How to handle offer guidance from Auctioneer

[emeralds]

Not every seller will agree to an underbid cash sale if they prefer to wait and have more money.

I agree. I have just sold a house to a mortage buyer and got €50,000 more than a cash buyer had offered..

 

[MrMan]

Gazumping was the dirty word of the boom, it seems that gazundering is now perfectly acceptable. At the end of the day, everyone is trying to get the best possible outcome for themselves, so why the pretence that the little ol bidder is being screwed on every occasion, when they are trying to squeeze every last drop out of the deal themselves?

 

[MrMan]

Yep, be careful about playing this 'underbidding' game. One buyer came back to me with a 100k bid under asking price, another 50k and so on, in increments of 1-2k per offer. The asking price was still under mortgage balance so a good deal. I ended up moving back into the house and taking it off the market such was my frustration at the whole process. I am now very happy I did take it off the market as I got a new job within weeks and the urgency to sell evaporated. If I had sold it that time I would have been continuing to pay the negative equity balance for years after I sold it. EA sent me a bill of €1k for his 'efforts' despite there having been no sale concluded.

If you agreed a no sale no fee than don't pay the 1k. If you decided to pull the house after continued negotiation, don't you think the the EA deserves something for his services?