The estate agent says there is more than one offer, is it true?
Answer
Unfortunately this may or may not be true. If they are lying the property will remain on the market. If they are not and you don't agree to use an option such as sealed bids you will lose the property to another buyer.
Note that even if a property has been on the market for a long time, there may now be more than one offer.
I had a situation once where a property was on the market for 14 months and then two competing offers came at the same time.
Why? Because 14 months ago the vendor wanted too much for the house but over that time the market rose over 10% and suddenly what as pricey became mainstream.
The agent should not tell you the level of the other offer in the same way that you would not want your offer revealed to other buyers.
If they do they are probably trying to start a bidding war and I would advise that you walk away. The agent will cause more trouble than is worthwhile. Let it go!
If your search is slow and, in a few weeks, you see the property is still on the market you can always make your offer again.
It could be that both you and the other buyer got smart and moved on.
To find out all the tips and tricks for handling multiple offers on a property pick up a copy of my ebook How to Really Buy a Property.
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