Suspected fake house offers

[mitch84]

Hi all.

We went to see a house on Friday at 2.30pm. It needed a lot of work and has been on the market since August last year.

We were told they had received an offer for £110k from a developer early on in the process, which they would not consider.

We asked if they had received further viewings etc, and was told no, the condition if the house was very off putting.

We placed an offer of £114k on Friday afternoon, and they came back at 9am this morning, saying their absolute rock bottom was £118k, which we debated and decided to accept.

Bizarrely then 2 minutes later the phone rings again, your offer has been outbid, someone has offered £118.5k.
This seems very odd to me, as the estate agent was telling us how with no central heating and no inside toilet they couldn’t get people to come visit. They reckon they managed to do a second viewing between us leaving the property at 3pm Friday and 9am this morning, unlikely, but possible I’m sure.
Just seems a bit like we’re being taken for a ride, and they are trying to drive us up.
How odd

[soooexcited!]

I'm afraid I would walk away x

[Stu]

I would withdraw the offer of 118k and say 114k is still on the table if things don't work out with new bidder and we haven't found an alternative, but 114k is now our only and final offer.

Not worth getting in to a bidding war.

[Pino_Spetzberg]

Originally Posted by mitch84

We were told they had received an offer for £110k from a developer early on in the process, which they would not consider.

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Possibly the developer has been advised of your offer and revised upwards.
Not unusual especially if HMO planned.
Present condition won't concern a developer either way tbh.

You just need to decide how high you want to go.

[keith1973]

Originally Posted by Stu

I would withdraw the offer of 118k and say 114k is still on the table if things don't work out with new bidder and we haven't found an alternative, but 114k is now our only and final offer.

Not worth getting in to a bidding war.

See more...

I agree it sounds like they are playing games if you don’t have your heart set on the place I’d do the same as Stu.

[mitch84]

Originally Posted by Pino_Spetzberg

Possibly the developer has been advised of your offer and revised upwards.
Not unusual especially if HMO planned.
Present condition won't concern a developer either way tbh.

You just need to decide how high you want to go.

See more...

They are saying it’s not the developer, but a different person who has viewed it since, just seems really unlikely is all as the estate agents were finishing up shortly on Friday afternoon, then rang us sat morning to say that the vendors were having a family meeting.
Just seems fishy to me that’s all.

[Tinkerbell]

It’s only worth what it’s worth to you. If you feel the house warrants a higher price then counter bid, if not walk away

[3disneykids]

How much is the house on the market for?
For an investor they probably have time to wait so maybe hoped to wait them out hoping no one else would be interested and getting it for a lower price. I have been on the other side of this situation and this sort of situation genuinely happened with 2 people on the same day putting their offers in.

No-one puts their best and final offer in first so I would do that if I was really interested and say that that was your best offer.

Hope it all works out x

[Pino_Spetzberg]

Originally Posted by mitch84

... just seems really unlikely is all as the estate agents were finishing up shortly on Friday afternoon, then rang us sat morning to say that the vendors were having a family meeting.

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Could be online marketing.
Don't think too much about whom their increased offer is (supposedly) from.
Focus on how much you want to pay.
Family meeting suggests could be probate involved.

[tspill]

This is not unusual.

The agent is required to keep accurate records of all offers in a bid to keep them honest.

No one can advise you on this. Only you can decide how much the house if worth you you. If it is more than the current bid, then you are into a bidding war (this is normal). BUT set your maximum.