Transparency in bidding with agents

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Hi,

I've been bidding on a house recently through the agents looking after the sale and I was just wondering what kind of transparency is available to you as a bidder...e.g. can I ask to see a record of bids made by the other parties? The bidding process has been a little strange so far...not that I have much experience as I'm a first time buyer...but the agent stopped bidding because one of the other bidders went away for a few days. I had never heard of that before and also myself and my boyfriend got different amounts as the highest bid when we rang up on the same day. I'm not suggesting anything untoward I was just wondering if you could actually ask for a record of the bids...I do realise that you have to respect other peoples privacy too but I dont really want to know their details either. Any ideas?
 
It sounds very very much like you are yet another victim of estate agent malicious tricks - how else can you explain the fact that you and your boyfriend were both quoted different amounts?

Yes I'm sure you could ask to see a record of bids but this basically amounts to a few scribbles on pieces of paper - the agent is not obliged to keep any official record of bids....yep thats just how much of a shambles the property market really is. Search here for numerous posts of people, myself included, who have had dealings with dodgy estate agents.

Sounds to me like your bid is actually the highest and the agent is stalling waiting for someone to come along and outbid you, and in the meantime they will probably throw in a phantom bid or two to see if you will bite. Try turn the tables by saying that you have an offer accepted on another property and you need to finalise it asap so your offer stands for the next 24 hours and will not be revised upwards as you are quite happy with the other house. Worst case you eat humble pie and up your bid, its not like theyre gonna refuse your money....something REALLY needs to be done about estate agents and their carry on.
 
Thanks for that reply. As much as I want to believe that everything is above board I'm starting to lose faith quickly. Its so frustrating trying to figure out if you're being played for a fool, especially when its such a big decision and such a lot of money. Your advice is really good and I'll remember it for the future...I think it might be too late for this house though. Its quite shocking to think that they can get away with this kind of behaviour but then again why am I surprised!!!
 
The way to stop this is for everyone to put a time limit on a bid
 
I think the only way to deal with this scenario is to know how far you will go. This can be above or below the so called guide. If there are two of you involved, one needs to act as the disinterested party and hold the cheque book. The ole estate agent is merely going to maximise the sale price for client.

Never appear to desperate for the place. That gives an odour of having more money.
 
You want to make the bidding process realy transparent ,use the old saying "money talks and BS walks "
as follows
put in your bid as follows 10% of your offer in the form of an official bank cheque and your offer to expire in 3 days , the geedy estate agents will jump on it, of course if a larger bid comes in you should be able to view the other bidders cheque to see that it is legitimate , as they could see yours .

even if you fail on one proprety when you go back to the estate agent they will know that you mean business and you are not one of the many "tire kickers " out there.
It sends a message that we will not tollerate the pratices that they have been able to get away with for years , the bidders and the estate agents are bound to act in a more professional way

 
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