Question about Estate Agents

clio_16v

Do estate agents have to divulge info about bids?

My mother is bidding on what I think is an overpriced apartment. Been on the market just over 2 months and she was told there was a bid just below asking.

It's now 10k over asking which is 30k more than the last one sold for 2 months ago. I know it's a crazy market right now but I'm suspicious about this other "bidder" and whether she exists

Browney7

clio_16v wrote: »

Do estate agents have to divulge info about bids?

My mother is bidding on what I think is an overpriced apartment. Been on the market just over 2 months and she was told there was a bid just below asking.

It's now 10k over asking which is 30k more than the last one sold for 2 months ago. I know it's a crazy market right now but I'm suspicious about this other "bidder" and whether she exists

Have you not answered your own question - it's "overpriced" so move on. Why keep messing about?

davo10

Browney7 wrote: »

Have you not answered your own question - it's "overpriced" so move on. Why keep messing about?

Easy tiger.

Op, it isn't unusual for properties to go above asking or previous selling price. It depends on demand, if the apartment is in a sought after area/complex, each time one becomes available it is likely to sell for a higher price unless supply increases/demand decreases.

The price of a property is what someone is willing to pay today, so a price comparison with a property sold 3 months ago unfortunately doesn't mean the property your mam is interested in is overpriced, the price has just gone up. Your mum just has to decide if it is worth it to her.

SteM

clio_16v wrote: »

Do estate agents have to divulge info about bids?

No.

davo10

EAs must keep a record of bids, but could not give you/your mam details of fellow bidders, they only give you the amount of the current highest bid.

whiskeyman

This always comes up and so many of us can tell you stories where we were dubious of 'phantom' bidders, so pulled out, only to see the property sell for that price or more.

For the sake of an extra few quid in commission, it's not worth the EAs time to falsify the bids in this manner, and it's not worth risking being found out either.

davo10

whiskeyman wrote: »

This always comes up and so many of us can tell you stories where we were dubious of 'phantom' bidders, so pulled out, only to see the property sell for that price or more.

For the sake of an extra few quid in commission, it's not worth the EAs time to falsify the bids in this manner, and it's not worth risking being found out either.

In all the years on boards, can you ever remember anyone posting proof of a phantom bid? I can't, it's generally people who are unhappy at prices rising, didn't get a property they really wanted or don't understand why someone else also wants to bid a higher price.

clio_16v

Fair enough. She has said her current bid is her max. Hopefully she sticks to it!

beauf

davo10 wrote: »

In all the years on boards, can you ever remember anyone posting proof of a phantom bid? I can't, it's generally people who are unhappy at prices rising, didn't get a property they really wanted or don't understand why someone else also wants to bid a higher price.

. . how you could prove it even if there was?

SteM

..

Lolle06

clio_16v wrote: »

Do estate agents have to divulge info about bids?

My mother is bidding on what I think is an overpriced apartment. Been on the market just over 2 months and she was told there was a bid just below asking.

It's now 10k over asking which is 30k more than the last one sold for 2 months ago. I know it's a crazy market right now but I'm suspicious about this other "bidder" and whether she exists

Maybe the other bidder was the underbidder of the sold apartment and doesn’t want to lose out on it again?
It’s more likely than a phantom bidder as some ppl are really desperate these days.
All you can do is set your own personal limit and stick to it.
Good luck!