Agent telling me other party price...

Hi ther just to share seomthing

I signed an offer on last saturday and the agent said my price is most likely lower than the other party but I still pressed on.

TOnight he called me saying that he felt 'signs of cooling off' from the other party and he actually told me the offering price from the other party....he then asked me whether I am still open to purchase and asked me whether I can put up another 3-5 thousands....

what do you experts think I should do?
 
Tell them "Sorry I am at my limit. Please let the other party have it."

70% chance the other party will disappear.

Are you offering conditional or unconditional?

Cheers,

The Y-man
 
Tell them "Sorry I am at my limit. Please let the other party have it."

70% chance the other party will disappear.

Are you offering conditional or unconditional?

Cheers,

The Y-man

I would say 99% chance there is no other offer from another party:rolleyes:
What was the alleged other party's offer - was it in writing etc

I would stand my ground on this one. Don't play their games.

Boods
 
'I am at my limit' no no no

'I offered my assessment of the property's value,
obviously the other interested party has determined that their higher offer is above the property's value.
My new offer is $previous -3000, valid till 5pm' :p REA-Fm
 
I hate lies, I really do. Negotiate all you like, apply pressure, imply that you don't know if the vendor will take the offer, etc - that's all valid, IMHO. "Soft" things like opinions and likelihoods are all fair game for "manipulating" to gain the upper hand in negotiating.

But blatant lying - saying that another offer exists when it doesn't, for example, and even going so far as to make up the number of that offer, and giving the mystery buyers an identity "yes a young couple has made an offer" - is unethical, illegal, and fraudulent.

I'm tempted, in such a situation, to say "I withdraw my previous offer. I will resubmit my offer at ($5K lower), and my new offer is subject to provision of a copy of the contract confirming the existence of the previous offer". ie If you don't provide me proof that another offer ever existed, then you now have no offer on the table - as thanks for lying to me.

I know they'd probably use privacy laws to finagle their way out of providing it, but it'd give me some amusement to see them squirm, and try and explain to the vendor that they had one interested party, who they lost by telling lies (and I'd make sure the vendor found that out). :p
 
Of course one other thing to consider is that the agent may actually be telling you the truth. :)

How to tell? You need to have a face-to-face discussion and watch all the agent's body language, eye movements, nose touching, head shaking, voice inflections etc. that indicate truth or lie.
 
Agents confuse good negotiating with lying. Always have. I'd stick to my guns and play the silent trick.

Tell him that's my offer and leave it. The strongest tactic in negotiation is silence.
 
Agree with Evand, just tell them "dont think it's worth more", "not willing to pay more", "at that price there's a few other attractive deals i also need to consider" "you'll think about it", "consider it", "redo you calcs" etc and take your time.

imo Never tell them where your limit is (real or not), bad idea.
Don't show him your cards! Keep him guessing, not the other way around.
 
Hi ther just to share seomthing

I signed an offer on last saturday and the agent said my price is most likely lower than the other party but I still pressed on.

TOnight he called me saying that he felt 'signs of cooling off' from the other party and he actually told me the offering price from the other party....he then asked me whether I am still open to purchase and asked me whether I can put up another 3-5 thousands....

what do you experts think I should do?
I agree with all the above,but by the sounds of things the Agent has taken on a new level of urgency, it's bad form for the agent to tell you what the other party is offering,in my way of thinking this person has no integrity,the only simple way is to tell the agent you are looking at several other properties,and one you are very interested in,you prior offer on the property still stands,but that is your final offer..imho willair..
 
Not sure about this one. I made an offer to try and get a bargain. Agent said I wouldn't get it at that price and that there has been another offer. I felt that she was lying.

But, I wanted the property and I know the market is firing, so I put in another offer for what I thought the property was worth and just a little bit extra. Wasn't going to lose it for $5-10K. And got it.

So it depends on how bad you want the property. In a rising market, I don't mind paying market price or a bit over, as you'll be paying a lot more for the same house in 6 months time.

I notice you're in Melbourne. Well guess what, it's a rising market, some are calling it boom time.
 
Happened to me and an investing partner once. Asked agent what offers she'd had on a property. She told us the exact amount and we offered $100 more and got it. It left the person who missed out quite unhappy but I'm happy to say the agent is no longer in the industry.
 
it's bad form for the agent to tell you what the other party is offering,in my way of thinking this person has no integrity

Exactly my thoughts when this happens. Even if the other offer does exist, what's to stop the agent taking your new offer to the other party and saying to them "you just have to go above this"? And then back to you again - if it was a real scenario do you really want to play that game? Is the agent really trying to help you get the property? I don't think so... they are just trying to do everything they think is in the vendor's interest to increase the offer price and using a method that lacks integrity.

IMO they really do the vendor a disservice as these kinds of tactics would put off more people than they would work for. And if they are lying, well that doesn't bode well for the future of the transaction does it? :rolleyes:
 
IMO they really do the vendor a disservice as these kinds of tactics would put off more people than they would work for. And if they are lying, well that doesn't bode well for the future of the transaction does it? :rolleyes:

I doubt the Vendor would complain if the agent was able to get them an extra $20K. Might not be ethical, but that's life.
 
I thought disclosing an offer in private sale was illegal?? Isn't this what auctions are for! I know they go back to buyers saying that Buyer A has made an offer higher than Buyer B, but didn't think they couldn't actually state the amount.
 
this happened with a sale i was doing the other day. Had a couple offer 830k ... which the owner accepted on a saturday morning. Someone came in on saturday afternoon and offered 835k. So we basically told both parties someone else was interested and whoever could exchange first at 835k would get it.

Second party didnt believe me there was anyone else... i told him a few times... still didn't believe me. It was lovely calling him on the tuesday afternoon to say that he had missed out because the other party had exchanged..... he couldn't believe it.... sometimes us agents do tell the truth!
 
I thought disclosing an offer in private sale was illegal?? Isn't this what auctions are for! I know they go back to buyers saying that Buyer A has made an offer higher than Buyer B, but didn't think they couldn't actually state the amount.

i never state the amount.. .like someone else said it just creates a bidding war which no-one appriciates.... and actually we find telling all parties to make their 'best and final offer, what they are happy to either buy the property and walk away' generates some great results. At the end of 2007 i did one like this.. had four people on it... the people who got it paid $26k above what the next highest offer was, dont think i would have got anywhere near that if i had been disclosing everyone elses bids.
 
I reckon the REA is playing games. Stick to your offer and be firm. Best thing is to avoid getting emotional about a business purchase and getting played in the process.
 
Thx for all the reply guys.

Just an update from me

I ended up offering a price up!!!!!by 500:eek:

I am suffering abit of buyers remorse but I am trying to calm myself as the Residex proeprty report says the property is worth ~1000 more than I pay:p
 
sounds ok given that you seem to have done your due diligence :)

btw, out of sheer curiosity, may I ask which suburb is the property in?
 
Has your offer been accepted? Did you buy it?

Thx for all the reply guys.

Just an update from me

I ended up offering a price up!!!!!by 500:eek:

I am suffering abit of buyers remorse but I am trying to calm myself as the Residex proeprty report says the property is worth ~1000 more than I pay:p
 
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