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Offer made during bidding

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  • 31-07-2013 4:39pm
    #1
    splashthecash
    Registered Users Posts: 2,314 ✭✭✭


    I was bidding against someone for a property and lost out. What happens if the deal falls through and the estate agent calls me asking if I am still interested...is it usual that I should stand by my last bid or is it open to negotiation again....I would assume that I can submit a new bid as I only made the last bid because I was bidding against someone else

    What is the etteiqute here?


Comments

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    #2
    limnam
    Registered Users Posts: 9,171 ✭✭✭limnam


    I would revert back to your first bid on the house.

    If another bidder arrives magically. I would advise them it's your final offer and put a time period on that offer and move on.

    Sounds like your dealing with a potential phantom bidder if he magically comes back after you put the breaks on


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    #3
    JOSman
    Registered Users Posts: 500 ✭✭✭JOSman


    Tell them you'll think about, then give a lower offer in a couple of days.

    Best of luck.


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    #4
    spaceHopper
    Registered Users Posts: 3,991 ✭✭✭spaceHopper


    Do a your user name says -kidding. Chances are it's a real bidder. First ask why it fell through, could be a bad structural report.... worth asking. Were there other bidders who dropped out before you. I'd offer the next bid up from that.


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    #5
    xper
    Registered Users Posts: 1,068 ✭✭✭xper


    You are perfectly entitled to revise your offer in any way at any stage. Going back to your first offer after another bidder has pulled out would seem logical but its not that straightforward. Herein lies the art of haggling and you have to assume that the EA, if not the seller, is better at this than you!

    You have shown your hand. The EA and seller now have strong evidence that you have the means and willingness to pay more than your initial offer so you may have to work hard to persuade them that you won't. As suggested, you can try and find out what went wrong with the other bid - did items that will incur significant cost come up on a survey? Did the other bidder's bank valuation come in too low? Did they just change their mind or get cold feet? Maybe they just got carried away in the bidding and realised it too late (it happens). You could play the line that you were in a similar situation (without sounding like a complete messer).

    Do you have any idea whether your initial bid would have been accepted in the absence of another bidder or was it just noted? Was it below, at or above the original asking price? Were there other underbidders?

    You can opt to play hardball. Name your price and a date, not too far in the future, when it expires and you will walk away. But be prepared to walk away.

    The EA will really be looking to get at least your last bid and will know all the tricks in the book of what to say and will be ready with their speil. Stay calm, don't get pressurised into making a snap decision. Buy yourself time, get off the call and say you'll be back to them very shortly. Say you are already about to bid on another property (plausible - you were out of the running on this one) and need to think about it.


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