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Is this a common EA trick RE other offers?
dgerrard
Posts: 70 Forumite
Wife and I saw a relatively nice property two weeks back. Offered 35k below asking price, which matched with other similar homes in the area. EA said "sorry, house had 4 offers at asking price and one slightly over at 355k, and they've taken that one."
Two weeks later, noticed house still didn't show Sold STC. Called the agent, they said all 5 offers had fallen through due to chain, but house could go for no less than asking price. Discussed with the wife and re-viewed the property on Thursday, and in the end put down an offer for the guide price, as we did quite like the home and price within our wiggle room. As we're chain free, figured we're in it to win it, especially as property has been on market for two months.
Now they've come back to say, AH there was actually another offer put in on the Monday before your viewing. Exact same situation as you, chain free, and roughly the same offer although I can't POSSIBLY tell you exactly what the amount was. What would be your absolute maximum that you would pay for this property?
We've gone back to say our absolute max of 355, but it's left us wondering: does this other buyer even exist? We've got three other friends who have bought with this agency, and all the have had the exact same experience.
We've met the sellers as the agent was 30 minutes late for our last viewing, and they seemed super eager to sell. I just can't imagine they've actually had such bad luck, with 5 sellers all falling through, on an overpriced house, and then in one week they have two perfect offers?
Feels like they're just out to give us anxiety. I'd this a common practice people are aware of?
Two weeks later, noticed house still didn't show Sold STC. Called the agent, they said all 5 offers had fallen through due to chain, but house could go for no less than asking price. Discussed with the wife and re-viewed the property on Thursday, and in the end put down an offer for the guide price, as we did quite like the home and price within our wiggle room. As we're chain free, figured we're in it to win it, especially as property has been on market for two months.
Now they've come back to say, AH there was actually another offer put in on the Monday before your viewing. Exact same situation as you, chain free, and roughly the same offer although I can't POSSIBLY tell you exactly what the amount was. What would be your absolute maximum that you would pay for this property?
We've gone back to say our absolute max of 355, but it's left us wondering: does this other buyer even exist? We've got three other friends who have bought with this agency, and all the have had the exact same experience.
We've met the sellers as the agent was 30 minutes late for our last viewing, and they seemed super eager to sell. I just can't imagine they've actually had such bad luck, with 5 sellers all falling through, on an overpriced house, and then in one week they have two perfect offers?
Feels like they're just out to give us anxiety. I'd this a common practice people are aware of?
0
Comments
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Agents are employed to get the maximum price for the vendor. They often bend the truth.Officially in a clique of idiots0
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I had this before. I offered on a house below asking and in the course of the day was constantly outbid by "another buyer" At the end of the day, I went unanounced, to see the vendor, who knew nothing of this other purchaser or any other offers.
I had been LIED to by the selling agent.0 -
In the past I've offered on 3 houses, in each case the houses had been sat on the market for several months without any offers, yet in each case as soon as I submitted my offer another offer suddenly materialised within 24 hours.
The thing was in each case the agents didn't make any attempt to further negotiate with me or get me to increase my offer, instead they just informed me that ''a higher offer has come in and the vendor will be going with that''
I can only assume that these higher offers from ''preferred buyers'' must be friends or relatives of the agent, or more probably investors who the agents have a cosy business relationship with... who wait in the wings for an offer to come in on a particular house, then the agent tips them off, they then offer a tiny bit more and the agent encourages the vendor to go with their offer as it's the best one on the table.0 -
We increased our offer on our last house in response to the same line. We'll never know if there really was another offer or not, but it was the right house for us and we didn't want to risk it.
We're currently looking for a house. Viewed one recently where the vendor told us on the viewing they'd had a good offer that morning. Next day it was marked Sold STC so that one was true.0 -
The old joke remains the same......
How can you tell when an Estate Agent is lying.......? !!0 -
you can always get a friend to cold call the agent to enquire about offers
but generally if the EA's lips are moving, their lying"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
I always tell the agent im not interesting about any other offers. I just want to know if mine is accepted or not.0
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I go with the view this is my maximum (won't offer that first), then if it goes over, keep looking. If they come back and say the buyers who offered over are no longer interested then I will take it - not going over my max.0
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Great to hear more people are getting lower offers across, maybe EA`s/deluded sellers will wake up at some point?0
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