More updates: Called the agent to offer 8k more. The agent didn't even mentioned 'the other offer' but said will bring my offer to the vendor tonight and continue the negotiation...thanks for calling
What does this mean? The agent made up 'the other offer'?
I'm currently in a similar situation.
I've offered $210,000 for a property (regional nsw), asking price was $237,000 after changing hands from a different agency (previously listed at $259,000 way off the mark)
I have a OK relationship built up with current agent, to the point of he suggested start my offer at $210,000 which was quickly rejected.
I then increased my offer to $215,000, which then the agent came back with a figure of $220,000 and its a deal. I asked the agent to send me through the contract (no doubt would of told the client this and got them excited)
Following this I put a final offer of $216,000 with a expiry date of Midnight Thursday as I would be looking at other properties on the weekend and expected to put offers on them and didn't want multiple offers on the table at different places.
Note I originally thought the property was a great buy at $220,000 and was originally going to offer this as my low ball and work up from there, but through speaking with this particular agent of different occasions and finding out more about the vendors situation (previous marital home, now seperated and wanting to sell along with current tenants lease expiring)