Put In Offer Today Or Wait Till Monday?

strawberries1

Agent says my initial offer is too low as they received a higher offer and declined. I'll increase my offer but how do I know he's being truthful?

I'm a FTB and this is nerve racking.

comeandgo

You only know if you say that's my first and final offer and you get the house.

hazyjo

strawberries1 wrote: »

Agent says my initial offer is too low as they received a higher offer and declined. I'll increase my offer but how do I know he's being truthful?

I'm a FTB and this is nerve racking.

Doesn't mean they were proceedable, and the offer may have come months ago and not be an offer still on the table. They definitely stretch the truth, always remember that. Not lying as such, but may not be currently true.


Pay what you think it's worth. Don't let them talk you into bidding against yourself if that's the case!

hazyjo

strawberries1 wrote: »

The Nationwide calculator puts it a few thousands over my offer. http://www.nationwide.co.uk/about/house-price-index/house-price-calculator

Ignore calculators, usually very inaccurate. I have just tried mine which I bought 4 years ago and it's undervalued it by £100k!

strawberries1

I upped my offer over 4hrs ago and they still haven't come back to me.

I might need to start looking elsewhere.

Surely he would've spoken to the sellers by now.

Will the EA be calling round and telling everyone who put an offer forward they've received a higher offer?

I can't increase my offer and will have to tell him it was my final and best.

Mrs36

Hold your nerve. This is what EAs do, they want you to increase your offer. There could be a number of reasons why you haven't heard - the seller could be in meetings/EA busy with viewings etc etc

It is a possibility that they may be calling round but you just need to sit it out. I once made an offer on a property and I am convinced I was just used as a pawn to encourage other bidders to increase their offers, it worked in my favour though as I went on to find a nicer property.

strawberries1

Mrs36 wrote: »

Hold your nerve. This is what EAs do, they want you to increase your offer. There could be a number of reasons why you haven't heard - the seller could be in meetings/EA busy with viewings etc etc

It is a possibility that they may be calling round but you just need to sit it out. I once made an offer on a property and I am convinced I was just used as a pawn to encourage other bidders to increase their offers, it worked in my favour though as I went on to find a nicer property.

Thank you. I've decided no matter what he says I'm not increasing my offer and I won't ring to chase them.

Surrey_EA

strawberries1 wrote: »

I upped my offer over 4hrs ago and they still haven't come back to me.

4 hours is not a particularly long period of time, as Mrs36 says, there could be several reasons they have not come back to you yet.

strawberries1 wrote: »

I might need to start looking elsewhere.

At this stage you should not have stopped looking elsewhere.

strawberries1 wrote: »

Surely he would've spoken to the sellers by now.

Who knows?

strawberries1 wrote: »

Will the EA be calling round and telling everyone who put an offer forward they've received a higher offer?

Probably. The seller is paying the EA to sell the property for as much money as possible.

They are probably also making sure everyone who wishes to has the opportunity to put forward an offer, prior to a sale been agreed. Which is exactly what they should be doing.

strawberries1 wrote: »

I can't increase my offer and will have to tell him it was my final and best.

As frustrating as it is, I think you're just going to have to be patient.

hazyjo

strawberries1 wrote: »

I can't increase my offer and will have to tell him it was my final and best.

Prob a bit late now, but you should have made it clear at the time or they'll think you'll go up again. If/when they come back saying no, just say to come back to you if they have a change of heart. I'm wary of saying 'leave the offer on the table' as they can then say to viewers that someone else has offered. As you know, this then puts pressure on interested parties and can make it more desirable (human nature) or enable some people to make rash decisions to buy.


Jx

AnotherJoe

strawberries1 wrote: »

Thank you. I've decided no matter what he says I'm not increasing my offer and I won't ring to chase them.

If they come back to you and say you've been outbid, let them know that was your best and final, but also put forward your advantages - FTB, mortgage arranged, can be flexible about moving dates. The vendor may not go with the highest bid.