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Soul
Hmmm yeah, I hadn't considered that the mortgage company's valuer may come back with a lower valuation if we were to over pay for it. Presumably in that case you just have to negotiate it down with the seller, or they then have to go back and find another buyer?
Yeah, I'm not feeling great about the process they want me to enter into. As others have said, it seems designed to do nothing other than extract the maximum money out of me.
I'm considering telling them only to come and ask for my bid if the other buyer puts in an offer higher than what we've already offered. Otherwise I'm potentially kinda just bidding against myself. The other buyer might not be able to go any higher, or may refuse to take part.