Matched offer on a property

proformance

Made an offer on a flat yesterday (yes, another one as the previous fell through). 
Agent called me in the morning to say they received another offer last night.
What happens now? Do I offer more money? We have some wriggle room left in our budget....

Wkmg

The buyer is obviously considering both offers. Wait and see what the EA says. Don't offer more until after your offer has been rejected (it may be accepted).

princeofpounds

Normally the agent will conduct a bit of an auction. They can try pinging you one-by-one, or (perhaps more professionally) ask for best and final offers. It's totally your choice whether to engage or not in a bidding war.

Assuming that you believe them, ask them what their client is thinking between the two offers and how they intend to proceed. They may give you a bit of colour on whether there are any non-price factors that help/hinder, and they will probably tell you what kind of process they hop to run.

proformance

Yeah, we received an email in the morning ask for our intended deposit.. I presumed that they were gauging how risky the buyers are...

hazyjo

I presume the vendor hadn't accepted your offer.

Ask if the other interested party are actually proceedable (ie have a complete chain beneath them - which is presume you do). Estate agents will often stretch the truth. Learn their tricks and what to ask.