"Offers Over" selling etiquette

Greymug

SavingPennies_2 said:

You asked for offers over and got 4 offers over, so why not just pick the buyer you want to go with? I think playing them off each other, by disclosing the highest bid, is poor form but that's just my opinion.

Why? Because selling a house is not charitable work. If there is a strategy to make more money out of selling your house, then it would just be dumb not to follow that strategy.

TheJP

Greymug said:

Sine_Nomine said:

The agent is now saying I should go to all those who offered and ask them for a "final and best offer within 24 hours", and then choose.  I am of the view that one should go to all of those who offered and tell them what the current highest offer is, and ask if they want to improve their offer. 


  

Both these things are wrong. I'm actually surprised that the estate agent made such a dumb suggestion. Surely not getting agent of the year award.

If you give potential buyers an ultimatum and ask them you submit an offer within 24 hours, you'll lose some of those buyers.

Also telling them what the highest bid is is likely not allowed and surely not smart.  If you tell them the highest offer is say 200k, I wouldn't expect them up their offer by a lot more than that.

In these situation, if your aim is to make the most money, you need to leverage and capitalise on uncertainty and their fear of losing a property they want. So, don't tell them what the highest bid is. Just tell them how many offers you've had and give them a reasonable amount of time to stew and think about it, say a few days.

Good advice.

Thank you for your offer, we have had multiple offers that are similar in price. We would like you to submit your best and final over by (I would give 3 working days at least). 

Greymug

kazwookie said:

What price are you happy to accept?

The highest possible one

Kace2022

Why would you not just accept the highest bid?  It's scenarios like this that make the process of house buying so unpleasant.

Greymug

Kace2022 said:

Why would you not just accept the highest bid?  It's scenarios like this that make the process of house buying so unpleasant.

Would you accept 100k if you knew you could get more just by waiting a little longer?

movilogo

Why would you not just accept the highest bid?  It's scenarios like this that make the process of house buying so unpleasant.

Because sellers are greedy. Hopefully few more interest rate hikes will return some sanity in the market. 

Thrugelmir

staffie1 said:

In my experience, any notion of an estate agent acting with integrity is deluded. Their strategy will be to screw as much money out of you as possible,

By doing what precisely? 

Thrugelmir

Greymug said:

kazwookie said:

What price are you happy to accept?

The highest possible one

Might not be the best placed bidder. 

lookstraightahead

Greymug said:

kazwookie said:

What price are you happy to accept?

The highest possible one

Although I'm sure you don't really mean the one who offers the most (as often they can't get the mortgage), many vendors will do just that, weighed down by the pretend Monopoly money they think they're going to get.

JGB1955

Greymug said:

Kace2022 said:

Why would you not just accept the highest bid?  It's scenarios like this that make the process of house buying so unpleasant.

Would you accept 100k if you knew you could get more just by waiting a little longer?

If you are the executor of an estate, and know you can get more just by waiting a little longer, you HAVE to wait, otherwise you're failing in your role.