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  • FIRST POST
    • Zarajm76
    • By Zarajm76 12th Apr 18, 9:36 AM
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    Zarajm76
    Told value if other offers ??
    • #1
    • 12th Apr 18, 9:36 AM
    Told value if other offers ?? 12th Apr 18 at 9:36 AM
    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 itís a bluff ??
    Any experience / advice . We havenít been reflected yet as they are making decisions in a few days ??
Page 1
    • eddddy
    • By eddddy 12th Apr 18, 10:00 AM
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    eddddy
    • #2
    • 12th Apr 18, 10:00 AM
    • #2
    • 12th Apr 18, 10:00 AM
    • There is no law saying that an EA cannot tell you the value of other offers.
    • 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.
    • AlexMac
    • By AlexMac 12th Apr 18, 10:07 AM
    • 2,212 Posts
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    AlexMac
    • #3
    • 12th Apr 18, 10:07 AM
    • #3
    • 12th Apr 18, 10:07 AM
    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...
    • Surrey_EA
    • By Surrey_EA 12th Apr 18, 10:17 AM
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    Surrey_EA
    • #4
    • 12th Apr 18, 10:17 AM
    • #4
    • 12th Apr 18, 10:17 AM
    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.
    Originally posted by AlexMac

    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.
    • ReadingTim
    • By ReadingTim 12th Apr 18, 11:11 AM
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    ReadingTim
    • #5
    • 12th Apr 18, 11:11 AM
    • #5
    • 12th Apr 18, 11:11 AM
    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.
    Originally posted by Surrey_EA
    Suspect though, this is one of those more honoured in the breach than in the observance....
    • Smodlet
    • By Smodlet 12th Apr 18, 12:46 PM
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    Smodlet
    • #6
    • 12th Apr 18, 12:46 PM
    • #6
    • 12th Apr 18, 12:46 PM
    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.
    Originally posted by Surrey_EA
    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."
    What is this life if, sweet wordsmith, we have no time to take the pith?
    Every stew starts with the first onion.
    I took it upon myself to investigate a trifle; it had custard, jelly, soggy sponge things...
    • Surrey_EA
    • By Surrey_EA 12th Apr 18, 1:09 PM
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    Surrey_EA
    • #7
    • 12th Apr 18, 1:09 PM
    • #7
    • 12th Apr 18, 1:09 PM
    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."
    Originally posted by Smodlet
    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.
    • ComicGeek
    • By ComicGeek 12th Apr 18, 1:26 PM
    • 339 Posts
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    ComicGeek
    • #8
    • 12th Apr 18, 1:26 PM
    • #8
    • 12th Apr 18, 1:26 PM
    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.
    Originally posted by Surrey_EA
    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.
    • Surrey_EA
    • By Surrey_EA 12th Apr 18, 2:27 PM
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    Surrey_EA
    • #9
    • 12th Apr 18, 2:27 PM
    • #9
    • 12th Apr 18, 2:27 PM
    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.
    Originally posted by ComicGeek
    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'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.
    Originally posted by ComicGeek
    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.
    • victoriavictorious
    • By victoriavictorious 12th Apr 18, 3:19 PM
    • 349 Posts
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    victoriavictorious
    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.
    Originally posted by Surrey_EA
    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.
    • Surrey_EA
    • By Surrey_EA 12th Apr 18, 3:24 PM
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    Surrey_EA
    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.
    Originally posted by victoriavictorious
    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.
    • victoriavictorious
    • By victoriavictorious 12th Apr 18, 3:45 PM
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    victoriavictorious
    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.
    Originally posted by Surrey_EA
    Surely the vendor would, or should, already have been made aware if our friend Mr. Bloggs had previously expressed an interest?
    We are indeed all different, but I would be willing to bet that any seller whose property has become stale and has languished on the market for the past 6 months with no offer on the table, would be jumping for joy, and the last thing he would be willing to do, would be to jeopardise the only offer he *does* eventually get, by holding out to see whether the hitherto errant Mr. Bloggs wishes to counter-offer.
    If Mr.Bloggs had been so keen to buy, he would have done so before, and will as likely as not, pull out as soon as the competition (ie ComicGeek) is off the scene.
    Leaving our hapless Vendor of 1 Acacia Avenie back where he started.
    • Zarajm76
    • By Zarajm76 12th Apr 18, 4:01 PM
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    Zarajm76
    Ok so reading your answers with interests . My quandary is do I sit tight until a few days time when they are supposedly deciding or pop another offer in just over the others ? We are in a strong position and don!!!8217;t have to sell ?

    Or do I wait until it!!!8217;s declined then up it ?

    Pros and cons ??

    Thanks
    • victoriavictorious
    • By victoriavictorious 12th Apr 18, 4:39 PM
    • 349 Posts
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    victoriavictorious
    Ok so reading your answers with interests . My quandary is do I sit tight until a few days time when they are supposedly deciding or pop another offer in just over the others ? We are in a strong position and don!!!8217;t have to sell ?

    Or do I wait until it!!!8217;s declined then up it ?

    Pros and cons ??

    Thanks
    Originally posted by Zarajm76
    Do nothing - certainly dont bid against yourself! - and carry on looking at other houses.
    Up to you, but I'd be telling the agent exactly that; might just focus their / the vendors mind if they suspect you might walk.
    • nicmyles
    • By nicmyles 12th Apr 18, 4:43 PM
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    nicmyles
    All you can do is assume the information you've been given is accurate. If it is, it's useful for you to know that your current offer has very little prospect of being accepted and what amount would put you back in the running. So, yes, while the EA is trying to get a bidding war going, he's actually increasing your chances of getting the house.

    The real question is what are you prepared to pay for the property? If your current offer is the max, take no action and continue your search. If you would be willing to go higher than the highest offer, put in a new offer. I'd do it before the offer is declined personally, as they may accept the other offer at the same time. Although they may go back to all the interested parties and ask for best and final offers.
    • nicmyles
    • By nicmyles 12th Apr 18, 4:44 PM
    • 113 Posts
    • 140 Thanks
    nicmyles
    Do nothing - certainly dont bid against yourself! - and carry on looking at other houses.
    It's not bidding against yourself if there are other higher offers.
    • victoriavictorious
    • By victoriavictorious 12th Apr 18, 4:48 PM
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    victoriavictorious
    It's not bidding against yourself if there are other higher offers.
    Originally posted by nicmyles
    Sorry, but that's exactly what it would be. OP should wait to hear.
    OP has no way of knowing if there even are any other offers, and probably would never be able to find out.
    • ScorpiondeRooftrouser
    • By ScorpiondeRooftrouser 12th Apr 18, 7:04 PM
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    ScorpiondeRooftrouser
    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.
    Originally posted by Surrey_EA
    That might be what they want, but they are being paid to get as much as possible for the property. While they obviously shouldn't do anything illegal to up the price, it is surely their duty to do everything they can within the law to get the buyer to pay as much as possible. That's their job.

    If all you want to do is agree a sale at any price then I am glad I have never paid you to sell my house.
    • ReadingTim
    • By ReadingTim 13th Apr 18, 9:27 AM
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    ReadingTim
    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.
    Originally posted by Surrey_EA
    It does however, make something of a difference to the vendor, who might be perfectly happy for the agent to use whatever tactics they can do squeeze a few thousand out of a buyer - this was the case when my parents sold their place - their EA received an offer, but thought the buyer was good for more, so asked if he could try and get more our of them. My parents didn't ask how he was going to do this, and he didn't volunteer the information, but a couple of days later, a higher offer was received...

    Appreciate the point about wanting to sell and move on, but a happy customer might tell their friends, or come back for repeat business - one needs to consider the long, as well as the short term...
    • Surrey_EA
    • By Surrey_EA 13th Apr 18, 10:06 AM
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    Surrey_EA
    It does however, make something of a difference to the vendor, who might be perfectly happy for the agent to use whatever tactics they can do squeeze a few thousand out of a buyer - this was the case when my parents sold their place - their EA received an offer, but thought the buyer was good for more, so asked if he could try and get more our of them. My parents didn't ask how he was going to do this, and he didn't volunteer the information, but a couple of days later, a higher offer was received...

    Appreciate the point about wanting to sell and move on, but a happy customer might tell their friends, or come back for repeat business - one needs to consider the long, as well as the short term...
    Originally posted by ReadingTim
    Oh I am well aware that it makes a huge difference to the vendor, and the main of the main roles of the EA is to achieve the highest price possible for the property being sold.

    Perhaps my earlier post was poorly thought out. EAs should be effective enough negotiators to achieve a result their clients are happy with, without the need for illegal tactics such as inventing fictitious buyers and phantom offers.
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