust them.

Madmel

If you really want the house, put in an offer a small amount above what you were planning e.g. £150,010. The difference is minimal, but your offer may then be higher than the others who thought "we'll go in at £150k".

robatwork

You don't understand what gazumping is.

You are currently in the "negotiating" phase. Are you proceedable?

Gemandcraig

Yes we are ftb, renting and have put an offer in 3k over the asking price - I cannot see why they are taking so long to make a decision..

Gem

DRP

Madmel wrote: »

If you really want the house, put in an offer a small amount above what you were planning e.g. £150,010. The difference is minimal, but your offer may then be higher than the others who thought "we'll go in at £150k".

^yeah that oughta do it !!

Dan-Dan

Gemandcraig wrote: »

Yes we are ftb, renting and have put an offer in 3k over the asking price - I cannot see why they are taking so long to make a decision..

Gem

It is their home and they can take as long as they need ?

-taff

And one of the things you feel when looking at/buying or offering on houses is that every hour is vital, every day is a week etc...

You have to wait less than a week to find out if the sellers will accept. They may have gone away for the weekend and won't be back till tomorrow, they may have decided to become imcommunicado. you don't know, so you'll just have to wait.

There is nothing stopping you looking at other houses during this time, or removing your offer, or offering on something else.

Marktheshark

The term is putting all your eggs in one basket, keep looking, keep viewing and do not wait for people to get back to you with offer considerations.
It is either for sale or not, get involved in above price auctions and you will need to up your deposit to cover the negative equity aspect.