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Original poster

Estate Agent tactics - is this odd?

15 replies

Mooserp · 30/10/2023 16:44

Seems suspicious to me...

I am in a cash buyer position

I viewed a house a few days ago and expressed that I was interested in it. During the viewing the EA told me they'd had an offer from another cash buyer, which had been rejected by the vendor. This buyer then increased the offer (the EA gave me the figure) but were letting me view the house before they responded.

EA has now told me that if I match the cash buyer's offer they will recommend me as the buyer to the vendors. (I haven't made any offer)

Why would they do that? Is this other buyer a figment of their imagination?

OP posts:
W0tnow · 30/10/2023 16:44

Possibly!

flipent · 30/10/2023 16:45

Didn't think that EA's were allowed to give out specific figures.

I wouldn't be matching the number they're batting around - but you have to be happy to walk away in case they are telling the truth!

KievLoverTwo · 30/10/2023 16:46

Have you agreed to use their conveyancer, surveyor, or some other service they're going to get a backhander from? If not

because lies

OR

EA just gets a vibe from you that you're less likely to mess the vendor around than the other party.

ErrolTheDragon · 30/10/2023 16:48

Maybe the EA thinks if the first would-be buyer made an unrealistically low offer in the first place they may be more likely to play silly buggers?

akkakk · 30/10/2023 16:49

Rule 1 of house buying - ignore the Estate Agent's games (there will be lots!)
Rule 2 of house buying - work out what it is worth to you
Rule 3 of house buying - be prepared to walk away (if you are not then c.f. Rule 2 and increase worth)

Process
Offer what it is worth
Don't play games
Walk away if necessary - once you do there are two possible scenarios:

  • the buyer had a better offer - in which case you have already offered what it is worth so wouldn't get it anyway
  • the buyer didn't have a better offer - in which case they will be back chasing you, putting you in the strong position

The minute you enter into estate agent's games you lose all credibility and strength in negotiation.

Gardeningtime · 30/10/2023 16:50

Offer what you think it’s worth. It’s their job to get the best offer for the client. There likely is another buyer. It is irrelevant really.

Original poster
Mooserp · 30/10/2023 16:51

The first offer they made was about 5% under the asking price.

The EA hasn't mentioned anything about conveyancers etc.

OP posts:
usertaken · 30/10/2023 16:56

To me it's just as likely you'll be up against a figment of the imagination. Ie if the owner has said they don't want anything below 5% of asking price then to them maybe it is better that it conveyed as a fake offer instead of rejection.

Someone I know did this on a property that was on for over a year. They refused to better the offer, and what do you know, a week later they called back and supposedly the other offer had fallen through.

Not saying this is gonna be the same, but bidding beyond what you think it is worth because of FOMO is exactly what they want you to do. So just offer what you think it is worth. As shown above even if it is lower, it is not necessarily the end.

Twiglets1 · 30/10/2023 17:07

That's a strange one because EAs aren't supposed to tell you exactly what someone else has offered only hint at it.

However, there could be reasons why the EA prefers you to another buyer like the other buyer might be known to them because they have offered on a house before and maybe pulled out. Or your situation might seem more legitimate to them whereas they may have doubts about the other cash buyer.

Either way, just offer what you think the house is worth to you.

Original poster
Mooserp · 30/10/2023 17:12

I'm not putting in an offer.

I did wonder about whether they should tell me what was already offered. I've viewed a LOT of houses and some EAs will tell you and some say that they are not allowed to.

OP posts:
foremostwilly · 30/10/2023 17:27

akkakk · 30/10/2023 16:49

Rule 1 of house buying - ignore the Estate Agent's games (there will be lots!)
Rule 2 of house buying - work out what it is worth to you
Rule 3 of house buying - be prepared to walk away (if you are not then c.f. Rule 2 and increase worth)

Process
Offer what it is worth
Don't play games
Walk away if necessary - once you do there are two possible scenarios:

  • the buyer had a better offer - in which case you have already offered what it is worth so wouldn't get it anyway
  • the buyer didn't have a better offer - in which case they will be back chasing you, putting you in the strong position

The minute you enter into estate agent's games you lose all credibility and strength in negotiation.

Rule 4: how can you tell if an estate agent is making stuff up? HIs lips are moving.

pilates · 30/10/2023 18:30

Sounds a bit suspicious to me 🤨

mondaytosunday · 30/10/2023 18:46

Don't see the point if that if the other party is a cash buyer why would they sell to you if you only matched the offer? Unless they then wanted to go back to the other buyer to get him to raise his offer.
Anyway I have lost out to a cash buyer who offered less than me - I was literally a cash buyer ten days later but they didn't want to wait. But it sounds suspicious in this case.

Original poster
Mooserp · 31/10/2023 10:32

mondaytosunday · 30/10/2023 18:46

Don't see the point if that if the other party is a cash buyer why would they sell to you if you only matched the offer? Unless they then wanted to go back to the other buyer to get him to raise his offer.
Anyway I have lost out to a cash buyer who offered less than me - I was literally a cash buyer ten days later but they didn't want to wait. But it sounds suspicious in this case.

I think the bit about recommending me was a load of crap. They just wanted to use me to get the other party to increase their offer.

OP posts:
pilates · 31/10/2023 16:53

Yes, that sounds about right @Mooserp

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