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Zarajm76
Posts: 7 Forumite
We put an offer in on a property and the agent told us the amount of two higher offers ? I found this unusual and am not sure if it’s a bluff ??
Any experience / advice . We haven’t been reflected yet as they are making decisions in a few days ??
Any experience / advice . We haven’t been reflected yet as they are making decisions in a few days ??
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Comments
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- There is no law saying that an EA cannot tell you the value of other offers.
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However, if you make an offer, I guess you should expect the EA to tell the other bidders what your offer is.
- It would be illegal for the EA to 'invent' other offers which don't exist - you'll have to judge whether you think this EA is breaking the law
- In general EAs want a property sold as quickly as possible. It wouldn't be in an EAs interests to make up offers, which might result in you walking away
Also, is the property a repossession? If so, the EA is required to publicise offers.0 -
There are no rules! (except maybe the rule to take nothing said by any Estate Agents as gospel) So it might be a bluff- or it might be unusual tactics on their part, in that no agent has ever actually told me the amount offered by rivals.
On did say to me that another buyer was offering the asking price, about 15+ years ago in a hot buyers' market, so I matched that and did succeed in buying. But I never knew if they were telling porkies. And usually, before that and since, I've been sucessful going in 5% or more under the asking; occasionally going up 1-2% if the offer is rejected.
The agent is theoretically obliged to forward all offers, so just make sure they know you are keen, in funds, able to move fast, offer in principle, already identified a solicitor, not in a chain.... blah blah...0 -
There are no rules! (except maybe the rule to take nothing said by any Estate Agents as gospel) So it might be a bluff- or it might be unusual tactics on their part, in that no agent has ever actually told me the amount offered by rivals.
Although there are!
As mentioned in the post above yours, it would be in breach of the Estate Agents Act of 1979 for an EA to invent an offer where none existed.0 -
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Although there are!
As mentioned in the post above yours, it would be in breach of the Estate Agents Act of 1979 for an EA to invent an offer where none existed.
How would one ever prove an offer were invented? EAs have the rest of us over a barrel and they know it. How would one ever prove they knew about a neighbour dispute, even were it so bad it was reported in newspapers? All they have to say is, "Oh, I didn't see that."0 -
How would one ever prove an offer were invented? EAs have the rest of us over a barrel and they know it. How would one ever prove they knew about a neighbour dispute, even were it so bad it was reported in newspapers? All they have to say is, "Oh, I didn't see that."
As I regularly post on here, it makes practically no financial difference to an estate agent whether a buyer pays another £10k or not. All EAs want is to agree a sale quickly and move on to the next one.
Inventing offers to encourage a buyer to increase their offer, whilst effectively bidding against themselves is nowhere near as common as many on here seem to believe. However, I'm not naive enough to believe it never ever happens.0 -
As I regularly post on here, it makes practically no financial difference to an estate agent whether a buyer pays another £10k or not. All EAs want is to agree a sale quickly and move on to the next one.
Inventing offers to encourage a buyer to increase their offer, whilst effectively bidding against themselves is nowhere near as common as many on here seem to believe. However, I'm not naive enough to believe it never ever happens.
I agree with the above, but there will also be times when the EA knows that the vendor has an absolute minimum figure they would accept and another interested party or offer on the table might just be the impetus to increase the offer to reach that figure. It's not the increase in the agent's commission, it's the difference between agreeing a sale and not.
I've only bought 2 houses - each were on the market for at least 6 months before we viewed them with little interest (straight from the vendors' mouths), but then suddenly there were magically other parties interested and other offers when we made ours. The first time we panicked and naively increased our offer, the second time we held firm and they accepted after 2 nervous days. I still don't know whether the others existed, but I was comfortable with the purchase price in both cases, and that is what's important.0 -
In such cases I believe it is far better to convey to a prospective buyer the expectations of the seller, and how fixed they might be, rather than invent a phantom other buyer.I agree with the above, but there will also be times when the EA knows that the vendor has an absolute minimum figure they would accept and another interested party or offer on the table might just be the impetus to increase the offer to reach that figure. It's not the increase in the agent's commission, it's the difference between agreeing a sale and not.
I am an estate agent selling a house, 1 Acacia Avenue. It has been on the market for 6 months, during which there have been a number viewings but no offers. One viewer in particular, Mr Bloggs, has asked to be kept informed as he is still giving some thought to the property.I've only bought 2 houses - each were on the market for at least 6 months before we viewed them with little interest (straight from the vendors' mouths), but then suddenly there were magically other parties interested and other offers when we made ours. The first time we panicked and naively increased our offer, the second time we held firm and they accepted after 2 nervous days. I still don't know whether the others existed, but I was comfortable with the purchase price in both cases, and that is what's important.
One day, ComicGeek comes along and makes an offer for the property. When I put forward the offer to the seller he asks whether there is any other interest. I mention to him that Mr Bloggs has said he is still thinking about the property. The seller asks me if I think Mr Bloggs may offer. I say I'll call and ask.
I speak to Mr Bloggs, and it seems the presence of another offer, and the prospect of losing a property he has been considering makes him to decide to put forward an offer also.
And now we have a situation where after been on the market for 6 months two offers are now put forward for the property on the same day. Who would have thought it?!
Not a totally implausible scenario I'm sure you'll agree.0 -
In such cases I believe it is far better to convey to a prospective buyer the expectations of the seller, and how fixed they might be, rather than invent a phantom other buyer.
I am an estate agent selling a house, 1 Acacia Avenue. It has been on the market for 6 months, during which there have been a number viewings but no offers. One viewer in particular, Mr Bloggs, has asked to be kept informed as he is still giving some thought to the property.
One day, ComicGeek comes along and makes an offer for the property. When I put forward the offer to the seller he asks whether there is any other interest. I mention to him that Mr Bloggs has said he is still thinking about the property. The seller asks me if I think Mr Bloggs may offer. I say I'll call and ask.
I speak to Mr Bloggs, and it seems the presence of another offer, and the prospect of losing a property he has been considering makes him to decide to put forward an offer also.
And now we have a situation where after been on the market for 6 months two offers are now put forward for the property on the same day. Who would have thought it?!
Not a totally implausible scenario I'm sure you'll agree.
I have to say that never once, in any of my previous experiences as a seller going back 40 years, have I ever had occasion to ask such a question of my selling agent, when presented with an offer.
On the contrary, aforementioned fictional vendor of 1 Acacia Avenue would doubtless be ready to bite ComicGeek's hand off after 6 months on the market, let alone be asking the agent rather bizarre questions and incurring further delay, upon receipt of the phone call with the offer he has been waiting for.0 -
victoriavictorious wrote: »I have to say that never once, in any of my previous experiences as a seller going back 40 years, have I ever had occasion to ask such a question of my selling agent, when presented with an offer.
On the contrary, aforementioned fictional vendor of 1 Acacia Avenue would doubtless be ready to bite ComicGeek's hand off after 6 months on the market, let alone be asking the agent rather bizarre questions and incurring further delay, upon receipt of the phone call with the offer he has been waiting for.
I would consider it rare that a vendor would not even bother to enquire as to the existence of any other interest, however improbable it may be, whilst giving consideration to an offer.
I certainly wouldn't consider it a bizarre question to be asking of the selling agent.
A reminder, if one were needed, that everyone is different.0
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