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Trying to understand bidding strategy

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    #62
    blue note
    Registered Users Posts: 4,549 ✭✭✭blue note


    Cheers for all the advice btw guys.

    And when I say overpaying for a place to me that means paying more than I consider it worth to me just because I might have the funds to do so. So after I reach my limit, I would consider paying anything over that as overpaying.


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    #63
    arctictree
    Registered Users Posts: 4,323 ✭✭✭arctictree


    metricspaces wrote: »
    Yeah so in a sellers market, if you're the seller, you could just get your mate to keep bidding. When the last person drops out, go back to them and say it's theirs for their last bid :) !?

    Happened to us. House bid up from 400K to 500K in 20K increments. We were then told that the other bidder had bid 520K. I had my suspicions and told him that we were out and our offer was off the table. A few days later he tells me that the vendor had decided to 'choose' our offer as he thought our offer was more secure. Told him where to go. A year later the house was brought back on the market and sold for 410. The EA (or the vendor) basically lost 90K by screwing us around on the bidding process.


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    #64
    listermint
    Registered Users Posts: 33,946 ✭✭✭✭listermint


    blue note wrote: »
    Cheers for all the advice btw guys.

    And when I say overpaying for a place to me that means paying more than I consider it worth to me just because I might have the funds to do so. So after I reach my limit, I would consider paying anything over that as overpaying.

    Careful that your worth exceeds the market worth. With such an important purchase you dont want to get burned should there by any major impacts. Always be sensible and dont let lure of the chase take hold - thats a common theme when people are released on the housing market


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    #65
    ted1
    Registered Users Posts: 23,524 ✭✭✭✭ted1


    M.Cribben wrote: »
    kerry cow wrote: »
    Auctioneers should only take bids from bidders with approved funds only


    They should. But they are acting in the best interest of their clients (sellers), and in the current market, taking bids from every tom dick and harry will push the price up for their client.
    Auctioners and estate agents are different


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    #66
    ted1
    Registered Users Posts: 23,524 ✭✭✭✭ted1


    Spark Plug wrote: »
    Very good advise from metricspaces above I would up the bid increments to 5k or 10k and you’ll soon flush out the 1k bidder
    Flushing them out by paying 9k more than you should.


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    #67
    metricspaces
    Registered Users Posts: 793 ✭✭✭metricspaces


    ted1 wrote: »
    Flushing them out by paying 9k more than you should.

    How do you know you are paying 9k more than you should? And why not 4k?

    You are seriously over complicating it. There is no "what you should pay" value on a second hand house, each house is individual. You pay what it is worth to you.

    It's simply a poor strategy in the current market to piddle about with tiny increments for weeks and weeks. Yes there is a risk with aggressive bidding you may have gotten it for a bit cheaper, but there's a bigger risk of losing the property the longer you take in the current market as more bidders come in or the seller simply upping the price as the market has moved on.


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    #68
    fritzelly
    Registered Users Posts: 17,510 ✭✭✭✭fritzelly


    Overbidding, must get that house regardless the cost...

    https://www.irishexaminer.com/breakingnews/business/house-price-bubble-warning-846068.html

    Strangely the watchdogs saying it's all bunkum and will never happen in Ireland a second time in such short space of time


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    #69
    metricspaces
    Registered Users Posts: 793 ✭✭✭metricspaces


    fritzelly wrote: »
    Overbidding, must get that house regardless the cost...

    As several posters have said, pick your max in advance of bidding.


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