Retracting and re-entering a bid

tippgod

Retracting and re-entering a bid
Hi, just a quick question. I have a bid in on a house that is 9k over the last bid. I was informed that all other bidders have pulled out. The seller is starting to drag their heels thinking he might get more ( already 30k over the asking price).

Can I offer an ultimatum and give him the weekend to think it over and if he hasn’t decided, that I withdraw my bid of 300k and re-enter a bid of 292k (last highest bid was 291k)

Is this a good or bad idea

castle2012

tippgod wrote: »

Retracting and re-entering a bid
Hi, just a quick question. I have a bid in on a house that is 9k over the last bid. I was informed that all other bidders have pulled out. The seller is starting to drag their heels thinking he might get more ( already 30k over the asking price).

Can I offer an ultimatum and give him the weekend to think it over and if he hasn’t decided, that I withdraw my bid of 300k and re-enter a bid of 292k (last highest bid was 291k)

Is this a good or bad idea

Think you LL be seen as a Messer. You could possibly loose the property .

tippgod

Also, the auctioneer has another property up for sale that I would be interested in. Should I put a bid on that or can you bid on two houses with the same auctioneer?

Its just in the past , i have lost the sale of a house with last second viewings/bids

DublinDilbert

tippgod wrote: »

Also, the auctioneer has another property up for sale that I would be interested in. Should I put a bid on that or can you bid on two houses with the same auctioneer?

Its just in the past , i have lost the sale of a house with last second viewings/bids

Go look at the other property, even better that its with the same EA. Keep on searching around to keep your options open. If they think this is the one any only house you will buy of course they will look for more money.

gaius c

tippgod wrote: »

Retracting and re-entering a bid
Hi, just a quick question. I have a bid in on a house that is 9k over the last bid. I was informed that all other bidders have pulled out. The seller is starting to drag their heels thinking he might get more ( already 30k over the asking price).

Can I offer an ultimatum and give him the weekend to think it over and if he hasn’t decided, that I withdraw my bid of 300k and re-enter a bid of 292k (last highest bid was 291k)

Is this a good or bad idea

Don't give them a bald ultimatum. Just say that you're looking at other houses and if they don't want to accept your bid, that's fine but there's other properties out there that you'd like to bid on. Keep it business-like. Keep emotion out of it.

If you give them a bald ultimatum and end up coming back later, it isn't going to help your cause.

superman28

30k over the asking price really? Every property I have encountered in the last 2 months is all well below the asking price, but my price range is different.

If it is 30k above what the seller and EA think the house is worth, I think you are entitled to be very pushy. They either except the offer (if this is the maximum you are willing to pay) or not..

So if they don't want it,, move on.. I would give a timeframe that suits you and stick to it.. until Friday otherwise I withdraw my offer as I am looking at another property.. Be business like but direct.