Bidding on a house

Dapos

Hi all,

Just wondering about bidding on a house. A house is on the market for Y. There have been two offers, a lower one, Y-€20,000 and a higher one, Y + €10,000.

I was wondering two things:
- Is it pointless making an offer on a house that is less than the highest bid. E.g we were going to offer Y - €5,000.
-If we did this, will the estate agent have to inform us of higher bids and give us an opportunity to counter? I heard this from someone, but I'm not sure of there rules.

Estate agent believes the house will sell for Y + €20,000 but he would say that.

Any advise is appreciated.

Michael D Not Higgins

What is your intention with putting a bid in 15k under the highest bid? Sure, the highest bidder's finances could fall through and you're then in the lead but what if instead another bidder bids higher than them, say Y+15k, are you going to up your bid by more than 20k to become lead bidder or are you sitting where you are to hope someone drops out and it falls back to you?

Even if the lead bidder did drop out, just having a bid above asking entices a vendor to hold out for something like that. If it fell back to you, they'd likely wait until there's an offer above asking again. You'll have to consider what strategy you're attempting and how much you're willing to spend to get this house.

Tow

Dapos wrote: »

I was wondering two things:
- Is it pointless making an offer on a house that is less than the highest bid. E.g we were going to offer Y - €5,000.

1. If you are a cash buyer, the sell may take 5k less as there will be no (less) messing.

2. Rules, these are no Rules.

3. No harm in making the lower offer, as the higher offer may fall through or may not exist in the first place. See point 2.