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Bidding on property - accept/decline/ignore

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  • 25-05-2015 8:54pm
    #1
    yellow hen
    Registered Users Posts: 4,030 ✭✭✭


    We're interested in buying a house currently on the market for 385k. Apparently (this is from the EA) it went sale agreed last year for 355k but buyer fell through late in process. I can see it was on sale last July so there may be truth in this. Anyway, seller had tenants in so just left them there and has now put it back on the market. So it's now up for 385, has an offer of 310 on it but EA told me the seller wants above 355. It's in a great location but will cost a lot in renovations.
    So long story, we placed an offer of 320 today. Receptionist took the offer and haven't heard a dickie since. I assume we should hear something... No?


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    #2
    December2012
    Registered Users Posts: 4,695 ✭✭✭December2012


    Why did you bid 220 if there's an offer of 310 on it?


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    #3
    dpofloinn
    Registered Users Posts: 744 ✭✭✭dpofloinn


    You will hear something one way or another ( vendors/EA are probably trying to figure out if you are serious 220 is a very cheeky bid ) but don't expect a positive reply


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    #4
    Oryx
    Subscribers Posts: 19,425 ✭✭✭✭Oryx


    Is 220 a typo?


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    #5
    yellow hen
    Registered Users Posts: 4,030 ✭✭✭yellow hen


    Oryx wrote: »
    Is 220 a typo?


    Oh sorry! Yes it's a typo.... 320 was our offer so ... as you were :)


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    #6
    delly
    Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 7,685 Mod ✭✭✭✭delly


    For someone who had sale agreed last year, I doubt you will hear anything back for a number of days. They have nothing to lose to hold out to respond, in the mean time you are wondering what is going on etc.


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    #7
    CaoimheSquee
    Registered Users Posts: 359 ✭✭CaoimheSquee


    Once you placed that offer the EA would only have picked that up whenever they got back in the office.
    That offer then needs to be relayed to the under bidders and they have to be allowed to come back with a counter one if they want to. This only happens as fast as the under bidders go so in general give it at least 24 hours before you would expect to hear anything back. Especially at this stage of the sale, things will be going a little slower.


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    #8
    johndaman66
    Registered Users Posts: 4,097 ✭✭✭johndaman66


    CaoimheSquee wrote: »
    Once you placed that offer the EA would only have picked that up whenever they got back in the office.
    That offer then needs to be relayed to the under bidders and they have to be allowed to come back with a counter one if they want to. This only happens as fast as the under bidders go so in general give it at least 24 hours before you would expect to hear anything back. Especially at this stage of the sale, things will be going a little slower.


    Yep, don't expect to hear back as soon as the same day or even day after OP. Your bid would need to be communicated back to the other bidders also and typically they would need time to digest the higher bid and decide if they want to up their offer (assuming there is another interested party). Many would wish for the Estate Agent to leave it with them overnight....discuss with partners, spouses etc etc.


    Having bought towards the end of last year and dealt with a considerable number of Estate Agents before that I can say some are more hands on than others. Some would typically phone you back in that situation straight away to acknowledge your offer immediately and others simply won't. Absolutely no need to be getting ovely eager at this point.


    Is the same house on the books of more than one agent as many often are?


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    #9
    sapper
    Registered Users Posts: 423 ✭✭sapper


    Hi - I put my house up for sale back in July last year and was surprised by the level of interest and the amount of bidding. We were hoping for asking price (320k) and ended up getting 25k more (345k) after just 2 viewings. That sale fell through (our fault!) and then we put it up again in Jan, looking for 345k again

    We got a lot less interest the second time round - lots of people looking, noone bidding - maybe 20 viewings and not one bid. Eventually we got one close to asking and bit their hand off. All sold now

    To me its an indication that the market has cooled significantly compared to last year, and that someone putting a house back up for sale needs to learn that.

    So if I were you I would cool your heels and wait for them to realise your bid is actually quite good (assuming it is!)


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    #10
    yellow hen
    Registered Users Posts: 4,030 ✭✭✭yellow hen


    Thanks all. I got an acknowledgement from EA today so happy to leave it with him for now. Interested in comments above; do you think people have less available cash funds now? I wonder if the prospect of needing cash to renovate is turning off potential buyers


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    #11
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    Also you need 2o per cent deposit to get a loan now .
    I dont think incomes are going down now for people that have jobs .


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