Ghost bidders - practical advice?

A question about ghost bidders.

If you suspect that an estate agent is not being straight with you, what practical steps should you take?

Is it worth asking them to confirm the bid in writing? Or is that just likely to antagonise them? And is there any point anyway since presumably, if they are prepared to lie about it in the first place, they will just keep up the fiction?

I would be very interested in hearing people's opinions, especially those who have direct personal experience of this.

Maybrick said:

A question about ghost bidders.

If you suspect that an estate agent is not being straight with you, what practical steps should you take?

Is it worth asking them to confirm the bid in writing? Or is that just likely to antagonise them? And is there any point anyway since presumably, if they are prepared to lie about it in the first place, they will just keep up the fiction?

I would be very interested in hearing people's opinions, especially those who have direct personal experience of this.

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Stick to a price you are willing to pay then if there is another bidder who outbids you, walk away.

Its not as of other properties wont come along that suits, and probably at a better price.

Dont bother engaging with the estate agent, just say thanks, thats what we are willing to pay; sell the house to someone else.

Getting into a bidding war on a property in this market is pure nonsense. Many years ago I suspected this was happening to us. we just made a final and firm offer and left it at that. don't let your emotions get in the way. walk.

its amazing how if you stick to your price the mystery other bidder can just magically disappear........its like they never existed.......

Yes, totally agree, don't engage in any kind of nonsense. I would say, look this is what I'm willing to pay, this offers is valid till the end of the week. If the seller is not accepting the offer, fair enough, I'll move on. and that's exactly what you should do, don't get emotionally attached to a house. There's plenty to chose out there now.

We've just had 2 parties bidding on our house, increments of €500 or €1000, only pushed the price up by €5k, but it can still happen, even in this market.

I had this experience of ghost bidding. We bid our last and had a telephone call a couple of days later to say the last bidder had pulled out so the house was ours at our last bid. Of course our last bid was probably artificial so we withdrew alltogether.
Dont be fooled.
A recent survey about the least respected professional - estate agents, must say something.
Browtal

I think it is reasonable for the agent to meet you in their office and show you the file that will include copies of formal bids made. Very important to make your offer formally in writing subject to contract/survey etc

"I think it is reasonable for the agent to meet you in their office and show you the file that will include copies of formal bids made"

A bidder is not entitled to this information.

mf

Owen Reilly said:

I think it is reasonable for the agent to meet you in their office and show you the file that will include copies of formal bids made. Very important to make your offer formally in writing subject to contract/survey etc

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I've made a few bids on a house there recently and i certainly didn't make any of them in writing, all you would have is the agents word on it.

These GB have been around along time and have made so many EAs very fat indeed.

The EA is only looking for the highest price, so he can make the biggest margin possible. I would for the crack say you up the latest offer by 500 and leave it an hour. Ring back and withdraw the offer and say give it to the other bidder. It's too much. He now knows you have reached your target and are going to walking away. I would say you will get an outcome within a day or so. This way its either **** or get off the pot and EAs have been on the pot a long time!!!

"The EA is only looking for the highest price, so he can make the biggest margin possible. "

He is acting for the vendor - it is the vendor who wants the best price.

mf

mf1 said:

"The EA is only looking for the highest price, so he can make the biggest margin possible. "

He is acting for the vendor - it is the vendor who wants the best price.

mf

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You make it sound like he has nothing to gain in the deal. At the end of the day the buyer has to work with the EA, since this is the person who is selling the house. The buyer has no interactions with the vendor, so its irrelevant what the EA wants for his vendor from the OP opinion.

The EA wants to stiff you for as much as he can, whether that's for the vendor or for the EA is irrelevant. Now if the OP feels we have a few porkies flying around, then lets get busy stiffing the EA with our own porkies, as the OP holds "Johnny Cash" and he is king in today's housing crash.

I think a lot of buyers are inexperienced when it comes to dealing with such a huge life changing deal as buying a house. Now add into this mixture, an EA bolloxin it up with some serious fat porkies.

Take a breath OP, think about what way you can work this buck. Every euro you get the house cheaper means more Johnny Cash for yourself!!

Get ready for a ride, saddle up, gun loaded and take out a can of serious whip ass porkies and let the mother fly!!

Its a game with real money at the end of the day.....

"Get ready for a ride, saddle up, gun loaded and take out a can of serious whip ass porkies and let the mother fly!! "

Not everybody wants to play cowboys and indians.

I suggest that the OP simply follows the advice given already. Make an offer, know your price limit, set a realistic time frame for a response and be prepared to walk away.

mf

I've had this experience before. Best way to deal with it is to put the bid in writing and put a reasonable time limit on it emphasising that as you are anxious to buy a property in the area you will continue to look at other similar properties. You'll most likely get the 'well there are other bidders blah blah blah.......' response from the EA to which you say 'I believe I'm in the best position to complete the sale within a reasonable timeframe, so its up to the vendor as to decide whether or not they want a certain sale at my bid or take the risk of losing the sale'.

Odds are that the EA will come back and say that, in spite of there being better offers, the vendor has decided to accept your bid as you are in the best position to complete.

mf1 said:

"Get ready for a ride, saddle up, gun loaded and take out a can of serious whip ass porkies and let the mother fly!! "

Not everybody wants to play cowboys and indians.

I suggest that the OP simply follows the advice given already. Make an offer, know your price limit, set a realistic time frame for a response and be prepared to walk away.

mf

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Well this so called EA is a cowboy as he is filling the OP with porkies based on OP opinion. It a game with your money OP, so play it cool and work the ******.

There are loads of houses out there, you have the johnny cash, so you hold all the cards. Play them smart!!

You could go to the EA and say my last offer is my final offer. No more after this! Don't ring me unless you want to do a sale and if I don't hear from you by Friday, I am moving on. You also have to think, is my offer to high! Are other houses been sold in the area! Don't go on asking prices, these are not realistic.