-
However I'm massively suspicious about the whole situ and feel like we're being squeezed. If the fourth offer on our purchase had been higher than ours, wouldn't the agent have invited us to negotiate rather than jump to best & final? Another concern is that b&f is so aggressive it may turn off some of our prospects - one has already cancelled a viewing.
From my experience you are right to be suspicious. Been to best and finals a few times now with some really dubious scenarios. Once we were bidding against one other couple. They were cash buyers (so generally favourable) but we were the highest bidder. They asked us to bid again because there wasn't much in it. So we did and they went for the cash buyers anyway. Bled another £8k out of the cash buyers in the process.
Similar thing happened another time except the cash buyers were already the highest bidder (cue speil from estate agent about us being first time buyers and how attractive that was...) and they wanted to give us another go. Obvz they went for the cash buyer anyway.
tl;dr - There are some really cunty estate agents out there.
You are reading a single comment by @tyeness and its replies.
Click here to read the full conversation.
wools
@tyeness
Hi folks, would love advice or to hear of your experiences during a fairly intense sale/purchase scenario.
Potential purchase is going to best and final at 17:00 Tuesday, after receiving a fourth offer. Prior to this there'd been three offers, two of which were "unrealistically low" against our offer at 1% over asking on an "offers over" listing. 3.5 weeks on the market, top end of the price range for the area and possibly a touch overpriced but is one of ~15 houses of its type in the area, which we already live in and like very much.
We share agents with the vendor so they're having us go to b&f at 12:00 on Tuesday. We've been on the market for a week, have 4x offers, 2 of which are 2-3% over asking and buyers with no chain. One is a cash buyer. We were hoping to sell for ~5% over based on a recent sale opposite - same size, layout etc in similar condition.
We want to find out more about our vendor's position but we think (based on agent feedback) that they're in a similar position to us.
However I'm massively suspicious about the whole situ and feel like we're being squeezed. If the fourth offer on our purchase had been higher than ours, wouldn't the agent have invited us to negotiate rather than jump to best & final? Another concern is that b&f is so aggressive it may turn off some of our prospects - one has already cancelled a viewing.
We really want the place and wouldn't be moving otherwise, and we have some flex in our budget but are worried about potentially overpaying, and about the lender's valuation matching the sale price as we can't afford it if they disagree with the sale price.
It's possible (read: likely) I'm over thinking this but I'd really welcome any thoughts/opinions.
Oh and we're in the North East, if that counts