amateurbuyer
Registered User
- Messages
- 15
Hi all,
I recently went sale agreed on a place with the opening bid starting ~60k less than our final bid. Every time we put in a bid we were soon outbid again. Pretty normal I know.
It finally came to a time when we reached our limit and after putting in our final offer, we were outbid again. When speaking to the EA I informed them that this was the limit of our mortgage but we would try to re-apply for another 5k. We were granted the extra 5k and after calling the EA and putting this in as our bid we were told we were outbid again by another 5k. I spoke to the EA and told them that we couldn't get any more and so, with regret, we would have to leave it at that.
About 20 minutes later we received a call from the EA telling us that although there was a higher offer, they recommended us to the vendor and he agreed to go with our bid. The EA we were dealing with seemed like a genuinely good person so we were nervously excited that we were accepted.
Whenever I tell this to people they ask the question that has been playing in the back of my mind ever since:
"How do you know you the other bids were real? What if you had stopped at 20k earlier?"
I know it is illegal for an EA to falsely claim there are other bids but, as far as I know, there is no way to really check. I wouldn't like to insult the EA by flat out asking but... well.... I don't want to be stupid either.
Does anyone know if there is a way, or even if we are within our rights to question such things?
I spoke to an owner of an identical unit and they made a comment saying "Well if you got it for EUR"X", then you are ok". However, "X" was 2/3 of the price we bid for it. The valuer we had look at the place said he had nothing to compare it to but prices are increasing and so would agree to the valuation. He definitely didn't sound sure though...
I would appreciate any input or comments you may have.
Thanks in advance...
I recently went sale agreed on a place with the opening bid starting ~60k less than our final bid. Every time we put in a bid we were soon outbid again. Pretty normal I know.
It finally came to a time when we reached our limit and after putting in our final offer, we were outbid again. When speaking to the EA I informed them that this was the limit of our mortgage but we would try to re-apply for another 5k. We were granted the extra 5k and after calling the EA and putting this in as our bid we were told we were outbid again by another 5k. I spoke to the EA and told them that we couldn't get any more and so, with regret, we would have to leave it at that.
About 20 minutes later we received a call from the EA telling us that although there was a higher offer, they recommended us to the vendor and he agreed to go with our bid. The EA we were dealing with seemed like a genuinely good person so we were nervously excited that we were accepted.
Whenever I tell this to people they ask the question that has been playing in the back of my mind ever since:
"How do you know you the other bids were real? What if you had stopped at 20k earlier?"
I know it is illegal for an EA to falsely claim there are other bids but, as far as I know, there is no way to really check. I wouldn't like to insult the EA by flat out asking but... well.... I don't want to be stupid either.
Does anyone know if there is a way, or even if we are within our rights to question such things?
I spoke to an owner of an identical unit and they made a comment saying "Well if you got it for EUR"X", then you are ok". However, "X" was 2/3 of the price we bid for it. The valuer we had look at the place said he had nothing to compare it to but prices are increasing and so would agree to the valuation. He definitely didn't sound sure though...
I would appreciate any input or comments you may have.
Thanks in advance...