I am a first time buyer and was told by the agent during the viewing that the vendor will accept £199 000. During our meeting with the mortgage advisor we said, based on our monthly payment we would be able to go up to £205k. During the second viewing the agent mentioned that a previous viewer offered £201k (a cash buyer), but that the agents would prefer to sell the property to us as they like us more and that the other viewer has messed them around before. We were told if we match the offer that they would push for us to buy the property. We made an offer of £201k and heard nothing from them for a week. They then came back and said that the other viewer offered £203k. After discussing with my wife the agent said that the other viewer made a substantially higher offer, but would not say how much. We offered £205k and was accepted immediately. This just seems suspicious and that there was never actually another offer and that they just wanted to get the maximum out of us. We have a meeting with the mortgage advisor tomorrow and would like to know if we are being bullied. It certainly feels like it. Is this method by the agents right? Are they allowed to discuss other offers with us? are they allowed what the vendor would accept.
Province/Country relating to question : england
Hi,The agents job is to get a sale at the best price. But as you are now aware other factors do come into for example how quickly a party can complete the transaction.The agent is perfectly entitled to indicate what the seller may accept, but it is entirely up to the seller what they will actually accept.If you believe your maximum is £205k then you should stick to that. There is still another hurdle to be cleared as the property will have to be visited by the mortgage valuer. If it the property doesnt value up to £205k then you may not have enough money to buy it anyway, in which case you could use this as grounds to negotiate the price down.Essentially there is nothing wrong with what the agent is doing so long as it is not fraudulent.Kind regardsAJ
LPC, 2 Years Conveyancing
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