Putting in an offer - how can you suss if counter bids are genuine?

davo10

davo10 wrote: »

Why would you think the vendor/EA would not go back to the other bidder? It doesn't make sense for them not to. The other bidder probably did the exact same as you did, put in one final offer to seal the deal.

Again, a property is worth what the buyer is willing to pay for it. The "worth" of a property is what the ultimate purchaser is willing to pay for it, not what you think it's value is. You can make your final bid, if someone else bids more, then so be it.

As others have pointed out, the EA does not work for the purchaser, he/she works for the seller, they are being paid to get the maximum amount for the seller.

As with all threads like this, the shoe is always on the other foot when you come to sell a property, how would you feel if you were selling a house and the EA didn't go back to the other bidder and ask if they wanted to up their bid? You would have €30k less in your pocket, you'd be a bit sore about that, wouldn't you?

Buyers want to buy low, sellers want to sell high, but the EA only works for one side.

I thought the EA would not go back to underbidder because he said he wouldn't for starters! If the EA was not interested, he should not have entertained the idea in the first place. I would happily have walked away.

I thought the vendor might be tempted to go sale agreed on house based on the fact that the underbidder had been offered the opportunity to counter my initial bid and hadn't in over a month. They were dragging their feet, whereas I wanted to get something done within 48 hours.

Also, I was a safer bet as I was not in a chain and had all my finances ready to go asap. The other bidder was more complicated. There are numerous examples on Boards of bidders on a house not being offered a chance to counter and a property being sold to another bidder who is considered a safer bet.

Either way, other bidder got his house, EA and vendor got great price and I went sale agreed on another house within 24 hours so everyone was happy.

However, I felt that the EA did not keep his word and other bidder probably paid 30k over the odds.

davo10

Again, the EA does not work for you. Why are you so hung up on him/her going back to the other bidder? That is what they are paid to do

The bidding was still active until you said it was your final bid, all the underbidder had to do once you said that was bid higher, you're out, only one bidder standing.

The buyer didn't overpay, he/she just bid more than you did. You got another house, now everyone is happy.

davo10

davo10 wrote: »

Again, the EA does not work for you. Why are you so hung up on him/her going back to the other bidder? That is what they are paid to do

The bidding was still active until you said it was your final bid, all the underbidder had to do once you said that was bid higher, you're out, only one bidder standing.

The buyer didn't overpay, he/she just bid more than you did. You got another house, now everyone is happy.

Agreed. It's not worth thinking about it now anyway. I was just surprised that EA agreed to one thing and then went back on his word, but I am not really bothered so will leave it at that.

bike2wkr

Im no expert but agents are doing their job. It's crazy but that's the game.

Put in a big bid to call other bidders bluff. Otherwise pull out and wait for something else to come along.