decoding EA speak

[user1467297746]

we've been trying to buy a house for a while - and have been outbid at the last sec on 2 - one of which we had even shaken hands on - we offered the asking price and was on phone to solicitor when we gound out he'd accepted 5k more and would we like to increase our bid.

A few times we've been in the running and had to go thru a cycle of is 160 enough? no how about 162.5 to be in the running- so they would directly tell us any bids - but would let us know we were 'winning'

This time we have offered 155 on a dilapidated property whose asking price is 160. the EA is refusing to give us feedback whether we are in the running and just says can u make your best offer.

They say they had one other offer so far - but wont say higher or lower - This makes me think that perhaps we are the highest but they are trying to prey on our anxiety to find some to live -

Staying at mums with Twins of 2 years old is doing our nut in - she smokes, leaves lighters and god knows what else hanging around- she went in to say night to our girls and packet of sleeping pills fell out her dressing gown into their bed amongst many other instances of OMG!

The agent is the same agent we pulled out of a deal with yesterday - due to being unable to get insurance without a full structural survey. We feel justified since other side of the semi was on the lean! And the buyer not answering several times to the question of who they are insured with so our agent could approach that company and get continuation of insurance.

I might have over done it - becos I called around looking for a solicitor who would commit to a 4 week time table - and having found one got her to contact the agent that she was in place ready to exchange in 4 weeks

The house is Vacant since its an estate - so no chain to hold things up.

They have asked us to give them our best price by a time and date next tuesday - to allow weekend viewings to take place.

I would just play the waiting game if I were you. Don't rush to buy and make an offer which is over the odds. Emphasise your strong position as buyers - no chain, no need to serve notice. If you don't get this one then consider renting to get your own space.

I think you're right waiting is the right thing to do

Seems hard to believe they would close 'bidding' after just 5 days on the market?

Have to say I am tempted to go to the asking price. they are asking 160 and we offered 155

Surely the agent would come back if we aren't winning and ask if we wish to increase?

Why would you up your offer? Presumably you told the EA how you had come to the figure of £155 and told them your buying position? If you arbitrarily raise it to £160 they may just think you are desperate and try to get you to up your offer further.

Ultimately it comes down to what you think the place is worth and what you can afford, bearing in mind the cost of the work required to renovate it.

Is it actually dilapidated? Does it need making watertight, e.g. new roof, pointing, windows or just minor repairs and updating?

all windows need work becos the lintels werent installed correctly so the bricks above need doing - they are sagging. the kitchen is falling apart literally. all carpets floors need replacing walls need decorating. etc.

Roof looks ok tho!

Usually when we made an offer they would try and get us to increase until we were back in the lead..

The place next door in good condition sold for 185 last may.

Okay - so sounds as though it's priced to sell with the work required taken into consideration when setting the asking price.

When have the EAs indicated they will let you know?

Got a letter thru the post today,

They are saying its sealed bids to be received by Tuesday at 2 pm.

We're going thru the scenario - I guess if the offers are closely spaced then there's no reason why they wouldn't talk to us?

Its not like its listed as an actual auction and it was only listed on thursday?

I suppose we could offer the asking price - but dont want to pay too much!

If it is going to sealed bids then you will only have one chance to offer on it so you need to bid. There will be no discussion after the event (usually).

I have decided I dont like Best and Final method of sales ☹

We didnt get it

and we were quite unlucky becos somebody jumped on the house up the road we were using as a guide price - we preferred the sealed bid place but had this one as 2nd option and both went the same day!

Honestly thats the 7th place we have been beaten on!!

I have decided I dont like Best and Final method of sales

But if you genuinely went to your 'best and final' price, then you shouldn't feel bad because you couldn't/didn't want to pay more, so in your eyes, whoever got it over paid.

If you have already viewed 2nd choice you can still put in an offer and EA has to pass it to the vendor. So put in your 'best' offer and vendor might go for your offer.

yes I do think they over paid - I guess the view was better there!

actually I guess the location wasn't quite right for us. I'm hoping to be walking to school rather than dealing with the car every day.

On a best and final are they required to put the offer in as well

We saw another place - had great potential - we viewed the same house next door - but this place went on the same day as well!

We didnt actually see inside it tho!

We are in the process of buying first property – it went to ‘best and final’ bids, as did another property on with the same estate agent a few months back we bid on (we weren’t successful with that one). We were rational about the bids and offered what we could afford. One tip is to offer just over a round figure in case someone else has offered the exact same.

We live in London, the property went on the market mid-week, viewings were on Saturday and by Wednesday (7 days after first advertised) it had gone to best and final bids. Our offer was accepted and everything’s going through quickly and smoothly (so far!)

I’ll go out on a limb and say I question the authenticity of ‘best and final’ bids. My cynical side says a property could have one ‘suitable’ offer (near to or exactly the asking price) and no others, or some a lot lower, and an EA would still tell interested party/parties there’s lots of similar offers hence the need for ‘best and final’ bids, aka an attempt to squeeze more £ out of prospective buyers.

Our property search started in January 2016. Have put offers in on four different places over last 8 months (the current one we’re hoping all goes through; another one where our offer was accepted then 3 months along the process vendors decided they didn’t want to move anymore; and two others we had no joy with) I look forward to checking MousePrice/Zoopla in a few months’ time to see what the ones that got away went for!