Estate agent saying they’ve had a “few” offers today. Is this a tactic?

[jentt]

House has been on the market for a while. Was an open day with we was told 5 viewings. Was going to put in an offer but now considering offering more than our original offer because they’ve said they’ve had a “few offers” already. Is this just a tactic used to increase offers? All new to me as never brought a house before.

In my experience estate agents are models of virtue and would never fib to maximise their commission. You should be ashamed for even suspecting otherwise.

In my experience, yes.

@neverknowinglyunreasonable
😂 I know a silly question but it’s got us as we don’t want to miss out on the house

i'd put in your original bid. I think these estate agents have to put it to the vendors anyway. There's nothing to stop you increasing your offer if the vendors reject it for whatever reason, including if they've had a better offer.

They are lying. If there are several, they would go to final bids surely. Estate agents are devious beings.

Yes, they do say this as a bargaining tool. Sometimes it’s even true! Maybe they have had offers but the seller didn’t accept them for whatever reason - eg. Too low or buyer not in a position to proceed. If it was a ‘hot’ offer which the seller was actively considering, I think the agent would say that and ask for your best offer or go to sealed bids. Offer what you planned and go from there. You can always up it if there really is a serious other buyer in the frame.

Estate agents are a law unto themselves. They’re probably lying. Out your original bid in, and then call up from another phone pretending to be someone else and see what story you get

The last time an agent talked up how many viewings a property had to me, and that someone was coming from (200 miles away) to view it, the house went sold STC within 4 days. It needed refurb work too.

Ofc, it's also a tactic.

'A few offers' seems very general to me. But you can't expect everyone to be good at their job and specific.

Go in depending on your needs/want to move and your own position: for example, if you don't have a property to sell or don't need a mortgage, you're in a strong position.

Sometimes playing games results in boobie prizes! But it does seem to me that EAs get pride from talking someone up from a lower number, so sometimes it really does seem people have to play their game.

Set a number in your head, start off slightly lower, and don't go above your maximum number.

Just put your offer in. They are obliged to put it to the sellers, and will let you know if it's too low.

Gosh it’s impossible to tell isn’t it? I’ve had this situation where it’s ended up being a ploy, but equally I’ve missed out when it’s been true. Go in with an offer that seems fair and comfortable for you.

I’m an estate agent but believe it or not - a normal one!

look, we are duty bound to put all offers to the vendor. I always say that I cannot make you buy a house, if it fits your criteria then great, please offer - and ensure you offer what you want to offer. The worst thing that can happen is that your offer is rejected and you are asked to increase it - or someone offers who is perhaps more proceedable than you are.

You have to be able to afford it. I’ll also tell you if you’re thinking too low as well.

I literally couldn’t care for stupid sales tactics. I also am on a fixed salary so I do not receive commission - that is just my personal circumstances though! - and I’m often told how straightforward I am and easy to deal with when I’m doing house viewings

and yeah - my boss would probably kill me 🤣

We had several offers on our place on Monday morning after an open day. It does happen if the house is desirable.

I take the view that an opening offer is just a formal expression of interest anyway. Great if they accept, but if there really are multiple offers, they'll probably come back to ask for best and final in a few days. If it's a lie, the seller may reject your offer then you enter into a negotiation.

Either way don't stress too much about your first offer!

After an open day it is quite possible. But equally they do bullshit. If you were going to offer £350,000 but absolutely love it and want it, I would go over but only a little bit. Helps you’re in no chain too, so maybe go £351k

We once viewed a house that had been on the market for two years. The estate agent told us there were two other very interested parties. Strange coincidence there was so much interest all of a sudden when it had been on the market two years! We didn’t make an offer and it stayed on the market for one more year before they gave up.

On the other hand we viewed and loved a house last year. We couldn’t make an offer as we hadn’t sold yet. The estate agent said he had two other interested parties. Completely truthful - it sold to one of them a week later.

So it can go either way.

Just say to the EA, ok I won't offer then as I don't want to get into a bidding war, and see what reaction you get. If they backtrack and try to persuade you then it was a fib. If they are unbothered then it's true.

In my experience they lie.

Going back a few years, we’d put an offer in on a house. Next day someone else from the estate agent rings to ask if we’re still interested in the house as someone’s made an offer. It was quite clear that between the staff they had no idea it was the same people, as my partner made the offer, and I’d booked viewings. I had great fun pondering this with them, then managing to accurately ‘guess’ what the offer value was….as they finally realised they were trying to get us bid against ourselves.