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Matching Bids?

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  • 24-06-2014 4:25pm
    #1
    liger
    Registered Users Posts: 756 ✭✭✭


    Hi,


    We have been looking to move and have seen an ideal property,

    Went to view it, there was apparently a good bit of interest. We made an offer and two weeks the EA cam back and said they had an offer of there asking price ( 25k more than my offer )but the house would remain on the market for 3 more weeks to see if anyone would make a better offer.

    Now i was already near the top of my limit but have come up with a bit extra cash and might be able to reach the asking price, my question is if i make an offer of the asking price that matches the current highest bid will they have to accept the first offer recieved or could they take mine instead?

    I want to avoid a situation where i offer 1k more and then they another 1k more, i was the first to make an offer on the house and the asking price is a stretch as is so i dont want to just offer higher and be out-bid again straight away,

    Any advice would be good.


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    #2
    Caliden
    Registered Users Posts: 5,982 ✭✭✭Caliden


    I'd be wary of what an estate agent tells you to be honest. At the end of the day the more the house sells for, the more they get so it's in their interest to pump up the value.


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    #3
    um7y1h83ge06nx
    Closed Accounts Posts: 5,029 ✭✭✭um7y1h83ge06nx


    If you have an agreement in principle from a bank or aren't involved in a chain (where you need to sell one house to buy another) it's worth bringing it up. The other potential buyer might have a more complicated setup.

    Out of curiosity, where in the country is this?

    I ask because who the f**k puts a bid in €25k above the current highest bid. Sounds either reckless or fishy.


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    #4
    liger
    Registered Users Posts: 756 ✭✭✭liger


    Its in wicklow, House with a good bit of land. In fairness, The estate agent was telling everyone when they viewed it that the owner wanted the asking price and if they got it they would be happy as they want to move.

    I am selling my house and have a buyer lined up ready to go, my EA has done a great job so far.


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    #5
    evolving_doors
    Closed Accounts Posts: 11,812 ✭✭✭✭evolving_doors


    Nylah Stocky Belly wrote: »
    If you have an agreement in principle from a bank or aren't involved in a chain (where you need to sell one house to buy another) it's worth bringing it up. The other potential buyer might have a more complicated setup.

    Out of curiosity, where in the country is this?

    I ask because who the f**k puts a bid in €25k above the current highest bid. Sounds either reckless or fishy.

    I think the 25k was to match the asking price I.e. the op bid 25k under the asking!

    Anyhow op messing about with bids 1k here and there would wreck an EA's head. Just imagine if they are on a 1% comission and need to have so many sales a week. At the end of the day they will want to close asap with who ever has the readiest cash, unless of course the bids are moving fast in higher increments... The other bidder came in strong for that reason. If its dublin then expecting below the asking pieces is getting rare enough.

    Thats my experience anyway when I put a higher bid in, the EA wasnt to pushed ...doing the best for their client is only half the story.
    Maybe do call the bluff with 1k and pretend that you have buckets, if EA sniffs a bidding war they might come back to you quick..also the other bidder might have maxed out their options.

    Youll always be wondering though no matter what.


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    #6
    applicant
    Registered Users Posts: 35 ✭applicant


    If you are a first time buyer and have approval in principle it is worth mentioning. Also if you are in a position to move quickly that is favourable too. All you can do is decide on what the max you can afford to bid is, offer it and if they don't accept walk away. Good luck!


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    #7
    um7y1h83ge06nx
    Closed Accounts Posts: 5,029 ✭✭✭um7y1h83ge06nx


    Armelodie wrote: »
    I think the 25k was to match the asking price I.e. the op bid 25k under the asking price

    Ah okay. Still a bit mad to escalate things so much if the auctioneer was truthful about the OPs bid.

    I myself for instance would have maybe went 5k above the OPs bid and waited it out. We're all different of course.

    Of course maybe the auctioneer is telling a few porkies.


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    #8
    liger
    Registered Users Posts: 756 ✭✭✭liger


    Nylah Stocky Belly wrote: »

    Of course maybe the auctioneer is telling a few porkies.



    Isnt that always the problem.


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    #9
    um7y1h83ge06nx
    Closed Accounts Posts: 5,029 ✭✭✭um7y1h83ge06nx


    liger wrote: »
    Isnt that always the problem.

    Indeed!


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    #10
    MouseTail
    Registered Users Posts: 1,663 ✭✭✭MouseTail


    They could take yours, and probably would if you were in a stronger position than the other bidder, cash or no chain. But you are in a chain, so I cant see them accepting your bid.


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