Estate Agents 'Best and final offers'

[TheOriginalMrsMoss]

I'm in the middle of making an offer on a house and I think I'm being played but there's no way of knowing.

I put an initial offer in, was told it was close to another offer ('but not by much') and would I like to increase my offer so, against my better judgement, I did.

I've now been asked for my 'best and final offer' implying that I should increase even more. I don't even think the market is that busy at the moment and this particular house has a very limited target market.

I wonder if it's just tactics to force the price up. Any estate agents out there? Do you make up other buyers or offers and pretend there is a bidding war?

I hate the lack of transparency and honesty but there's no way of knowing is there?

Ask the agent if they have put your offer to the seller and what their feedback was.

Personally I don't believe anything estate agents say. I've met a few honest ones but from my experience they are in the minority.

I’m sure they make stuff up sometimes. All you can really do is weigh up how much you want the house and what it’s worth to you

They make stuff up all the time; their job is to get the highest price possible so while I understand why, I still don't like it.

Oddly enough when I refused to play their games like this with my first house I miraculously got the property, but lost another more recently because someone offered more and I refused to get in a bidding war.

I have experience of them making stuff up as last time we sold we received an offer we were happy with but the agent offered to go back and see if he could get more. I said no because they were a young couple about to have a baby and we were happy with what they offered.

It's that sense of being rinsed that's horrible. The whole system needs to be overhauled and there should be more transparency. The back and forth to bleed people dry is horrible and so dishonest.

I do believe they have put my offer forward. I'm just not sure there is actually another interested party because it's been on the market for a few months. Odd that all of a sudden they have two competing offers 🤔

EAs definitely do this, some of them, anyway.
I’m quite sure I was once ‘played’ like this.

You can call their bluff but it does take nerves of steel.

I viewed a property new to market Saturday in at offers over 300k which had 4 other viewings. I've seen it was previously in at 325k in Spring and told it fell through.
Yesterday I was told it had a procedable offer well above asking and I needed to make an offer ASAP. I offered 310k and was greeted by 'that's a very good offer!' and after 15 mins received a call back to say the other offer was 'around' 310k so did I want to stick with 310k or make a higher offer. I feel they implied the other buyer was unlikely to increase theirs, but I have no idea what it is.
I said I'd need to do some calculations to see if I could stretch my budget. I then received a call about an hour later to say a 3rd offer has been received and the vendor/landlady has asked for 'best and final' by tomorrow lunch.

I'm chain free, have solicitor arranged, have quote from surveyor, have MIP (50% LTV) etc. Was hoping that was going to be enough to get an offer accepted and now no idea where I stand.

Not sure if I'm actually the most appealing offer even if I might not be the highest, or if I'm already the highest?

The property has heaps of potential but compared to recently sold on the street, needs a lot of rennovation (potentially new windows, and definitely kitchen and bathroom and probably all new flooring). I expect the interest is in the aspect of the home (views over town), parking, and space to extend.