Requesting Estate Agent to disclose offers

johnebhoy99

Hi

is there any stage during the sale process under which a buyer is entitled or can ask to see the previous offers submitted on the property.
Asking as we have gone sale agreed and have no idea what the previous bidders were at and therefore if we we've gone in slightly or way over the previous offer. The survey results have come back and are not good, a lot of essential and costly work to do so we don't know how far back to drop our offer now without losing the house.

can we request all previous bids or are we wasting our time? I looked up the code of conduct and it's not clear on the matter except where a complaint against the estate has been lodged and even then the offers are disclosed to the governing body and not necessarily the buyers.

MarkAnthony

It sucks but there isn't a chance in hell.

The problem you'll have is with the current property propaganda the seller may go back to market even if there wasn't a bidder under you.

BeatNikDub

Unfortunately no. However they should have a list in front of them of all the bids as they were logged so they could by all means go through how the bidding progressed. Unfortunately giving out the details of who placed would breach data protection laws.
However, if you feel there was something untoward report to the regulator for investigation as they certainly can go through all the bids!

johnp001

MarkAnthony wrote: »

It sucks but there isn't a chance in hell.

The problem you'll have is with the current property propaganda the seller may go back to market even if there wasn't a bidder under you.

With propoganda like this I would be inclined to drop back on my offer as much as I felt like. Seller is in the position that the buyer can drop out altogether based on the survey and knows that any other buyer they might find would also receive a negative survey and adjust their offer accordingly.

MarkAnthony

johnp001 wrote: »

With propoganda like this I would be inclined to drop back on my offer as much as I felt like. Seller is in the position that the buyer can drop out altogether based on the survey and knows that any other buyer they might find would also receive a negative survey and adjust their offer accordingly.

That's saying sell now before the summer. There is going to be some bonkers antics going on for the next few months, especially in relation to less desirable properties where the buyer thinks they can kick the can down the road.

I'm already seeing new properties coming on stream in D5, 7 and 8 with crazy asking prices.

Barely Hedged

johnebhoy99 wrote: »

Hi

is there any stage during the sale process under which a buyer is entitled or can ask to see the previous offers submitted on the property.
Asking as we have gone sale agreed and have no idea what the previous bidders were at and therefore if we we've gone in slightly or way over the previous offer. The survey results have come back and are not good, a lot of essential and costly work to do so we don't know how far back to drop our offer now without losing the house.

can we request all previous bids or are we wasting our time? I looked up the code of conduct and it's not clear on the matter except where a complaint against the estate has been lodged and even then the offers are disclosed to the governing body and not necessarily the buyers.

Youre approaching this with the wrong logic.

You need to get a quote for the work required, say X, and decide whether you want to take it on at that price or ask the seller if he/she will take sale agreed price - X.

What the next bid was below yours is irrelevant

naughtysmurf

I'd look at it the same way as Barely Hedged