Smartest way to win a bid on a house

draiochtanois

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davo10

draiochtanois wrote: »

Cash buyer offering over the asking.

Isn't that what all vendors want?

Yes, a seller prefers a cash buyer, but unless there was a property crash last night or 50k new houses were built in the last 24hrs, a seller won't take a property off the market after 48hrs or with the threat of 1k reduction. They wait for the highest bid to come in, then accept a cash bid for a bit less.

cruizer101

Really don't understand this time-limited bid bulls**t.
Maybe, just maybe, if prices were going down and it was a buyers market it might have some value but even then I can't see a seller going for it.
But with current market conditions its absolutely pointless, why would a seller agree to it when for most houses out there there are lots of interested parties who are more than happy to bid prices up. Even if they wanted a quick sale they are still going to give it a few weeks before accepting a bid not a few days.

whatever76

cruizer101 wrote: »

Really don't understand this time-limited bid bulls**t.
Maybe, just maybe, if prices were going down and it was a buyers market it might have some value but even then I can't see a seller going for it.
But with current market conditions its absolutely pointless, why would a seller agree to it when for most houses out there there are lots of interested parties who are more than happy to bid prices up. Even if they wanted a quick sale they are still going to give it a few weeks before accepting a bid not a few days.

totally agree - if there are 10 houses on same road for sale say and you wanted X house then the seller would certainly consider a time limited offer if you submitted it but in todays market not a hope - its a sellers market esp for high demand / Limited supply areas so sellers are happy to let the interest bubble up and line up the bidders .

Only other scenario where this might work is if a long drawn out sale fell through and the seller just wants to get rid and sick of the process and you timed it well to put in a time limited aggressive bid and get to sale agreed !

evolving_doors

realitykeeper wrote: »

Do you need negative equity?

And renting is positive equity?

Tombo2001

Pintman Paddy Losty wrote: »

You need to play hardball OP. You need to get inside the mind of the seller and **** with them.

A good tactic is to offer the asking and say your offer will reduce by 1k per day until they accept. Puts time pressure on them and they'll just jump at your offer.

If there's open viewings make sure to attend and loudly criticise the house in front of other potential buyers. Point out phoney structural issues with the house.

Best of luck.

I would say not only would you have zero chance of getting the house, but you also mark the cards of the Estate Agent who would be warning other sellers that you are a messer.

Also - by the way - this business of loudly criticising the house at open viewings. This assumes that other people are idiots. That they will hear you saying "oh look, there's dry rot"' and not actually think "this guy wants to buy it, and is coming up with this bull to put us off".

davo10

evolving_doors wrote: »

And renting is positive equity?

And gold only goes up?

I wonder what a high rent and drop in gold does to your balance sheet.

Tombo2001

whatever76 wrote: »

totally agree - if there are 10 houses on same road for sale say and you wanted X house then the seller would certainly consider a time limited offer if you submitted it but in todays market not a hope - its a sellers market esp for high demand / Limited supply areas so sellers are happy to let the interest bubble up and line up the bidders .

Only other scenario where this might work is if a long drawn out sale fell through and the seller just wants to get rid and sick of the process and you timed it well to put in a time limited aggressive bid and get to sale agreed !

Possibly might work - in todays market - if you are trying to buy a house on a ghost estate in Leitrim, there's still a few of them left.

GingerLily

Pintman Paddy Losty wrote: »

You need to play hardball OP. You need to get inside the mind of the seller and **** with them.

A good tactic is to offer the asking and say your offer will reduce by 1k per day until they accept. Puts time pressure on them and they'll just jump at your offer.

If there's open viewings make sure to attend and loudly criticise the house in front of other potential buyers. Point out phoney structural issues with the house.

Best of luck.

If I was a seller I'd tell that buyer to get lost, playing games at the outset - how much more trouble will they cause! It would definitely annoy me out of dealing with them

M.Cribben

Agree with above posters. Hopefully my estate agent would filter out rubbish like that 'decreasing offer by 1k/day', but if not I would instruct them not to deal with someone like that for my property anyway. It's like wearing a 'time-waster' neon sign. The chance of them getting everything in place (solicitor, mortgage protection, insurance, etc) in a timely and efficient manner is slim to none.

Bob24

Pintman Paddy Losty wrote: »

A good tactic is to offer the asking and say your offer will reduce by 1k per day until they accept. Puts time pressure on them and they'll just jump at your offer.

Is that serious or a joke??!!

In today’s market (i.e. a rising market), the only way a seller would consider this type of offer is if they think the bidder is being a fool and clearly offering above market value. Otherwise they’ll likely just decline the offer and ignore that bidder going forward.

M.Cribben

Pintman Paddy Losty wrote: »

Point out phoney structural issues with the house.

Best of luck.

That's extremely dishonest and morally wrong, even borderline fraud in my opinion (deception to purchase something at a lower price). I hope the EA would ban someone like that from viewings of any properties on their book.

realdanbreen

realdanbreen wrote: »

Just a bit of an aside if ye don't mind.
What percentage would I expect to pay if I was hiring a project manager to manage a house build?

?

s7ryf3925pivug

davo10 wrote: »

Completely useless tactic if you are trying to buy a house. What seller in their right mind would accept a bid within 48hrs? Better to leave it on the market and wait for other bidders.

If the bid is reasonable then they might be happy with it and they might not get a better one. A time limit just preempts an EA using your bid to start a bidding war.

They're much less likely to accept a lowball offer. That does nothing but give a means to encourage further bids.

Basically if you want the house then you want as little competition as possible. The estate agent's objective is pretty much to stir up competition. Give them as little as possible to help with that.

draiochtanois

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Pintman Paddy Losty

A lot of the people posting here have no idea how to think outside the box when it comes to bidding. You need to really get inside the minds of the seller and any other bidders. It's as much a psychological battle as it is a business transaction. You need to get an edge on people. You could pay the neighbour a few hundred euro to park a caravan in his driveway and give the appearance he's a traveller on viewing days. That will make others less interested in bidding.

GingerLily

Pintman Paddy Losty wrote: »

A lot of the people posting here have no idea how to think outside the box when it comes to bidding. You need to really get inside the minds of the seller and any other bidders. It's as much a psychological battle as it is a business transaction. You need to get an edge on people. You could pay the neighbour a few hundred euro to park a caravan in his driveway and give the appearance he's a traveller on viewing days. That will make others less interested in bidding.

Any how do you know what that seller thinks like?

Why would their neighbour allow that tactic, it would affect their own resale value for one thing, and would mean that you'd be the neighbour - who would want that - if your the type to play such low tricks?

Edit to add: this is obviously a wind up because no one would really actually bother go ahead a do this!

Tombo2001

Oscar Bumpy Druggist wrote: »

If the bid is reasonable then they might be happy with it and they might not get a better one. A time limit just preempts an EA using your bid to start a bidding war.

They're much less likely to accept a lowball offer. That does nothing but give a means to encourage further bids.

Basically if you want the house then you want as little competition as possible. The estate agent's objective is pretty much to stir up competition. Give them as little as possible to help with that.

A lot of housing market cliches in there.

Firstly, Estate Agents dont 'start' bidding wars. Interested buyers bid against each other. Nobody has a gun to their head.

Second, they might not get another bid? If you are bidding at the offer price, then yes I think the seller will be waiting to see what else comes in, and will discount any 'you have 2 days to decide' ultimatums.

They're much less likely to accept a lowball offer - true, but dont see how its relevant.

........In sum - if your plan is to deliver a knockout blow, that will give the seller cause to believe they should make a quick decision on the basis that its UNLIKELY anything better will come along......then bid 20% or 30% above the offer price.

Tombo2001

GingerLily wrote: »

this is obviously a wind up because no one would really actually bother go ahead a do this!

Lets all just leave it at that so we can get on with our lives.

Tombo2001

draiochtanois wrote: »

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What was the price?

draiochtanois

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handlemaster

Cocobeans101 wrote: »

realitykeeper wrote: »

Don`t bid or buy. Wait for the next crash in property prices. Buy gold while you are waiting.

I need somewhere to live!

I think she means build a house of gold

davo10

draiochtanois wrote: »

Asking 360k / accepted offer 368k

Taken off the market the day it went on, for €8k above asking? Wow, just wow. I bet the buyer can't believe his/her luck.

KevinCavan

M.Cribben wrote: »

That's extremely dishonest and morally wrong, even borderline fraud in my opinion (deception to purchase something at a lower price). I hope the EA would ban someone like that from viewings of any properties on their book.

I’ve viewed houses and heard people pointing out flaws, usually couples discussing flaws within earshot of other viewers. I think it could be a common tactic, to put others off buying a place.

4ensic15

KevinCavan wrote: »

I’ve viewed houses and heard people pointing out flaws, usually couples discussing flaws within earshot of other viewers. I think it could be a common tactic, to put others off buying a place.

What about people going around with pencils putting "cracks on walls"?

denismc

Omg, some of the comments in this thread, I actually checked to see if this is After Hours.

acai berry

I bought a house just a year ago. What did it for me was I was able to build up a good relationship with the vendor's estate agent. I was able to prove I was genuine and had all of my ducks in a row, ready to go. Even though someone came in with a higher bid than me, the estate agent advised the vendor to accept my bid, based on their recommendation.

M.Cribben

davo10 wrote: »

Taken off the market the day it went on, for €8k above asking? Wow, just wow. I bet the buyer can't believe his/her luck.

368k is only 2% over asking price (360k). Not that unusual for desirable properties in good areas. A house near me in West Dublin (typical 4-bed semi-d) recently sold for 15% above asking.

M.Cribben

KevinCavan wrote: »

I’ve viewed houses and heard people pointing out flaws, usually couples discussing flaws within earshot of other viewers. I think it could be a common tactic, to put others off buying a place.

That's a lot different to making up false 'observations' of structural defects like the poster suggested:

Point out phoney structural issues with the house.

titan18

Get another bidder to bid over to find out if there are other bids already in and what they are. Then if they accept that one, pull out and go in with your lower bid