Bidding on a house...next step??

beccaboo90

Just looking for advice on bidding that other people may of experienced.

The property has been on the market for nearly 2 months. We initially saw it 3 weeks ago. The agent (he was covering for the actual agent looking after the property as he was away) told us there had been about 3 viewings and no offers.
It is up for €300k.

On the Monday we put in a bit of a cheeky offer of €285,000 to just see where we stood and show our interest as we were the first offer.

The agent was back to us the next day asking if that 'was our best foot forward'. It wasn't our best but we got insight into realistically where this was going. We were going to put in another offer however we wanted another viewing and got one the following weekend.

At the viewing we made the agent aware that we're not in a chain and could be as quick as the vendors need (they're apparently looking for a quick sale). The agent told us that if we got closer to the asking price he would most likely take it.

So the following week we came with a fairer offer of €295,000 this is still under asking but closer as they asked.

We have now been waiting a week for a response from the agent.

He got back to us this morning not with a yes or no but that another bidder emerged with €297,000.

I suppose we have been on the back burner all week while they drum up more interest.

I just haven't been in a bidding war on a house that we like enough to put in a further offer so far.

What are other people's experiences??

Should we just outbid the other person or go back with the asking price??

I hate going back and fourth with bids so any advice would be great! Thanks

the_syco

beccaboo90 wrote: »

The property has been on the market for nearly 2 months. We initially saw it 3 weeks ago. The agent (he was covering for the actual agent looking after the property as he was away) told us there had been about 3 viewings and no offers.
It is up for €300k.

we put in a bit of a cheeky offer of €285,000

we came with a fairer offer of €295,000

He got back to us this morning not with a yes or no but that another bidder emerged with €297,000.

I'd wonder if he's playing silly games to have you bid the 300k, and then see how much he'll get from you. The other bidder will probably bid in small increments, and when you pull out, I'm guessing the EA will say the other bidder pulled out, and that the seller will expect your highest bid.

beccaboo90

This is what we are thinking too. Whetheir genuine or not I'm leaning towards just out bidding them because we're not guaranteed to get it if we go to the asking price.
It's hard to call if someone has offered 297 then they can probably afford 300 too...you just don't know

Paddytheman

It's impossible to tell what EA's are doing but from the outside you made a lowball of €285,000 and came back a week later with €295,000. I would only assume you haven't reached your limit so quickly and have more to spend.

It's difficult to call tbh as every case is different, do you bid in small increments or go larger in an effort to frighten off others. If your max bid is say €300,000 and it's at €295,000 then offering €297,000 simply leaves you the chance to be be countered, personally when we came near our final figure when bidding we increased by €5,000 to ensure the above didn't happen to us.

That's just us but it worked on both occasions and as many people will tell you, bid what it's worth to you.

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beccaboo90

We went up 10k after sitting with the EA and him saying he would pretty much take a closer offer. If we went up smaller he obviously wasn't going to take it. It's still a bit of a bargain compared to others in the area.

Also we are keeping in mind that the property is in bits and needs a lot of work so we were taking that in to consideration.

We could afford the asking but someone else is involved now so it's hard the judge other people's moves.