Other Bidders????

alitoast

Now call me naive if you like..... but is it possible to prove some is counterbidding against you on a property? i would like to get peoples opinion on this.....i recently placed a bid on a property and was told of counterbids were driving the bid up (2 other parties initially and then only one). i eventually failed with my bid being outbid by a mere 1k.....i then get a call to hear the top bidder cant make the payment within the alotted time that the vendor wants to sell (in a couple of months) and that they were willing to take the hit on the 1K and seal the deal with my bid if i was willing to sell with my top bid. i immediately pulled out saying there was no deal as in my eyes the top bidder cant buy the house and we start at my original bid price again....

is it possible the estate agent was making phantom bids against me to drive up the price? Is there a way i can check this???

mrgaa1

very difficult to prove. your reaction was quite correct. If the owner feels that he can get a higher price then good luck to him/her.

gurramok

Yes, it happens alot. The agent tried to con you in my view, walk away and let the estate agent chase you.
In fact lower your bid a bit and negotiate from there.

mikemac

Has all the hallmarks of a scam.

How badly do you want this house?
Maybe say you're very disappointed and maybe cut your bid by 10k and tell they you are a serious buyer but looking elsewhere.
Your offer is open for a week.

Now that's playing hardball but I wouldn't be suprised if you get a call within a week accepting your offer.

Now spend the extra 10k on a plasma TV, surround sound, beer fridge and Sky Sports and still have change!

antoinolachtnai

If the agent wants to, he can bring everybody into a room and you can all have it out.

I have heard of this being done, not too often though.

At the end of the day you have to decide how you want to deal.

This is typical comedy. The other guy's bid is completely irrelevant to anything if he doesn't actually have the money.

Beruthiel

alitoast wrote: »

is it possible the estate agent was making phantom bids against me to drive up the price?

I'd bet a months wages he is.
Do as mikemac suggested, drop your offer by 10k and tell him take it or leave it.
btw - There is nothing like a good plasma screen and surround sound system, you'll never leave the house again!

Caoimhín

alitoast wrote: »

is it possible the estate agent was making phantom bids against me to drive up the price? Is there a way i can check this???

That is exactly what it was. I thought these conmen were as dead as the "Celtic tiger", clearly not.
It depends on how much you like the house but I would walk away.

Senna

antoinolachtnai wrote: »

If the agent wants to, he can bring everybody into a room and you can all have it out.

I have heard of this being done, not too often though.

At the end of the day you have to decide how you want to deal.

This is typical comedy. The other guy's bid is completely irrelevant to anything if he doesn't actually have the money.

Dont allow yourself into a situation like this, the EA just has to bring in a friend of theirs and bid like mad with no intention of buying.
In the current market, if the EA say there is other bidders, just walk away. Plenty of other houses and no point bidding against a possible ghost.

the_syco

alitoast wrote: »

i recently placed a bid on a property and was told of counterbids were driving the bid up (2 other parties initially and then only one). i eventually failed with my bid being outbid by a mere 1k

So... when the estate agent couldn't push any more money off you, the "other bidder" disappears, and the EA wants to take your money. What a scamming bas*ard.

ntlbell

I'd go back to the EA with a new refreshed reduced offer.

I'd also tell him every time someone out bids you on a house your bank manger reduces your maximum mortgage amount by 15%

antoinolachtnai

There is no point in being ridiculous. Just because the agent is a wally doesn't mean that you have to go down that road too. There is just no point.

It is possible to work this the other way too and give the agent the run-around (not that you should).

ntlbell

antoinolachtnai wrote: »

There is no point in being ridiculous. Just because the agent is a wally doesn't mean that you have to go down that road too. There is just no point.

It is possible to work this the other way too and give the agent the run-around (not that you should).

How is putting in a new bid ridiculous the previous price was based on other bidders now there is none and prices continue to drop so it's a fresh slate.

new bid.

common sense i would have thought