Active discussions

Meet the Other Phone. Only the apps you allow.

Meet the Other Phone.
Only the apps you allow.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

best and final - do estate agents make up rival offers??!!

51 replies

AssamTea · 10/02/2022 07:45

Have accepted an offer on our house and have found somewhere we really like.

The property we'd like to buy has been on the market for 5 months. We were the first people to put in an offer anywhere near asking (although was still a way off) but this was rejected. We've been gradually increasing our offer over the last couple of weeks but sellers have been holding out for asking price. Which is their perogative of course. No other offers in the meantime as far as I'm aware.

We can afford the asking price (and a little over), but with stamp duty it's nearly all of our savings.

Just after we made out last offer another buyer has apparently popped up with an offer above ours and it's now going to best and final.

Feels like we've messed up our strategy in that if we'd offered asking a couple of weeks ago i think we would have got it accepted. Whereas now we feel compelled to offer over the asking price. And probably still won't get it...

I'm trying to not be too attached as I know from previous selling/buying that it's daft to get to attached to a property as this stuff is never guaranteed. But there's very little else in our price bracket in the area and this place would have been such a good solution for the reasonably complicated life situation we will have for the next few years.

I'm slightly suspicious about this other buyer and the timing of the offer when we've been the only people making serious offers up to now. Feels like it might be a strategy by the estate agent to get us to finally show our hand, but they can't just make up other offers, can they???

Not quite sure what I'm asking here... maybe just some psychological tips to get through what might be a stressful few days..???

We're planning to make an offer over asking price that will use up most but not all of our savings. Does that sound like the right strategy at this stage?

OP posts:
Choux · 10/02/2022 10:00

Maybe agents make it up sometimes but there is nothing like being told someone else is interested in a house and has made an offer to make you decide it's the right one for you.

Interest creates more interest. FOMO etc.

Heartreach · 10/02/2022 10:57

I always just go straight in with what the house is worth to me, no messing around. I had a phantom buyer introduced after my offer was rejected and I walked away only to have them running back after me. I don’t believe the buyer existed.

On the other side my buyers kept putting in low offers and upping every day until I accepted. I was starting to get really annoyed with it all and I just said what I was willing to accept which ended it. It’s a hot market where I am though and the game playing doesn’t work most times.

I think op you will probably have to pay the extra money if you really love this house.

Original poster
AssamTea · 10/02/2022 13:16

@Heartreach I totally agree that playing games isn't worth it - have learnt that from a seller's perspective as well.

In this case I think we were struggling to work out how much it was worth to us at the start. Perhaps we needed to get to this moment to figure that out. We are also in something of a hurry to sell and buy, whereas these guys really aren't, and that changes the dynamics a bit. If they reject our offer, we'll definitely be much more straightforward with the next place we're interested in!

Well, we've put in our offer and now we wait....

Thanks to everyone who's engaged with this thread. It was helpful to vent and also helpful to hear your considered opinions.

OP posts:
TakeYourFinalPosition · 10/02/2022 13:28

It does seem suspicious timing; but equally, we sold last June and went from a couple of offers well under asking to suddenly two asking price offers and two over-asking-price offers within two hours.

We went with the first asking price offer in the end as it felt fairest, and I didn't want to get caught up in the world of undervaluations and mortgage issues etc, but I can see why people would go with the best price. It feels like turning down money!

Best of luck with your offer. I hope the agent stresses your position as an additional selling point; that might make a big difference.

Undecicive · 10/02/2022 13:54

@SheilaFentiman

Agree with Mildura. Getting the sale matters way more than a minor price difference.

Undecicive, the agent is obliged to tell you about all offers, even if they know they won’t be acceptable, so not sure why you were annoyed with the EA.

Because we told him what he wanted for it, he should have vetted the buyers that they were willing to pay the amount.
trumpisagit · 10/02/2022 13:59

In the current market very few properties are going below asking price.
I think you should have believed the seller when they told you they were looking for asking price.

Offers aren't just about money though. Your offer should include reasons why you would be there preferred buyer:

  • proceedable
  • first time or cash buyer
  • mortgage in place, and solicitor organised
  • a willingness to fit into their timescales.
Barnabyted · 10/02/2022 22:37

Sadly, I do think some estate agents are dishonest. When I was looking to purchase my last house, I viewed it on my own as my husband was abroad. I expressed to the estate agent that I was really interested, but before any offer was made, my husband would need to view it as we were buying the house together, and that he would be back in the country in 8 days time. Two days later, the estate agent phoned me to say that someone else had viewed it and was going to put in an offer, so if I wanted the house, I needed to put in an offer that day. I informed the estate agent again that I wouldn’t be putting in an offer until my husband saw it, so if someone else put in an offer, I would just accept it as fate and look for something else. Strangely, enough, the estate agent backtracked when she realised that she had lost a potential buyer and we later went on to purchase the house. I have vowed never to use that estate agent again even though they are part of a chain that is ‘countrywide”

Brightandyoung · 11/02/2022 07:11

From the EA’s point of view, I agree with PPs that all they care about is selling it, so they won’t have invented another buyer to push the price up.

My bet is that they have a vendor who will ONLY take asking price, so they are inventing the other offer to force your hand, nothing else. The EA just wants the thing sold.

I would offer asking price, no more. Call their bluff.

I bet you’ll get it.

etulosba · 11/02/2022 08:20

I was absolutely convinced that the estate agent had made up rival offers when I bought this house. However, about fifteen years later I got chatting to somebody at a party and she revealed that she was the mystery rival bidder.

Twiglets1 · 11/02/2022 16:38

We just sold our flat and although our estate agent never directly lied to viewers, they did manipulate the truth sometimes. For example, we had 2 sets of buyers interested but they were both offering very much on the low side. The agent caused a feeling of urgency by telling both parties that someone else was very interested and so “all” parties had to make a best and final offer. This wasn’t strictly true - we had not said we wanted both to declare their “best and final” offers but this is what sellers pay their agents for

user1471538283 · 11/02/2022 17:26

I think this happened to me after my offer was accepted. But the best piece of advice I had was to do everything I could to get it so I did.

We spent 15 happy years there and made alot of money. My favourite house.

Sleepytimebear · 14/02/2022 12:17

I think the British public are a bit obsessed with getting a deal and not wanting to overpay. The reality is if you love it and you are prepared to pay asking to get it, that's what it's worth to you. It really depends on the market but if you have been looking for ages and this is the only thing you have found are you really happy to lose it for a few thousand? On a separate note I'm not sure the sellers sound like someone you want to do a deal with - it's very common to accept less than asking so are they greedy, deluded, not serious about selling? Is this a taste of things to come when solicitors are appointed?

Mildura · 14/02/2022 14:23

It’s not really common to accept less than asking at the moment.

DadOnIce · 14/02/2022 14:30

It's probably (?) illegal for an estate agent to make up fictional offers from non-existent would-be buyers.

However, it's not illegal for a vendor to, say, get a couple of their friends to make an appointment to look round their house, and go to the estate agent with an 'offer' a few thousand above the existing one for the sole purpose of driving the offers up, then pull out after a bit of judicious to-and-fro bidding (and no, you can't then go back to what you originally offered, sadly).

I would be surprised if the latter happens a lot, but I'd be equally surprised if it never happens.

Sleepytimebear · 14/02/2022 14:41

@Mildura depends where you are and if the property is overpriced.

Heartreach · 14/02/2022 22:06

How did you get on op? Hope you got it.

BossaNova999 · 15/02/2022 06:54

@Heartreach thanks so much for checking in.

Well… we put in our offer on Thursday… and finally heard back yesterday. They rejected both offers!!!! Because they haven’t yet found somewhere they want to move to.

They have said they don’t want to make buyers wait if they can’t find anywhere, which is considerate I suppose, but surely they want to be out looking at properties having accepted an offer…? Our particular circumstances mean we can be really flexible about timing too, and we made that clear. But, hey, we can’t force them to accept our offer (which was the higher one). Even their estate agent is bemused.

I think it’s the family home they are selling after nearly 20 years, so I think they are treading carefully and want to get it right. Whereas my husband and I have bought and sold multiple times in the last 15 years so are probably a bit more blasé about the whole thing (says she who was so stressed she started a mumsnet thread about it all!).

So back to the drawing board for us. sigh. Frustrating as we love the house. But at least we now know that even if we’d offered asking price from the start, they still wouldn’t have accepted it…

Unescorted · 15/02/2022 07:04

If you think and estate agent is dishonestly making up higher bidders then report them to the ombudsman www.tpos.co.uk/

Original poster
AssamTea · 15/02/2022 07:11

@Heartreach oops name change fail. I’ve posted an update above under the name Bossanova999

OP posts:
Battytwatty · 15/02/2022 07:18

I worked for an estate agents for 8 years. They absolutely DO NOT make up,other offers. I see it said a lot on here and it really boils my piss.
You pissed about slowly increasing your offer and consequently another interested party has come along. It’s on you in afraid. If you don’t get this house don’t try that strategy again.

Battytwatty · 15/02/2022 07:19

Sorry, cross post but again, don’t piss sellers about like that again anyway.

Original poster
AssamTea · 15/02/2022 07:33

@battytwatty thanks for the advice. I suppose that was why I posted originally, to get a sense of whether this is a “thing” or not. Good to hear - in strident terms! - from someone with experience that it doesn’t happen. And from the way it turned out in our case, there was very obviously no foul play by the estate agent.

And obviously I promise never to offer under the asking price for a house again ;)

OP posts:
blanketyblanked · 15/02/2022 07:38

I would not worry about this other offer. Offer what you want to pay for the house and what you think it's worth. That's all you can do. If you get it easily and then feel crushed that you've overspent, it doesn't feel good. Neither does losing the house, but honestly if you were that keen you would have offered the full ask up front and be done with it so you were acting happy to lose it up until this point

Heartreach · 15/02/2022 09:51

@Battytwatty

I worked for an estate agents for 8 years. They absolutely DO NOT make up,other offers. I see it said a lot on here and it really boils my piss. You pissed about slowly increasing your offer and consequently another interested party has come along. It’s on you in afraid. If you don’t get this house don’t try that strategy again.
Your firm might not have done but some definitely do and have. How an earth can you verify every other agent? I have bought and sold twelve times in the last sixteen years and I 100% know that two of these agents introduced fake buyers to heat up the process.

Absolutely ridiculous to state you know it never happens. I also was gazumped on the day of exchange by someone who turned out to be acting for the agent who wanted to buy it.
Absolutely no need to be so aggressive on here either.

Op- sorry about your purchase, they sound a bit flakey, hopefully more will come on the market in your area soon.

WheelieBinPrincess · 15/02/2022 11:16

@Battytwatty

I worked for an estate agents for 8 years. They absolutely DO NOT make up,other offers. I see it said a lot on here and it really boils my piss. You pissed about slowly increasing your offer and consequently another interested party has come along. It’s on you in afraid. If you don’t get this house don’t try that strategy again.
They do. But it’s good that yours didn’t. You are wrong about it never happening anywhere else though.