Estate Agents

[kandr]

Quick question, We are trying to buy a house and the estage agent is saying there is another offer in, but they wont tell us what it is. This leaves us is the position of not knowing if their bid is at the fixed price level or not, thereby making it difficult to gauge our bid. We have put in an offer 10k below and don't need to sell to move. Could the EA be bulltulipting to force us into a sale, can we insist on knowing the other offer?

[sasguru]

No they don't have to tell you - hence the prevalence of sealed bids in boom times.
I would ignore the agent - its a buyers market, the fact you are not in a chain should be very attractive to the seller.


PS Anyone who's paying only £10K under current asking prices is being diddled. HTH.

[NotAllThere]

... Could the EA be bulltulipting to force us into a sale, can we insist on knowing the other offer?

Yes. No.

[Dearnla]

The agent is either confident that you really want it, or there genuinely is a better offer. If the vendors are desperate to sell, they would have accepted your offer or the Agent would have indicated to you what was acceptable.
You don't have an option but to increase your offer, but you might as well "Salami slice" - up it a grand or two at a time. And be patient. Or go very quiet.

[kandr]

Ok thanks guys, the bid is actually 40k under the valuation, the person lived there died, so the family want a quick sale (I think).

[kandr]

The agent is either confident that you really want it, or there genuinely is a better offer. If the vendors are desperate to sell, they would have accepted your offer or the Agent would have indicated to you what was acceptable.
You don't have an option but to increase your offer, but you might as well "Salami slice" - up it a grand or two at a time. And be patient. Or go very quiet.

The other offer has been placed subject to valuation, it hasn't been accepted as far as I know, our offer was put in this morning (verbal). So we just have to wait then play the bidding game if its rejected.

[fullyautomatix]

Quick question, We are trying to buy a house and the estage agent is saying there is another offer in, but they wont tell us what it is. This leaves us is the position of not knowing if their bid is at the fixed price level or not, thereby making it difficult to gauge our bid. We have put in an offer 10k below and don't need to sell to move. Could the EA be bulltulipting to force us into a sale, can we insist on knowing the other offer?

Is this the house on the millionaire's row in Dublin ?

For once SAS is bang on right, take his advice.

[kandr]

Update, the EA confirmed our offer is higher, however the owners relative who is selling is actually a Lawyer, anyway he has said he has accepted the lower offer and is going allow them to proceed, if it falls through he will came back to us. WTF?

[DimPrawn]

Update, the EA confirmed our offer is higher, however the owners relative who is selling is actually a Lawyer, anyway he has said he has accepted the lower offer and is going allow them to proceed, if it falls through he will came back to us. WTF?

I guess the vendors didn't like you much.

[d000hg]

If they already accepted, he's behaving with integrity.