Negotiating without a bidding war

jlaw4

we were in this situation twice! we lost out both times but were not prepared to pay more than we thought they were worth.

I think as other replies have suggested, the EA should do best and final offers which is how we lost two but the third we got our offer accepted but they took so long deciding we actually got a better house anyway.

Just put forward what you think its worth and no more, i really believe it happens for a reason and you'll find the right house, its just disheartning during the process!

AnotherJoe

sl9192 wrote: »

Hi, I hope someone here can help us?

Last Monday we put an offer on a house, which was rejected. We have been biding our time and considering a higher offer.

So you are either at or near your limit or what you think it's worth or your delay has given an opportunity for someone else to bid?? It's tricky because if course upping your offer too quickly may indicate you will go higher still unless you make it best and final

We've now learned that there has been another offer on the property.

Where do we go from here? is the EA likely to tell us what the other offer was?
No. But they might. But if they do that's going to work two ways.

And how do we raise our offer without it turning into a bidding war?

Make a best and final bid. Perhaps ask the EA ."if we offer £xxx as a B&F is it likely to be accepted"?

We are FTB with no chain so hopefully in a better position than the other offerers, that is if the other offer even exists.

I don't think that necessarily puts you in a good position at all. It might do but it might be a negative. . I think it's extremely likely another offer exists.
Sounds as they haven't accepted that either.

juniordoc

Try and put to the back of your mind what the EA has told you. There may or may not be another offer, but you should only offer what you can afford and what the house it worth to you.
In times of such financial uncertainty, it's a very risky time to be overpaying for a house.

Reue

Personally I'd walk away if my offer was declined due to 'another offer on the table'. When I offered on properties it was at the value I thought they were worth to me.

The eventual house we bought, our offer was for full asking price but on condition that the property was removed from market immediately and the offer expired at midnight that day. They accepted a couple of hours later and everyone avoided going round in circles. We would not have upped our offer if they'd said others had done so.

Surrey_EA

sl9192 wrote: »

And how do we raise our offer without it turning into a bidding war? We are FTB with no chain so hopefully in a better position than the other offerers, that is if the other offer even exists.

It is quite likely that the EA would rather it not turn in to a bidding war, just as much as you do. Involves far more work and potential aggravation, for a very similar size fee.

The seller on the other hand is probably extremely keen for a biffing war to take place as they stand to benefit most, possibly by several thousand pounds.

As ever G_M has summarised the situation quite succinctly!

Reue wrote: »

Personally I'd walk away if my offer was declined due to 'another offer on the table'. When I offered on properties it was at the value I thought they were worth to me.

Exactly, the presence of another offer shouldn't really affect how much the property is worth to you.

Beware of getting caught in the excitement of it all, and bidding higher than you really ought to, as you want to 'beat' the other party and 'win' the house.