Told value if other offers ??

victoriavictorious

Surrey_EA wrote: »

I would consider it rare that a vendor would not even bother to enquire as to the existence of any other interest, however improbable it may be, whilst giving consideration to an offer.

I certainly wouldn't consider it a bizarre question to be asking of the selling agent.

A reminder, if one were needed, that everyone is different.

Surely the vendor would, or should, already have been made aware if our friend Mr. Bloggs had previously expressed an interest?
We are indeed all different, but I would be willing to bet that any seller whose property has become stale and has languished on the market for the past 6 months with no offer on the table, would be jumping for joy, and the last thing he would be willing to do, would be to jeopardise the only offer he *does* eventually get, by holding out to see whether the hitherto errant Mr. Bloggs wishes to counter-offer.
If Mr.Bloggs had been so keen to buy, he would have done so before, and will as likely as not, pull out as soon as the competition (ie ComicGeek) is off the scene.
Leaving our hapless Vendor of 1 Acacia Avenie back where he started.

Zarajm76

Ok so reading your answers with interests . My quandary is do I sit tight until a few days time when they are supposedly deciding or pop another offer in just over the others ? We are in a strong position and don!!!8217;t have to sell ?

Or do I wait until it!!!8217;s declined then up it ?

Pros and cons ??

Thanks

victoriavictorious

Zarajm76 wrote: »

Ok so reading your answers with interests . My quandary is do I sit tight until a few days time when they are supposedly deciding or pop another offer in just over the others ? We are in a strong position and don!!!8217;t have to sell ?

Or do I wait until it!!!8217;s declined then up it ?

Pros and cons ??

Thanks

Do nothing - certainly dont bid against yourself! - and carry on looking at other houses.
Up to you, but I'd be telling the agent exactly that; might just focus their / the vendors mind if they suspect you might walk.

nicmyles

All you can do is assume the information you've been given is accurate. If it is, it's useful for you to know that your current offer has very little prospect of being accepted and what amount would put you back in the running. So, yes, while the EA is trying to get a bidding war going, he's actually increasing your chances of getting the house.

The real question is what are you prepared to pay for the property? If your current offer is the max, take no action and continue your search. If you would be willing to go higher than the highest offer, put in a new offer. I'd do it before the offer is declined personally, as they may accept the other offer at the same time. Although they may go back to all the interested parties and ask for best and final offers.

nicmyles

Do nothing - certainly dont bid against yourself! - and carry on looking at other houses.

It's not bidding against yourself if there are other higher offers.

victoriavictorious

nicmyles wrote: »

It's not bidding against yourself if there are other higher offers.

Sorry, but that's exactly what it would be. OP should wait to hear.
OP has no way of knowing if there even are any other offers, and probably would never be able to find out.

ScorpiondeRooftrouser

Surrey_EA wrote: »

As I regularly post on here, it makes practically no financial difference to an estate agent whether a buyer pays another £10k or not. All EAs want is to agree a sale quickly and move on to the next one.

That might be what they want, but they are being paid to get as much as possible for the property. While they obviously shouldn't do anything illegal to up the price, it is surely their duty to do everything they can within the law to get the buyer to pay as much as possible. That's their job.

If all you want to do is agree a sale at any price then I am glad I have never paid you to sell my house.

ReadingTim

Surrey_EA wrote: »

As I regularly post on here, it makes practically no financial difference to an estate agent whether a buyer pays another £10k or not. All EAs want is to agree a sale quickly and move on to the next one.

Inventing offers to encourage a buyer to increase their offer, whilst effectively bidding against themselves is nowhere near as common as many on here seem to believe. However, I'm not naive enough to believe it never ever happens.

It does however, make something of a difference to the vendor, who might be perfectly happy for the agent to use whatever tactics they can do squeeze a few thousand out of a buyer - this was the case when my parents sold their place - their EA received an offer, but thought the buyer was good for more, so asked if he could try and get more our of them. My parents didn't ask how he was going to do this, and he didn't volunteer the information, but a couple of days later, a higher offer was received...

Appreciate the point about wanting to sell and move on, but a happy customer might tell their friends, or come back for repeat business - one needs to consider the long, as well as the short term...

Surrey_EA

ReadingTim wrote: »

It does however, make something of a difference to the vendor, who might be perfectly happy for the agent to use whatever tactics they can do squeeze a few thousand out of a buyer - this was the case when my parents sold their place - their EA received an offer, but thought the buyer was good for more, so asked if he could try and get more our of them. My parents didn't ask how he was going to do this, and he didn't volunteer the information, but a couple of days later, a higher offer was received...

Appreciate the point about wanting to sell and move on, but a happy customer might tell their friends, or come back for repeat business - one needs to consider the long, as well as the short term...

Oh I am well aware that it makes a huge difference to the vendor, and the main of the main roles of the EA is to achieve the highest price possible for the property being sold.

Perhaps my earlier post was poorly thought out. EAs should be effective enough negotiators to achieve a result their clients are happy with, without the need for illegal tactics such as inventing fictitious buyers and phantom offers.

ReadingTim

Surrey_EA wrote: »

Perhaps my earlier post was poorly thought out. EAs should be effective enough negotiators to achieve a result their clients are happy with, without the need for illegal tactics such as inventing fictitious buyers and phantom offers.

EA invent fictitious buyers and phantom offers - no.

EA intimate that there could be other buyers and offers, letting the potential buyer put 2 and 2 together to make 5, thus inventing said buyers and offers for themselves, then EA fail to correct that false assumption - absolutely.

Or is that simply an effective negotiation tactic?!?