Multiple offers on multiple houses at once?

catrionanic

What's the story here - we have seen three houses we really like and would like to put offers in on. Is that bad form, though? I would feel like a pr1ck bidding and driving the price up on one, only to then pull out in favour of another house.

At the same time, with bidding wars left, right and centre, if we just choose one property and the bidding goes way up (as it often does) and we don't get it, we will have missed out on the others by putting all our eggs in one basket.

What's the norm in Dublin for this sort of thing?

spockety

Dog eat dog.

Alkers

Absolutely work away

johnnyskeleton

As frustrating as the housing market is, Id advise against it. If youre tempted to bid on several houses it sounds like youre in a hurry to buy somewhere. Never make a significant purchase rashly.

catrionanic

johnnyskeleton wrote: »

As frustrating as the housing market is, Id advise against it. If youre tempted to bid on several houses it sounds like youre in a hurry to buy somewhere. Never make a significant purchase rashly.

We aren't in a mad hurry at all. We just like a few houses on the market at once.

denismc

johnnyskeleton wrote: »

As frustrating as the housing market is, Id advise against it. If youre tempted to bid on several houses it sounds like youre in a hurry to buy somewhere. Never make a significant purchase rashly.

She is just bidding, there is no commitment here whatsover, so bid away. Though the estate agent may ask to see some proof that you have finance in place to support your bid if you are sucessful.
I presume you have mortgage approval in place already, if not you may want to get this sorted before you go bidding.

Q&A

If you like them go for it. No guarantee you'll get either. Watch out for 'far field' syndrome. I was sale agreed on two houses. Now every time something breaks I wonder would the other one have been better :-(

homerjay2005

catrionanic wrote: »

We aren't in a mad hurry at all. We just like a few houses on the market at once.

pick one and focus on that! keep en eye on the other 2 and maybe ask for latest bids every 3 or 4 days.

davo10

By all means bid on as many properties as you want, it will increase the chances of buying a property you want. The negative effect is of course that it pushes the price on the properties you don't buy up for other bidders, but that would probably happen anyway in today's market.

Two bits of advice, don't bid on multiple properties being sold by the same EA, and don't tell the EA you are bidding on other properties. By all means tell the EAs you are looking at other properties, but do not mention the bids.

backspin.

Yes it's very bad form. If everyone did this what would it do to property prices?

Q&A

backspin. wrote: »

Yes it's very bad form. If everyone did this what would it do to property prices?

Bidding for the sake of bidding is bad form but if you're interested in the house all you're doing is keeping your options open. There are no guarantees of being successful on house 1 so it makes sense not to put all your eggs in one basket. Just be mindful of your budget.

CeilingFly

Put in an offer that you think is value for you.

Remember, the market is starting to cool down and there are tons of houses coming on steam. Some are suggesting that there will be an oversupply of 3 bed / 4 bed houses soon in Dublin and this will keep prices capped.

There's a distinct shortage of 1 bed and 2 bed smaller properties esp apartments and this shortage will continue for the foreseeable future.

So I'd be looking at a budget and I'd almost look at putting offers in 5% - 8% below asking price.

Also check www.propertypriceregister.ie for actual recorded sales prices of similar properties - it will be out by approx 4-6 months as only properties that have completed the sales process are listed (between sale agreed and actual sale completion is about 3-4 months on average) but will give a good indication of price trend and in many dublin areas its flat and on higher priced houses its falling slightly.

I can't see a crash of any sort, but the mad rush and mad bidding has eased considerably

Interested Observer

backspin. wrote: »

Yes it's very bad form. If everyone did this what would it do to property prices?

It's not really. You have to do what's best for you. Go for it OP.

The_Conductor

davo10 wrote: »

Two bits of advice, don't bid on multiple properties being sold by the same EA, and don't tell the EA you are bidding on other properties. By all means tell the EAs you are looking at other properties, but do not mention the bids.

+100

If you genuinely want 'a' property- you are automatically out of the running if you bid on multiple properties with the same agent, or the agent is aware of multiple bids elsewhere. You'll be labeled as a complete time waster- and not worth their trouble.

The other thing- is have your mortage approval in principle in place- and a letter from your solicitor to support your bids (advising that you are in a position to buy and have access to funds to support your bid- but obviously not stating what your max is).

martingriff

catrionanic wrote: »

What's the story here - we have seen three houses we really like and would like to put offers in on. Is that bad form, though? I would feel like a pr1ck bidding and driving the price up on one, only to then pull out in favour of another house.

At the same time, with bidding wars left, right and centre, if we just choose one property and the bidding goes way up (as it often does) and we don't get it, we will have missed out on the others by putting all our eggs in one basket.

What's the norm in Dublin for this sort of thing?

Why not you like all houses. Lets say you but a bid on house A but not B & C your bid is snot succesfull and by that time B & C are gone

spockety

Some of the advice here is nuts.

You are operating in a market where your competing bidders would trample over their own grannies to gain an advantage. You need to be a granny trampler.

catrionanic

Just by way of an update here. Put two offers on two houses. Both ending up in bidding wars with multiple parties, and have gone up 50k in a week and still going. Both now at significantly higher prices than similar properties sold in the last year. Both now at bids higher than we can afford.

We wont be putting all our eggs into one basket in the future, that's for sure!

TheShow

go for it.
no niceties in house buying. if you don't someone else will.