Sealed bids and gazumped

FTB123456789

Hi all
Hope any more experienced people can give their opinion on my situation.
FTB here with a mortgage in principle and 10% deposit. Have found the perfect house in the right location, guide price 300k. went in with an offer of 290k and was told too low. Increased to 295, at which point was told there were three other offers on the table so went to sealed bids. EA asked for best and final offer so offered 296.5k.

Was then called several days later to say there was a higher offer than mine on the table but if I could up to 298k the seller would likely accept as he was keen that I was FTB with no chain. I agreed and the offer was accepted.
Less than an hour later EA called back to state the other buyer had upped their offer and could I now increase mine. I wasn’t keen to so EA asked me again for a further best and final offer, stating there’d be no more offers taken after this. I pointed out this was what was said several days earlier at the first sealed bid yet here we are again! Thus held at my

What are your thoughts on this?
I’m wary of being led up the garden path bidding higher, have no idea whether this other buyer actually exists, and to be frank have lost trust that despite the EA stating best and final offers, has now taken further bids.

I know sealed bids aren’t legally binding but I question the integrity of the EA and the seller, as far as I know mine is the third offer he’s accepted then retracted for a better one within hours!

cloud_dog

Tell him thanks, and that you are withdrawing your offer.

PasturesNew

Yes you've been !!!!ed about..... but that's life.

It's unfortunate this has happened, but the seller's making the choices.

In this currently quiet market I'd assume there was another buyer. I've seen many nice places fly off the shelf within a week, I've seen 2 in 3000 sell for £5k more than the advertised price. I doubt any seller/agent would have the confidence to lie about another buyer as things are at the moment. If you only have one buyer and it goes bad, they'd have egg on their face if it just sat now for 6 months without another sniff.

MysteryMe

I would not entertain the nonense further.

The whole point of sealed bids is that it gives interested parties a chance to put in the best and final offer and the seller decides who to go with, not for them mucking around playing one off against the other.

If the seller is messing around at this stage then you would not be able to trust them further along the process and after you have already potentially spent money on surveys and solicitor fees.

diggingdude

Thank them for their time, say you are disappointed the sealed bids process was ignored and ask to be added to their mailing list as you are now looking for other properties and might consider them in future

FTB123456789

thanks, I too understood the point of best and final offer was to draw out the best bits and have it done and dusted. I could up my bid but what’s to say in a few days the seller won’t come back having received another higher offer and asking for an increase again! The line has to be drawn somewhere. I haven’t heard back since I stuck at my original offer, guess I’ll hold off for a bit and see what the outcome is.

FTB123456789

*bids not bits! ����!♀️

parkrunner

Offer them £310,000 and then pull out in a couple of weeks.

lookstraightahead

Park runner, that's exactly what they deserve!

Op, pull out and look elsewhere. They're messing you about.

kinger101

parkrunner wrote: »

Offer them £310,000 and then pull out in a couple of weeks.

As tempting as this is, and as much as the vendor deserves it, this might only damage the reputation of OP with the estate agent. So probably not wise if they're still looking for somewhere to buy.

martinbuckley

The EA is working for the seller not you. Their job is to extract as much money from you as possible.