hi there,
My husband and I are looking to trade up, have just received mortgage approval in principal, currently living in 4- bed semi and have found a house we really like in area we want to live. We need to sell our house to buy the new house.
The asking price is pretty much what we can afford (we could stretch to an extra 5k above asking), estate agent has advised three other parties bidding. EA advised we would have no problems selling our own house ( he has sold multiple properties where we currently live)and that if we were interested in bidding on the property, he would vouch on our behalf to the vendor with respect to our capacity to sell our home quickly. At that point, the highest bid on the house was 10k below asking and the bidder apparently has no property to sell to secure sale of the house.
We have started bidding on the house- EA of course suggested we bid asking price given we have a property to sell and the other party do not! We chose to ignore this & went 2k above current bid. EA said he has spoken to the vendor and he 'would be happy to deal with us if we were the successful highest bidders'.
I have started to wonder if the EA is encouraging us purely to inflate the selling price. In other words, even if we outbid the other interested party by a few thousand, is the vendor more likely to accept an offer from them given they are not reliant on selling a property, even if they are the under bidder? I have been reluctant to put this to the EA as my experience has taught me the less they know the better, but would appreciate advice from other buyers who have been in similar situations!
My husband and I are looking to trade up, have just received mortgage approval in principal, currently living in 4- bed semi and have found a house we really like in area we want to live. We need to sell our house to buy the new house.
The asking price is pretty much what we can afford (we could stretch to an extra 5k above asking), estate agent has advised three other parties bidding. EA advised we would have no problems selling our own house ( he has sold multiple properties where we currently live)and that if we were interested in bidding on the property, he would vouch on our behalf to the vendor with respect to our capacity to sell our home quickly. At that point, the highest bid on the house was 10k below asking and the bidder apparently has no property to sell to secure sale of the house.
We have started bidding on the house- EA of course suggested we bid asking price given we have a property to sell and the other party do not! We chose to ignore this & went 2k above current bid. EA said he has spoken to the vendor and he 'would be happy to deal with us if we were the successful highest bidders'.
I have started to wonder if the EA is encouraging us purely to inflate the selling price. In other words, even if we outbid the other interested party by a few thousand, is the vendor more likely to accept an offer from them given they are not reliant on selling a property, even if they are the under bidder? I have been reluctant to put this to the EA as my experience has taught me the less they know the better, but would appreciate advice from other buyers who have been in similar situations!