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Advice on bidding through an EA

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  • 10-04-2013 11:44am
    #1
    Dublin25
    Registered Users Posts: 123 ✭✭


    Hi All,

    Just wondering if you fine people can help and advise me on whether what we are doing is right or if there is a better way to go about it.

    Myself and himself are looking to buy a property that has an asking price of 215k, from what we could gather there was a previous bid of 180k and it was rejected. So we made a first offer of 181k and naturally enough this was rejected by the vendor.

    Now the EA has said that the vendor isn't willing to look at anything below 200k, this was also mentioned upon enquiring about the house in the beginning and the original bid of 180k was from a couple that maxed out at that amount. EA said the vendor is looking for 205-215k for the house, upon rejecting our first bid.

    Himself wants to go back with another offer of 184,500k and see how we go. Is it right to go so low?

    Is the EA just trying to push us? to go to 205k as a entry.

    With all the previous posts about phantom bidders (we haven't heard about another bid yet), from previous posters i'm a bit concerned about how much to believe an EA.

    Also, on the grapevine we've heard that this vendor is eagerly looking to move from the area so i'm not sure what to belive from the EA.

    Thanks for any help you might have.

    PS we are first time buyers if that is of any use.


Comments

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    #2
    spockety
    Moderators, Education Moderators Posts: 5,468 Mod ✭✭✭✭spockety


    Don't bid against yourself. It doesn't matter if the vendor will "only entertain" bids above €200K. If they don't get any then they are asking too much for the property.

    I think your other half is right, bid the €184K and leave it at that. If someone else comes in and outbids you, then you have to consider your next move. But don't up your bids just because they get rejected if there is nobody else involved in the bidding.


  • Options
    #3
    Dublin25
    Registered Users Posts: 123 ✭✭Dublin25


    Thanks Spockety.

    I'm not the most patient person, so I think this whole bidding process isnt' going to sit too well with me.

    Think i'm just concerned about the EA playing games, and how to handle that more so!


  • Options
    #4
    BeatNikDub
    Closed Accounts Posts: 603 ✭✭✭BeatNikDub


    It is pretty common that the vendor has instructed the EA a price that they may not go below, but they MUST bring all bids to the vendor.
    The price that vendor has in mind may be too high but at the end of the day they are the boss.


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