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Estate agent asking for bids in increments of £5,000.... why?
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ailskearney said:The asking price is £435,000. So we were first to bid and offered asking. Yesterday I was informed that there had been another viewing and they had offered £240,000 and that bids now have to be in increments of £5,000. We have a current bid of £245,000.1
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ailskearney said:The asking price is £435,000. So we were first to bid and offered asking. Yesterday I was informed that there had been another viewing and they had offered £240,000 and that bids now have to be in increments of £5,000. We have a current bid of £245,000.
The bids don't have to be in increments of £5,000.
The EA wants you to bid in £5,000 increments, but you don't have to do what the EA wants, if you don't want to. (Just like if the EA wants you to stand on one leg - you don't have to do it if you don't want to.)
If you want to bid in smaller increments, just go ahead and do it.0 -
ailskearney said:The estate agent had refused an offer that wasn’t an increase of £5,000. The OP bid £250,000 this morning so we are now sitting on £255,000. Increasing at a fast pace.
The estate agent would be breaking the law if they refused your offer - they must pass all offers to the seller (unless the seller has given them specific instructions not to, which seems unlikely).
It sounds a bit like the estate agent is just trying to bully you into doing what suits them best. It's up to you whether you do what they want or not.
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blue_max_3 said:Jumblebumble said:
How would they know if someone else had offered £4500 ?
PS the vendor is not going to turn down an offer of £4500 unless he is an imbecile
I would not follow the herd and would bid £3K as this would probably crack the deal if no one else bid the 5K and I would save 2K
As stated I suspect the vendor is unlikely to watch an extra 3K grow legs and walk off just because they wanted bids of 5K0 -
Jumblebumble said:
I would not follow the herd and would bid £3K as this would probably crack the deal if no one else bid the 5K and I would save 2K
As stated I suspect the vendor is unlikely to watch an extra 3K grow legs and walk off just because they wanted bids of 5K0
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