I'm in the process of buying a house. I have put in an offer on a house. The agent says he is waiting for other offers. He could come back to me and say someone else has put in X amount above asking price and whether i would like to increase my offer. There is a likelihood the nobody has put an offer in or the offers have been lower than mine.
How do i know whether the agent is telling the truth? There is no transparency. Estate agents have a bad reputation - underhand tactics are common and this provides an excellent opportunity to exploit the buyer. In the UK, the agent gets a % of the asking price as commission. I'm sure its the same around the globe.
How do I deal with the scenario? Would appreciate any advice.