Secure purchase deal without creating price war?

by Readers Question

9:51 AM, 24th October 2019
About a month ago

Secure purchase deal without creating price war?

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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

Neil Patterson

9:55 AM, 24th October 2019
About a month 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.

Mick Roberts

14:39 PM, 28th October 2019
About a month 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.


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