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I wouldn't expect to get to the point where a seller would take the place off the market and then have us pull out, if that helps. It's more about expediency and using reasonably priced place as a lever on expensive place, but it might be that seller of expensive place wants to take an empty Edwardian semi through a winter unoccupied rather than have 1.2m in the bank.
Would be perfectly happy with reasonably priced place and they have a better incentive to sell.
Howard
tbc
aggi
It's not really the estate agents that are being screwed though, it's the people trying to sell. Obviously depends at what point you come clean but accepting an offer, stopping viewings and then being told "we've decided to buy somewhere else" would be a pisser for the person selling.
If it's just an offer then that's one thing but it depends how far you take it.
@Howard I guess your guidance is probably, would you be pissed off if someone did it to you. Generally a decent indicator. In your scenario I'd tell the overpriced one that although you prefer their property you'd also made another offer as you felt it was overpriced.