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Hi - need advice on next house bid move. We bid 5% below the advertised asking and have been the highest bidders now for 4 weeks. The estate agent has now adjusted the advertised asking down to our offer thereby I assume to attract more interest and to disclose to any additional interested parties that there is a bid of the asking price.

Given current house prices we are slightly miffed as we would have come in lower than the now current asking.

Would you retract the offer and come in lower again? How would you react?

Note that we believe our offer is a fair offer for the local market

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"offer based upon the house being removed from the market straight away, if not the offer is withdrawn" is how i have always played it. 

seemed to work fine, as long as you have the ability to proceed, and have an mortgage offer in place. 

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 I'd lower my offer another 5% to reflect the falling prices. And the fact it's still on the market and getting no takers. 

You should have been taking off 15% anyway, to start with. Although it varies by area. 

Gap between asking and what they'll take is increasing; the fact you're the only buyer when its still on the market should tell you something. You over bid, and the seller can't believe the true value is even lower than that. 

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Unless it is your dream house I would say their actions suggest the market is falling and that their asset is worth less than you thought as the potential re-sale value/attractiveness is an important consideration for any purchaser and the fact that they have had to reduce it means that your bid should be similarly reduced

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How many families you planning on cramming in there bruv? Assume you’ve already thought about getting em in on a cheeky teaser rate until you’re sure they’re good and settled.. Sneak by one Sunday evening for a quick headcount - bath time is my personal tip.

although I know a few more tech savvy than I landlords who have installed indoor “security” cameras to keep tabs on their investment 

Edited by thewig

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On 19/03/2019 at 23:46, PufferFish said:

Hi - need advice on next house bid move. We bid 5% below the advertised asking and have been the highest bidders now for 4 weeks. The estate agent has now adjusted the advertised asking down to our offer thereby I assume to attract more interest and to disclose to any additional interested parties that there is a bid of the asking price.

Given current house prices we are slightly miffed as we would have come in lower than the now current asking.

Would you retract the offer and come in lower again? How would you react?

Note that we believe our offer is a fair offer for the local market

We offered 10k less than asking and was accepted by the owner on the spot.. 

Contacted the estate agent to make the offer official and got a call back to say our offer was rejected? 

So we drove round the house to see the owner and she said the estate agent had not even contacted her.. Which she thought was strange considering our interest.. 

in the end we dealt with the woman directly and instructed the estate agent that way.. 

Funny enough after he rejected our offer he sent a developer round to view the house as it is a corner plot.. my guess is there was insider dealing with the developer, maybe put a house in the garden as it has side and rear access.. 

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The old second bidder story...

And you fell for it. 

The only thing develops in a crashing  market is the estate agent's lies. 

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12 hours ago, jiltedjen said:

"offer based upon the house being removed from the market straight away, if not the offer is withdrawn" is how i have always played it. 

seemed to work fine, as long as you have the ability to proceed, and have an mortgage offer in place. 

This. Ask em why it's still on the market. Give them a day or so to think about it then pull out. Move on. If the ea has a mate he wants to sell it on then your wasting your time. However if it's your dream house knock the front door and tell em ea is a lying toerag and deal direct.

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On 19/03/2019 at 23:46, PufferFish said:

Hi - need advice on next house bid move. We bid 5% below the advertised asking and have been the highest bidders now for 4 weeks. The estate agent has now adjusted the advertised asking down to our offer thereby I assume to attract more interest and to disclose to any additional interested parties that there is a bid of the asking price.

Given current house prices we are slightly miffed as we would have come in lower than the now current asking.

Would you retract the offer and come in lower again? How would you react?

Note that we believe our offer is a fair offer for the local market

I don't really understand what's going on here.

Has your offer been formally accepted by the seller?  If not, why not?

I don't understand why their house is still on the market if they have a bid from you at (what is now) the asking price?

As to what you should do, if you're happy with your offer (and I presume you were when you made it) I don't see any need to lower it by 5% - if they haven't accepted your current offer they won't accept 5% lower.  I think if they haven't accepted your current offer they seem like a bunch of jokers, and I would keep looking for another house.

(And if they HAVE accepted it, then why is it not proceeding to contracts?)

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15 minutes ago, scottbeard said:

As to what you should do, if you're happy with your offer (and I presume you were when you made it) I don't see any need to lower it by 5% - if they haven't accepted your current offer they won't accept 5% lower.  I think if they haven't accepted your current offer they seem like a bunch of jokers, and I would keep looking for another house.

Agreed 

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I encountered all sorts of weirdness back when I lived in MK. I'm fairly certain some eas had houses for sale that weren't actually for sale (even though we viewed them). Eventually after a week of nonsense it would come down to something illegal like "hey we can only sell you this house if you use our mortgage broker". This is obviously different to your situation but my point is be on your guard. If something doesn't seem right, it's not unlikely someone is trying to screw you. 

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  • 293 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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