Increase offer when lots on the table?

[ChezBomb1]

We put in an offer on a house in a very sort after village. It went on sale on 17 May, we viewed on 21 May in first available slot and put an offer in at full asking. The estate agent just told me there are 8 offers, but not at what level. They said the expected the vendor would ask for best and final offers, but they couldn't get hold of them. We can afford more and really want the house. We have no chain, a good deposit and require a mortgage for the rest.

Does it make sense to up our offer now? Or wait and see if it goes to final offers? I don't know what is for the best!! If we don't secure this house, it could be a long time before another suitable place comes on the market. But is it crazy to increase offer now before we have an answer on our first offer and also risk showing our hand if it's likely to go to best and final anyway?

As long as you keep in touch with the estate agents then there is no need to show your hand yet. Under these circumstances they are bound to ask all potential buyers for a full and final bid. The other factor will be how easy each bidder can complete , cash buyers with no house to sell will always be more attractive even if they are not the highest offer

Thanks @anniegun . Friends and family are telling us just to offer more now, but feels like we should hold our nerve? Trying to use head over heart, but it's very hard!!

You should tell the agent you need an update as you are putting an offer on another house and need some sort of direction. There will not be 8 other offers. You have already offered asking and thus reduced your negotiating power a little - dont offer more now or you will be held to ransom.

@ThisisMax I live in a very in demand area - anything below asking price in this market would be unlikely to be taken seriously or be successful. There could well be 8 offers - nothing in our village stays on the market more than a week, - but obviously that doesn't mean they are serious offers. I will get in touch with the agent later though and push for an update. We've already spoken this morning, so can't do that yet.

I understand that. But dont show any more of your hand or you will be picked out as the prime bidder and pay way above what you should. I would keep another viewing as the main reason for update. I would say 'its unlikely we will be successful given the interest so I wanted an update'

Sticking in another offer now just gives them a figure to ask anyone else to beat.

I agree, keep cards close. Ask if there's a figure at which they would withdraw it from the market or if they are set on going to sealed bids.
They may not tell you but you lose nothing by asking

This has now gone to best and final offers! Putting our best foot forward but expecting to lose to a cash buyer.