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Bidding on multiple properties sold by a single agent

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  • 25-07-2013 5:55pm
    #1
    OSiriS
    Registered Users Posts: 1,657 ✭✭✭


    I plan on buying a house sometime in the hopefully near future, and have found a number of properties in an area that I like. Something that troubles me from a negotiation standpoint is the fact that they are all being sold by the same estate agent. A few of these properties are a little above my budget, but I'm hoping they can be bargained down within reach. There is also a fallback property that I like which has a price that is about 60% of the others

    My concern is that I bid for the more expensive properties, but my budget is rejected, now I have laid my cards on the table. When it comes time for me to put bids on the cheaper property, the agent has a good idea of how much I am prepared to spend on a house, will advise the seller not to accept bids of under the asking price, and might even recommend they hold out for a price above the asking.

    Has anyone experience with this with circumstances like this? I suspect that if I do bid, I will just have to suck it up and accept that by bidding on houses above my budget it will be hurting my chances of a good deal on a cheaper property.


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    #2
    Duckjob
    Registered Users Posts: 2,859 ✭✭✭Duckjob


    I wouldn't really see it as an issue TBH.

    Just because you're prepared to spend €x on House A, doesn't mean you're prepared to spend the same amount on House B if there's a value difference between them.

    Just bid in each case based on what the house is worth to you.
    My concern is that I bid for the more expensive properties, but my budget is rejected, now I have laid my cards on the table. When it comes time for me to put bids on the cheaper property, the agent has a good idea of how much I am prepared to spend on a house, will advise the seller not to accept bids of under the asking price, and might even recommend they hold out for a price above the asking.

    The EA/seller can only play you on price if you allow yourself to be played. The decision on how much you bid on any property is yours and yours alone. It's up to you to communicate that message to them. If they want to arse around and lose a potential deal over a price that they never envisaged getting in the first place well, more fool them.


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    #3
    ted1
    Registered Users Posts: 23,524 ✭✭✭✭ted1


    Get a friend or family member to bid for you


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    #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    ted1 wrote: »
    Get a friend or family member to bid for you

    +1

    Keep out of the equation.
    Use differerent family members / friends to bid on each property, keep out of it yourself. Tell them to be ruthless. Time limit the offers. Make the Estate Agent aware that the cash is available- but on your terms, not his (or more pertinently, his sellers).

    Time limit offers. Don't over stretch yourself. Unless the property is in Dublin/Cork city centre/ Galway city centre - prices are continuing to fall, don't let yourself be fooled by Estate Agent talk. There is no floor on prices- they are continuing to fall- regardless of what the estate agent would like you to believe- you are in a very strong position.


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