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Bidding battle!

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  • 27-07-2016 3:38pm
    #1
    CinammonGirl
    Registered Users Posts: 185 ✭✭


    Probably a very basic question - how do you know if an estate agent is telling the truth?!!
    Trying to buy a house with the OH and we are apparently in a bidding war with another couple. Each time we bid, the other couple goes up as well. But how do we actually know that there is another couple and the estate agent isn't bull****ting us?
    A colleague told me that once a property goes sale agreed you are entitled to see the paper trail of bids but I have never heard this before.
    Just want to be sure we are not bidding against ourselves!!!


Comments

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    #2
    Parchment
    Closed Accounts Posts: 2,203 ✭✭✭Parchment


    You cant know.

    But if its a house you like surely others will like it too. That's how bidding works - you bid then they bid above you.

    Just decide your cut off and leave it at that.


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    #3
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    The only thing you can do is get a friend to ring up and pretend they're interested, view and see where they're told the bidding is at.


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    #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Exactly what Markanthony said- get someone else to do a little investigating for you........... It can be completely enlightening.


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    #5
    CinammonGirl
    Registered Users Posts: 185 ✭✭CinammonGirl


    Actually did that yesterday, seems to be kosher!


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    #6
    owenbutt
    Registered Users Posts: 43 ✭owenbutt


    That is exactly what we did as well. We got a friend to ring and it transpires that the EA was honest with us. I suppose in today's market, EA's wanna be shifting houses quickly as they are not under pressure due to a lot of buyers. However, a leopard never changes his spots :) We have been viewing houses for the last one year and just put a deposit on one last month. Deals are being closed within 2 - 3 weeks. You need to do a lot of window shopping as the market changes quite rapidly. This is what helped us secure a house of our choice:

    - Get pre-approved for mortgage. Not only are you doing your homework by viewing multiple properties but also utilizing 3 - 4 months that it takes to get a principle approval.

    - As soon as you find a property you like, email a copy of the letter to EA to show that you are a serious buyer (REMOVE THE FIGURE OF MORTGAGE FROM THE LETTER otherwise you are giving away the crown jewels to EA by telling them how much you can afford.

    - Resist the temptation to put a bid. Give it couple of weeks and once EA is down to last final bidders, then go in with your bid.

    - Wait it out for upto two weeks and let all the bidders drop out, then go in with your bid.

    - Do not go in high increments of bid. Bid with the minimum of 1000 increments.

    - Make sure that the property value and your mortgage has a difference of at least 10%. So basically, if you are approved for 300,000 then bid on a property that is worth between 240,000 to 270,000 leaving margin for going high on bids.

    - Tell the EA that you are a serious buyer and pre-approved for mortgage and looking for a quick sale.

    - Make sure you play the poor mouth and tell the EA that although you are interested, at the same time you have a tight budget. EA's will push and test your limits.

    - Do not set your heart on one property and always view and bid on multiple properties.

    - Make sure you mention to the EA as well that you are bidding on other properties in the area as well. Also, give each EA address of the other property to endorse your statement so if they want to check they can make sure you are not bluffing them. Just be careful not to mention few properties as they might think that you are a time waster. One property would be more than enough to be mentioned in order to give the impression that it's a choice between either one.

    - Set a vague deadline with the EA in order to close the deal. Do not put a fixed deadline because if you change your statement after, EA would know that you are playing games.

    - Once you place a bid, do not chase the EA. Wait for them to get back to you. They would usually take a day or two but any longer than 2 - 3 days, then give them a call.

    - Do not place a bid straight away once the EA gets back to you with a counter bid. Give it at least till next day so the EA does not get the impression that you are desperate.

    - Try to be on every viewing of the property. You'll be surprised how different your experience would be each time. We pulled out of two properties after doing few more viewings which made us change our minds.

    - Make sure you bring as many people as possible to each viewing (freinds or family). Every person would point out something you would never have noticed.

    Other than all of the above, cross your fingers and hope for the best :)


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