Bidding on House - Can I confirm other bidders actually exist

shawty · 13-08-2015 2:29pm #1

I'm a first time buyer and I have been out bid on a number of houses.

Is there a way for me to find out if the other bids really exist? If I bid 100 and get a call from the agent saying it's now at 101, how do I really know there is a real bid in? How do I know the agent is not just trying to get the highest amount they can?

Michael D Not Higgins · 13-08-2015 2:40pm

Short answer, no you can't know for certain.

shawty · 13-08-2015 2:41pm

Michael D Not Higgins wrote: »

Short answer, no you can't know for certain.

Well that sucks

Carawaystick · 13-08-2015 2:42pm

you can withdraw from bidding and see if the house sells. Check the price on the property price register and see if its higher than your bid.

shawty · 13-08-2015 2:51pm

Carawaystick wrote: »

you can withdraw from bidding and see if the house sells. Check the price on the property price register and see if its higher than your bid.

I don't want to withdraw, I want the house!!

I didn't think the property price register was that live a system, is it?

L1011 · 13-08-2015 3:24pm

shawty wrote: »

I didn't think the property price register was that live a system, is it?

It'll show pretty much as soon as the sale closes - which can be months out.

Being too eager to get a house is enough reason for an EA to start playing the fake bids game. You can't let them realise you've "fallen in love" (most commonly used term on here) with a house, for instance.

etoughguy · 13-08-2015 3:27pm

If an auctioneer tells you there are other bidders then there are other bidders, they never lie

Riskymove · 13-08-2015 3:29pm

shawty wrote: »

How do I know the agent is not just trying to get the highest amount they can?

you have to assume that the EA is doing exactly that. they are paid by the seller and usually a % of the price.

unfortunately you can't know for sure.

try and find out how long the property is on the market, the sudden arrival of other bidders can be suspicious alright.

shawty · 13-08-2015 3:31pm

etoughguy wrote: »

If an auctioneer tells you there are other bidders then there are other bidders, they never lie

Problem solved!!

What a flawed system that is.

connacht_man · 13-08-2015 3:33pm

shawty wrote: »

I'm a first time buyer and I have been out bid on a number of houses.

Is there a way for me to find out if the other bids really exist? If I bid 100 and get a call from the agent saying it's now at 101, how do I really know there is a real bid in? How do I know the agent is not just trying to get the highest amount they can?

you cant know for sure , its best to be philosophical

play along with the estate agent and know that they all lie through there teeth , if you bid 250 k and he comes back with a phantom bid of 252 , don't let on you know he is being dishonest , these people have no shame , just let him know you are only prepared to make one final offer etc

baschically you accept that they will try and play you and play the game the best you can

connacht_man · 13-08-2015 3:35pm

L1011 wrote: »

It'll show pretty much as soon as the sale closes - which can be months out.

Being too eager to get a house is enough reason for an EA to start playing the fake bids game. You can't let them realise you've "fallen in love" (most commonly used term on here) with a house, for instance.

in a rising market like this one , they will play you to some degree , its about letting them know you have a boundary

shawty · 13-08-2015 3:37pm

connacht_man wrote: »

its best to be philosophical

I would like to buy this house but be aware I'm very philosophical!

Thanks for tips, I'm sure they can all smell the first time buyer off me from a mile away.

jon1981 · 13-08-2015 3:37pm

You could get a friend who sounds convincing to call the EA and enquire if there are other bidders and current offering? I guess they'd have to do some ground work first rather than jumping straight in with the question or they'll sniff it out.

Rackstar · 13-08-2015 3:41pm

shawty wrote: »

I don't want to withdraw, I want the house!!

I didn't think the property price register was that live a system, is it?

Don't get hung up on the house or emotionally attached. If you do, you're setting yourself up for disappointment and over paying for the house.

shawty · 13-08-2015 3:45pm

jon1981 wrote: »

You could get a friend who sounds convincing to call the EA and enquire if there are other bidders and current offering? I guess they'd have to do some ground work first rather than jumping straight in with the question or they'll sniff it out.

I like that!

connacht_man · 13-08-2015 3:50pm

shawty wrote: »

I would like to buy this house but be aware I'm very philosophical!

Thanks for tips, I'm sure they can all smell the first time buyer off me from a mile away.

don't over think that one , they tend to talk in riddles and you need to as well , by that I mean skirt around the price etc , no definitive statements

L1011 · 13-08-2015 3:55pm

connacht_man wrote: »

in a rising market like this one , they will play you to some degree , its about letting them know you have a boundary

The market is static or declining in a huge amount of areas, though. Lending restrictions have hit finally.

spaceHopper · 13-08-2015 4:00pm

Even if you believe there are no other bidders you have to at least offer a price the seller will accept, low balling won't work.

What is the house worth to you, use that as your guide. If there are other bidders then ask the EA are they in a chain, do they have a deposit and mortgage approval..... if he hasn't asked you the same they you could be bidding against a dreamer, if he doesn't know make him go find out. If you don't have it then you are being used to get some other sucker to up their offer.

If they call back with a grand more then if you are going to go up wait a couple of days before you do and maybe make it more than a grand, make it a months rent and try to be the highest on Friday evening so that they are thinking about it over the weekend

shawty · 13-08-2015 4:26pm

spaceHopper wrote: »

What is the house worth to you, use that as your guide.

That's been my thinking. Figure out what I think it's worth, don't get too attached and if it goes above that then walk away.

They say it's a "buyers market" but it really just sounds like a good EAs market to me.

jon1981 · 13-08-2015 4:27pm

It's not a buyers market, hasn't been for about 2 years now. Seems H1 2012 was the ideal time!

From http://www.ronanlyons.com/category/blog/propertymarket/

shawty · 13-08-2015 4:36pm

jon1981 wrote: »

It's not a buyers market, hasn't been for about 2 years now.

Well prices are dropping a bit again in certain spots.

yayaitsme · 13-08-2015 4:41pm

I'm in the same position at the moment, we put in a bid, and next thing a new bidder offered the full asking price. I'm just not sure what to do.

shawty · 13-08-2015 4:43pm

yayaitsme wrote: »

I'm in the same position at the moment, we put in a bid, and next thing a new bidder offered the full asking price. I'm just not sure what to do.

Good luck

etoughguy · 13-08-2015 4:47pm

As someone who has dealt with 3 sets of auctioneers over the years (both buying and selling) I can say about all 3 I wouldn't trust a word that comes out of their mouth. I cant say all auctioneers are lying so and sos but personally I would take what they say with a grain of salt. Dont be pressurised by them

filbert the fox · 13-08-2015 4:50pm

Heard Ray D'arcy interview a property agent there. She will do all that donkey work and learned her trade from Phil Spencer (ooooh that Kirsty one!!) . anyway she said that the market was audited and that EA's were leaving themselves open to losing their licences if there was any sharp practice like this.

(Don't think Ray was convinced...ahem!)

SOooooooooo IMHO the EA's have only one goal..... to get the best price for the vendor...

you have to be crafty

shawty · 13-08-2015 4:56pm

filbert the fox wrote: »

.. she said that the market was audited and that EA's were leaving themselves open to losing their licences if there was any sharp practice like this.

Has there ever been a suggestion that some regulations could be introduced like some central database EAs had to update with official bids?

If yes, could this be pushed through in the next week or so

connacht_man · 13-08-2015 5:44pm

L1011 wrote: »

The market is static or declining in a huge amount of areas, though. Lending restrictions have hit finally.

the dip has passed , trust me , I know the Dublin and galway market well

I Am The Law · 13-08-2015 5:55pm

connacht_man wrote: »

in a rising market like this one , they will play you to some degree , its about letting them know you have a boundary

Could I ask what market you are referring to here?

yayaitsme · 13-08-2015 6:00pm

shawty wrote: »

Good luck

Thanks shawty , and good luck

alastair · 13-08-2015 9:16pm

L1011 wrote: »

The market is static or declining in a huge amount of areas, though. Lending restrictions have hit finally.

The CSO say otherwise. Outside Dublin it's continuing to rise, and the level of price falls in Dublin are both small and localised. Much of Dublin is still quite buoyant (actually most of it is, even where the limited drop in prices is more pronounced). So no 'huge' amount of declining price areas evident in the stats, and where there is a decline, it's minimal stuff.

TonyStark · 13-08-2015 9:26pm

Riskymove wrote: »

you have to assume that the EA is doing exactly that. they are paid by the seller and usually a % of the price.

unfortunately you can't know for sure.

try and find out how long the property is on the market, the sudden arrival of other bidders can be suspicious alright.

Estate agents will usually just want to close the deal. An extra couple of thousand will only mean a few hundred for them. Not in their interest to have protracted sales.

Play it cool though, they will try to get easy cash out of you if they sense desperation. You could bluff and tell them the bank is calling time on your loan offer, you've seen another house and the owners are keen for a quick sale.

As others have said these guys will step up if they smell your love for the house.

Bidding on House - Can I confirm other bidders actually exist

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