I would have thought so. If it were me, and it was the right house, I would make a final time-limited offer up to what I could afford or the asking price (whichever was lower). I wouldn't get hung up on the notion that I had to get a certain discount on asking price.Would it be out of line to contact the vendor directly?
It reads to me like they can afford to pay asking. If so then it comes down to whether the house would be worth the asking price to Zebrano.You can't afford the asking price, so you should probably tell the auctioneer that now and walk away.
+1I don't see anything underhand about the EA in this story. OP should now bid the asking, or bid what she can afford it if it under the asking, and tell the Estate Agent it is your final bid as you have no more money.
Lots of good advice for you Zebrano from other posters. However, it's all linear, and very logical. If you wanted to try something creative you could:
1. Understand that prices are based on expectation levels and informed by knowledge of the market
2.Attempt to influence expectations by:
i) letting the EA know you've spotted another house and are withdrawing your bid as the other house is in your budget range (you can always re-instate it later if the "other house" falls through). Emphasise that you are disappointed that you couldn't do business but be upbeat about the other house
ii)get a new bidder to show an interest in the house from which you have withdrawn. They could bid 5% less than your bid.
iii) if they can find a potential problem with the house then all the better.
The idea would be that they withdraw eventually and the EA contacts you. It takes a little finesse and some teamwork, but it's a nice strategem, though not necessarily one I would recommend.
The basic fundamentals of negotiation say that you should never bid twice in a row without getting some concession from the counter party. The fact
that you have now bid three times in a row has weakened your position substantially. Every time the seller says "No" to you, you reward him by bidding higher. So the more times he says "No" the richer he gets.
So basically if you bid X you shouldn't bid again until the counter party makes a counter offer or offers some other concession. Its ok to keep the dialogue open but lashing in offers one after the other is never advisable
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