Secure purchase deal without creating price war?
I found a property marketed at £110k, which seems good deal to me. The estate agent advised me that they already have received an offer of £100k, but the vendor will be okay to take anything around £103k.
I am happy to match the vendor’s asking price £103k however, my cornered is that the estate agent will then go back to other party and ask them to increase their offer to secure the deal eventually creating price war.
I have dealt with this agent in the past (with different branch – they have around 180 branches nationally) and seems it’s their standard business practice.
What could I do to secure the deal without creating price war?
Thank you
Rupang
Comments
Have Your Say
Every day, landlords who want to influence policy and share real-world experience add their voice here. Your perspective helps keep the debate balanced.
Not a member yet? Join In Seconds
Login with
Previous Article
Landlords CalculatorNext Article
Licensing needs urgent government review
Member Since February 2011 - Comments: 3453 - Articles: 286
9:55 AM, 24th October 2019, About 6 years ago
Hi Rupang,
You have to remember the Estate Agent only works for the vendor not the purchaser so has an obligation to maximise the purchase price by any legal and moral means.
You could say your offer is subject to the property being taken of the market upon its acceptance, but in reality that is still no guarantee.
Member Since June 2013 - Comments: 3237 - Articles: 81
2:39 PM, 28th October 2019, About 6 years ago
Tell ’em your offer doesn’t stand if they are then going back to the other buyers, u will withdraw your offer. They get all confused then, as they can’t legally ask another person to counter offer, as there isn’t another offer. Used to work for me.
I do stand to be corrected though by some Estate Agent in 2019.