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Bidding on a house

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    #32
    leahyl
    Registered Users Posts: 14,285 ✭✭✭✭leahyl


    I did say that if anything happened that the sale didn't go through that I am still very much interested and would he come back to me and he said he would. I doubt anything will change but sure no harm in saying it anyway.

    I never thought of matching their bid but it's too late now as I have already said that I'm "out"


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    #33
    April 73
    Registered Users Posts: 846 ✭✭✭April 73


    Mr. Loverman wrote: »
    Curious - why didn't you try?

    The other bidder was a first time buyer who had matched our previous offer. We told the EA that our offer stood & it would be up to the vendor to decide between us. We mulled it over & decided that the house ticked 9.5 out of ten boxes for us at a price we were very comfortable with.
    So in order to make us the more attractive proposition (with a house that still had to put on the market & sold) we felt we should offer the extra money as an incentive. We knew the house hadn't reached a price that the vendor was really happy with at that stage. We did say that would be as far as we would go & if the vendor didn't accept it we were happy then to walk away. Yes we could have offered a smaller bump up but if I was selling a house to a FTB or to someone who had to sell a house €200 or even a €1000 wouldn't provide an incentive. By offering a decent amount it bumped the price up to a point where the vendor felt they had extracted all there was to extract from the bidders.
    You could say that we should have stayed firm over the weekend & let the cards fall where they would. Maybe we ended up paying €5000 more than we could have but we secured the house at a price that we were happy to pay - we had initially thought it would end up about €25,000 higher. I wouldn't have been so sanguine at that kind of money!


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    #34
    mel.b
    Registered Users Posts: 3,130 ✭✭✭mel.b


    leahyl wrote: »
    Thanks for the advice guys. Had a second viewing of the house last night and it looked even better this time! Anyway doesn't matter, because got a call from estate agent just now to say they got an offer of asking price and I can't go beyond that. Absolutely heartbroken....again :(

    Leahyl, i'm really sorry to hear this. Were you in a position to offer asking or not? This is where the strategy of 'not bidding against yourself' doesn't work. If you were able to afford asking you could have negiotated up to this and potentially have secured the house before the other party even saw it, rather than waiting for others. Maybe something to think about for next time?


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    #35
    leahyl
    Registered Users Posts: 14,285 ✭✭✭✭leahyl


    mel.b wrote: »
    Leahyl, i'm really sorry to hear this. Were you in a position to offer asking or not? This is where the strategy of 'not bidding against yourself' doesn't work. If you were able to afford asking you could have negiotated up to this and potentially have secured the house before the other party even saw it, rather than waiting for others. Maybe something to think about for next time?

    Yeah to be honest that was my plan but it didn't work out - I was prepared to go to asking cos it's in such good condition, but didn't get the chance. Thought maybe they'd start at 10k below asking and then I'd be able to bid more. Ah well, that's the way the cookie crumbles i guess


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    #36
    Dr Strange
    Registered Users Posts: 3,427 ✭✭✭Dr Strange


    I know you said that you're "out" to the EA but if this is really what you want why not go back and say that while you can't bid higher you thought about it and can at least match the offer? At least you won't be thinking "what if?" as you have thrown everything in and you never know, stranger things have happened, you may get it. And if not, at least you've tried your best. I don't think there's any shame in going back to the EA about it, even after saying you're out.


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    #37
    leahyl
    Registered Users Posts: 14,285 ✭✭✭✭leahyl


    Preusse wrote: »
    I know you said that you're "out" to the EA but if this is really what you want why not go back and say that while you can't bid higher you thought about it and can at least match the offer? At least you won't be thinking "what if?" as you have thrown everything in and you never know, stranger things have happened, you may get it. And if not, at least you've tried your best. I don't think there's any shame in going back to the EA about it, even after saying you're out.

    My mum said the exact same thing to me this morning! But I don't see how matching the price will make any difference. I'll try anyway, but sure he's probably informed the bidders that their bid has been accepted cos he wanted an answer from me yesterday

    Ok, just sent an email saying that I could match the other bidders offer of asking price and that I understand that he has probably informed other bidders that their offer has been accepted but that should anything happen that the sale falls through I would like to be kept in the loop. I told him I was first time buyer and ready to go with finance - sure the other bidders could be FTB's too but sure it doesn't hurt to say it.

    I've done the best I can do now.

    Thanks as always for the advice on here :-)


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    #38
    DrBass
    Registered Users Posts: 92 ✭✭DrBass


    leahyl wrote: »
    I don't see how matching the price will make any difference.
    Why not? your 200k has the same value as another persons 200k - no?
    leahyl wrote: »
    cos he wanted an answer from me yesterday

    Never be rushed into making a decision, and never make a decision on the phone with the EA - Tell him that you need some time to think(or discuss with a partner) and that you will get back to him asap.
    leahyl wrote: »
    First time buyer and ready to go with finance
    Do you have underwriter loan approval? no harm if you do to send them your full loan approval.

    If you really like the house, don't give it up with out a fight eh - I wish you luck!


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    #39
    April 73
    Registered Users Posts: 846 ✭✭✭April 73


    That was a good idea to go back & give them your offer. If you have finance approved & a solicitor ready to go, let them know that too. It shows you are a serious bidder.
    I know from dealing with EAs last year that they like to put a bit of pressure on to bring things to a close. Often the vendor doesn't push for decisions like that at all & it's quite likely that it's not sale agreed at all yet. Good luck!


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    #40
    leahyl
    Registered Users Posts: 14,285 ✭✭✭✭leahyl


    DrBass wrote: »

    Do you have underwriter loan approval? no harm if you do to send them your full loan approval.

    If you really like the house, don't give it up with out a fight eh - I wish you luck!

    I don't have full approval yet because I need the property in order to process it but he had already asked me for a letter from the bank when I put in my original bid saying that I would be able to get a mortgage - which I did, so he knows I'm serious.

    I have had full loan approval before a few times and am now in an even stronger position with savings etc so I know that I will be approved.

    Thanks for encouragement


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    #41
    ABajaninCork
    Closed Accounts Posts: 8,411 ✭✭✭ABajaninCork


    Did you follow up the e-mail with a call?


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    #42
    PetuniaT
    Registered Users Posts: 17 ✭PetuniaT


    Definitely follow up your email with a call as it could easily get "lost" in with other emails and spam etc. Know how disheartening it can get trying to buy in this climate. I'm sale agreed and waiting for contracts to be issued since before Xmas and hoping it's not the third one to fall through in a row. Good luck with your offer and keep us posted!


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    #43
    leahyl
    Registered Users Posts: 14,285 ✭✭✭✭leahyl


    I'm really bad on the phone - can't assert myself too well and I have been in contact with him by email over the last week also so I'm thinking he will see my email.


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    #44
    TheDriver
    Registered Users Posts: 12,514 ✭✭✭✭TheDriver


    call his office and leave a message with the secretary that there is an email for him etc etc


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    #45
    ABajaninCork
    Closed Accounts Posts: 8,411 ✭✭✭ABajaninCork


    If you want the house (or indeed any house), then you have to get over the phone nerves! If it helps, write down a few bullet points with what you need to tell them first.

    This is a business transaction. You want the house? You've mailed the agent. No guarantee he's even SEEN the mail yet, if he's been out of the office/busy with clients.

    As above. Call the office. If he's not there, speak to his secretary/boss, and tell them you've mailed in another offer and you're following up.


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    #46
    um7y1h83ge06nx
    Closed Accounts Posts: 5,029 ✭✭✭um7y1h83ge06nx


    I would also say to always deal with the EA directly and not the office staff when putting in bids. That way you can get a better feel for things from his reaction. I think it shows you're possibly a bit more serious too.


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    #47
    leelee77
    Registered Users Posts: 140 ✭✭leelee77


    LeahyL please don't give up. You don't know what the vendors circumstances are.

    My friends recently sold their second home. They were under pressure to sell it quickly. One couple offered them under the asking but have no chain. The other couple offered €6k more than the other couple but both had houses to sell. My friends went with the first couple. There were too many things that could go wrong/be delayed with the second couple.


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    #48
    leahyl
    Registered Users Posts: 14,285 ✭✭✭✭leahyl


    Just got an email from auctioneer - they already put a deposit on house today :(:(


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    #49
    leelee77
    Registered Users Posts: 140 ✭✭leelee77


    leahyl wrote: »
    Just got an email from auctioneer - they already put a deposit on house today :(:(

    Sorry to hear that.


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    #50
    ABajaninCork
    Closed Accounts Posts: 8,411 ✭✭✭ABajaninCork


    leahyl wrote: »
    Just got an email from auctioneer - they already put a deposit on house today :(:(

    That's a shame. I'd still tell the EA you'd like to be kept informed - just on the off-chance the sale goes to the pictures.


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    #51
    Dr Strange
    Registered Users Posts: 3,427 ✭✭✭Dr Strange


    leahyl wrote: »
    Just got an email from auctioneer - they already put a deposit on house today :(:(

    That's a pity. At least you can start clearing your head and when you're ready start looking again. Don't give up.


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    #52
    leahyl
    Registered Users Posts: 14,285 ✭✭✭✭leahyl


    ABajaninCork wrote: »
    That's a shame. I'd still tell the EA you'd like to be kept informed - just on the off-chance the sale goes to the pictures.

    Thanks - yes, I've told him that I am still interested if anything should fall through.


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    #53
    April 73
    Registered Users Posts: 846 ✭✭✭April 73


    That's a shame. At least you know you tried your best though. It mightn't seem like it now, but something else will come along.


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