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taking property off the market at the asking price / shaddow biddin

By M2012 at 10:39, Thu April 19 2012, in Buying or selling - 18 responses

HI,
We are a first time buyer keen to buy. We got a mortgage approval and found a house we liked.
The asking price was 170, 000 when we got the mortgage approve the EA told us there are 2 other bidders and the highest offer to date was 152,000. We didn’t want the bidding war so asked the EA what offer should we make for the vendors to take the property off the market and sell it to us. He said that the vendor advised him that if we offer the full asking price they will do so. I did explicitly that this offer is only valid on the basis that they will take the property off the market. A couple days later I got a phone call from the EA saying there was a higher offer of 175 was made.I was He did indicate that the other bidders were informed about our offer. But the offer of 170 was only made by us because we were told the vendors will take it off the market .So now we are in a bidding war over the asking price. Does this sound fishy or am I just paranoid? Neither myself or my boyfriend don’t know the property law well so I was hoping somebody could advise us is it even legal that they did?
Also is there any chance to check if there are other bidders? I was told by one of my friends that sometimes EA use the “shadow bidder” tactics – they tell you there is another bidder when if fact there is none to make you offer a higher price? I’m not saying it’s what’s going on here but I would like to know is there a way to check it?

Thank you all for reading.
Have a nice day!
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taking property off the market at the asking price / shaddow biddin
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Re: Re: taking property off the market at the asking price / shaddow biddin
Re: taking property off the market at the asking price / shaddow biddin
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Re: Re: taking property off the market at the asking price / shaddow biddin
Re: Re: Re: taking property off the market at the asking price / shaddow biddin
Re: Re: Re: Re: taking property off the market at the asking price / shaddow biddin
Re: Re: Re: Re: Re: taking property off the market at the asking price / shaddow biddin
Re: Re: Re: Re: Re: Re: taking property off the market at the asking price / shaddow biddin
Re: Re: Re: taking property off the market at the asking price / shaddow biddin