EA Insisting on Phone Bidding

Malari

Is anyone familiar with a scenario where an EA tries to get two bidders on the phone together (to different agents in the office) in order to "wrap up" the bidding? I can't really understand why they don't just say if they don't hear from the underbidder by X time on X day that they'll assume they have dropped out of the bidding. It's like they are trying to force an auction situation!?

Flatzie_poo

Never come across that!

To be honest, I would have liked this situation in the past, providing that the highest offer over the phone meant the bidding process was wrapped up.

Malari

Well, the thing is for a lot of people you want to discuss it with someone first, at least have a think for a few minutes!

But yeah, I can see how it could suit in some situations.

JimmyMW

Flatzie_poo wrote: »

Never come across that!

To be honest, I would have liked this situation in the past, providing that the highest offer over the phone meant the bidding process was wrapped up.

What if the EA had a phantom bidder on the other end, no way would I do that, if your being forced into an auction situation, face to face with your solicitor present is the only way I would go.

Flatzie_poo

Malari wrote: »

Well, the thing is for a lot of people you want to discuss it with someone first, at least have a think for a few minutes!

But yeah, I can see how it could suit in some situations.

Agreed, once they don't mind hearing a husband and wife having a domestic mid-call about what their highest bid is!!!

It'd be a practice less out of place in the rental market I guess!

Are you going to take part in this scenario?

Flatzie_poo

JimmyMW wrote: »

What if the EA had a phantom bidder on the other end, no way would I do that, if your being forced into an auction situation, face to face with your solicitor present is the only way I would go.

Well i'd just make an offers up till I'm comfortable with the amount and in line with what I think the property is worth, and find out before I hang up if I'm successful.

A "phantom bidder" can bid without using a phone too...

I'm not saying the practice is foolproof by any means, it was one offer per day back and forth on a previous house I was bidding on. just seems more efficient providing the process is closed after the call as i mentioned.

Malari

Flatzie_poo wrote: »

Agreed, once they don't mind hearing a husband and wife having a domestic mid-call about what their highest bid is!!!

It'd be a practice less out of place in the rental market I guess!

Are you going to take part in this scenario?

I don't want to take part! I know how far I'd go without discussing it with another person, who is currently unavailable. We may go further.

The EA has mentioned this a couple of times now, and are saying they will have to do it this way to close it today. At this stage they won't be in receipt of a deposit until Monday anyway, so I can't really understand the rush.

Its a good idea to bring things to a head and go sale agreed. Presumably somebody is dragging heels on the process and the vendor is getting fed up.