Advice on an Offer

Makood

Hi all,

Looking for some opinions here.
Made an offer on a house a few weeks ago-Offer rejected and we were told by estate agent the figure they would accept. I made another offer a few days later, again below what they wanted ,but close.

Estate agent contacted me to say the offer was rejected-and that a cash buyer had offered a small bit more than me.

This property has been on the market for a long time (3 years)-with only 1 offer made and that fell through many months ago.

My question-Is it likely that the EA is just playing games?

Beanybabog

It's impossible to know. I have bid on lots with no offers, suddenly offers start coming in. It's like with no bids everyone doesn't want to get the ball rolling. Most have sold.

I made an offer on a house at 10% below asking. It was up a few months with no offer. They rejected it. Offered 7% below asking. Suddenly they have an offer 1% below asking. I pulled out. Two months later I notice it's still there and the price has been reduced to 5% below asking. No one called me either. I suspect they didn't have the funds, or the vendor continued to hold out for asking and they went away.

Another one up for 6 months reduced a number of times, last reduced 3 months ago, no offers. I offer, a counter offer comes in, I offer again, and they blow me out of the water with a cash bid 30K above asking. No idea what woodwork they crawled out of but it was legit as far as I can tell

Makood

Thanks Beanybabog.

I replied and said we could not compete with a cash buyer and to let us know if anything changes. We like the property, but it needs a lot of work hence I'm reluctant to offer the asking price.

westcoast66

In my experience, EAs will use fantasy bids to get buyers up to a price that the vendor will sell for. Beyond that, they generally don't.

If it is well below the asking price, I'd say its highly likely that bids will be made up. The EA has nothing to lose and its just a tactic.