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Matching a current bid

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  • 27-01-2019 3:30pm
    #1
    MrBusso
    Registered Users Posts: 2 ✭


    Hi,

    Viewed a property yesterday that has been on the market for a number of months. We were the only people there and were told that an offer is in below the asking, however, that buyer has been very slow to push things forward.

    I have dealt with this particular EA on a previous unsuccessful bid and found him most unhelpful and very poor at communicating. I do not want a similar experience this time round so, if I was to formalise a bid matching the existing offer, outlining the fact we are not in a chain, have approval and are ready to go would this be conveyed to the seller or, because it’s not a larger bid than the current one can it be dismissed?

    Thanks.


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    #2
    mkdon
    Registered Users Posts: 419 ✭✭mkdon


    I have found EA s are the most unprofessional sorts I have ever come across.... is there any proof of the bid from other person?


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    #3
    averagejoe123
    Registered Users Posts: 270 ✭✭averagejoe123


    MrBusso wrote: »
    Hi,

    Viewed a property yesterday that has been on the market for a number of months. We were the only people there and were told that an offer is in below the asking, however, that buyer has been very slow to push things forward.

    I have dealt with this particular EA on a previous unsuccessful bid and found him most unhelpful and very poor at communicating. I do not want a similar experience this time round so, if I was to formalise a bid matching the existing offer, outlining the fact we are not in a chain, have approval and are ready to go would this be conveyed to the seller or, because it’s not a larger bid than the current one can it be dismissed?

    Thanks.

    I would match current bid and say that you are a cash buyer. The EA wants to shift the house. The fact you are not in a chain is a huge bonus. I have seen quite a few cases where sellers have accepted a lower offer because people weren't in chains as they were looking for a quick sale


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    #4
    Dav010
    Registered Users Posts: 14,523 ✭✭✭✭Dav010


    averagejoe123 wrote: »
    I would match current bid and say that you are a cash buyer. The EA wants to shift the house. The fact you are not in a chain is a huge bonus. I have seen quite a few cases where sellers have accepted a lower offer because people weren't in chains as they were looking for a quick sale

    But it appears from the opening post that the op is not a cash buyer, I assume “approval” relates to a mortgage.

    Op, if the property isn’t sale agreed, that means 2 things, the owner hasn’t accepted the bid you are planning to match, and the seller is not in a rush. If the bid the same, EA just goes back to other bidder and tells them to move the process on or they are going with your bid. Bid above though, and tell the EA you are looking at other properties and you might get the desired effect.


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    #5
    Cushie Butterfield
    Registered Users Posts: 1,861 ✭✭✭Cushie Butterfield


    I don’t know what good matching the current bid would do for you. If seller was happy with that figure they probably would have gone with it, or at least go with other interested party as they bid first.

    I think you should at least offer more than other party.

    How much below asking is the current offer?


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    #6
    averagejoe123
    Registered Users Posts: 270 ✭✭averagejoe123


    If other party is in a chain there could be all sort of difficulties and delays. If sellers want a quick sale someone not in a chain will be a lot more desirable.

    If other party is in the same position as you then bid more provided you can afford it and you think the house is worth it.


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    #7
    Fol20
    Registered Users Posts: 3,624 ✭✭✭Fol20


    averagejoe123 wrote: »
    If other party is in a chain there could be all sort of difficulties and delays. If sellers want a quick sale someone not in a chain will be a lot more desirable.

    If other party is in the same position as you then bid more provided you can afford it and you think the house is worth it.

    Yes, theee is more problems with a chain however being a mortgage buyer isnt exactly that enticing either. Cash buyers are king and yoy could match an offer if cash. Everything else wouldnt entice a customer tbh


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    #8
    averagejoe123
    Registered Users Posts: 270 ✭✭averagejoe123


    Fol20 wrote: »
    Yes, theee is more problems with a chain however being a mortgage buyer isnt exactly that enticing either. Cash buyers are king and yoy could match an offer if cash. Everything else wouldnt entice a customer tbh

    What you will find is a lot of people saying they are cash buyers when they require a mortgage. As long as you have all your ducks in a row mortgage approval can be a quick process. Even if you are a cash buyer the process can take months.


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    #9
    og2k7
    Registered Users Posts: 415 ✭✭og2k7


    Based on the experience there might also be issues with the house: we had it some many times you wouldn't believe. The reason might be simple - as in they are not in rush or super slow but there might be a probate (or even more than one - we had that) that could be the reason. The seller might be in the chain (for example trying to settle some debt by selling more than 1 property - we also had that). Best bet is to offer a tad more than then highest bid if you really want to buy the house to see if there is a counterbid. If they want a higher price or dont want to sell, you will find out this way quicker I think

    Good luck - a crappy EA doesnt help and makes the process even worse than it is (and its beyond bad in general)


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    #10
    Fol20
    Registered Users Posts: 3,624 ✭✭✭Fol20


    averagejoe123 wrote: »
    What you will find is a lot of people saying they are cash buyers when they require a mortgage. As long as you have all your ducks in a row mortgage approval can be a quick process. Even if you are a cash buyer the process can take months.

    Your not a cash buyer imo if you are getting a mortgage. I meant you are paying for the property using savings. And savings alone.


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    #11
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    averagejoe123 wrote: »
    What you will find is a lot of people saying they are cash buyers when they require a mortgage. As long as you have all your ducks in a row mortgage approval can be a quick process. Even if you are a cash buyer the process can take months.

    If your require a mortgage and you claim to be a cash buyer then your lying, pure and simple.

    Bad tactic, the EA will not be pleased that you're blantly lying.


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    #12
    barrier86
    Registered Users Posts: 254 ✭✭barrier86


    GingerLily wrote: »
    If your require a mortgage and you claim to be a cash buyer then your lying, pure and simple.

    Bad tactic, the EA will not be pleased that you're blantly lying.

    So you’re saying they don’t like being played at their own game?


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    #13
    barrier86
    Registered Users Posts: 254 ✭✭barrier86


    GingerLily wrote: »
    If your require a mortgage and you claim to be a cash buyer then your lying, pure and simple.

    Bad tactic, the EA will not be pleased that you're blantly lying.

    So you’re saying they don’t like being played at their own game?


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    #14
    q85dw7osi4lebg
    Closed Accounts Posts: 3,502 ✭✭✭q85dw7osi4lebg


    Most agents won't accept matching bids.

    And if they do, the vendor most likely won't take the matching bidder seriously (for good reason).


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    #15
    Dav010
    Registered Users Posts: 14,523 ✭✭✭✭Dav010


    averagejoe123 wrote: »
    What you will find is a lot of people saying they are cash buyers when they require a mortgage. As long as you have all your ducks in a row mortgage approval can be a quick process. Even if you are a cash buyer the process can take months.

    If you are relying on a lender to buy a property, the lender will require a survey and valuation before draw done. If there are any issues with either, drawdown can be delayed and/or refused. A cash buyer is required to have neither to complete the sale so the process is faster. Why would a cash buyer take months to complete unless there was a problem on the sellers side?


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    #16
    Fol20
    Registered Users Posts: 3,624 ✭✭✭Fol20


    Dav010 wrote: »
    If you are relying on a lender to buy a property, the lender will require a survey and valuation before draw done. If there are any issues with either, drawdown can be delayed and/or refused. A cash buyer is required to have neither to complete the sale so the process is faster. Why would a cash buyer take months to complete unless there was a problem on the sellers side?


    Oddly enough. I didnt need a survey to complete mine. They were newer build apartments and btl mind you.


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    #17
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    barrier86 wrote: »
    GingerLily wrote: »
    If your require a mortgage and you claim to be a cash buyer then your lying, pure and simple.

    Bad tactic, the EA will not be pleased that you're blantly lying.

    So you’re saying they don’t like being played at their own game?

    If you want to piss off the EA and seller go ahead, but your unlikely to go sale agreed if you start playing games.


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    #18
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    OP, I'd just offer 500e or 1k more then the current bid.


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    #19
    daheff
    Registered Users Posts: 5,866 ✭✭✭daheff


    OP -a couple of things

    If you are offering the same as the existing offer you need to be able to show that your bid is better. Why is it better?


    If you are a cash buyer (ie have all the cash yourself and don't require borrowings) then you are top of the pile.

    If you are borrowing but have no property to sell on, then you'd be next preference.

    If you are borrowing but have a property to sell then you'd be at the bottom.

    you need to convey which of these options is you to the seller/EA. If the other bid is a better option, then don't expect the seller to accept your offer.


    also- you mentioned the other bidder hadn't moved things along. Maybe they are in the background. Maybe they've done a survey and found some issues that they are looking into resolving.

    Don't expect the EA to tell you the whole truth unless you ask the pertinent questions. They shouldn't lie to you, but they may hold back information unless you ask them.


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    #20
    Cazale
    Registered Users Posts: 2,906 ✭✭✭Cazale


    Marvin Millions Lockjaw wrote:
    Most agents won't accept matching bids.

    Marvin Millions Lockjaw wrote:
    And if they do, the vendor most likely won't take the matching bidder seriously (for good reason).

    You don't know if other bidders exist, how serious they are if they do and if they are in a chain. Bid what you think the property is worth paying. I bid slightly less than the bid the estate agent claimed was already in and it was accepted the next day.


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    #21
    q85dw7osi4lebg
    Closed Accounts Posts: 3,502 ✭✭✭q85dw7osi4lebg


    Cazale wrote: »
    You don't know if other bidders exist, how serious they are if they do and if they are in a chain. Bid what you think the property is worth paying. I bid slightly less than the bid the estate agent claimed was already in and it was accepted the next day.

    If you suspect other bidders don't exist yet proceed to deal with the EA and go sale agreed (despite not trusting them ) you are somewhat of a house / naive bidder.

    I presume you reported then to the PSRA for lying about a bid.


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    #22
    averagejoe123
    Registered Users Posts: 270 ✭✭averagejoe123


    Marvin Millions Lockjaw wrote: »
    Most agents won't accept matching bids.

    And if they do, the vendor most likely won't take the matching bidder seriously (for good reason).

    This is untrue. Especially if the buyers circumstances are different.


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    #23
    q85dw7osi4lebg
    Closed Accounts Posts: 3,502 ✭✭✭q85dw7osi4lebg


    averagejoe123 wrote: »
    This is untrue. Especially if the buyers circumstances are different.

    This is untrue.

    I can point you in the direction of many who don't take matching bids.


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    #24
    D3V!L
    Registered Users Posts: 2,951 ✭✭✭D3V!L


    Would submitting a max bid be a bad move ? Obviously you would end up paying that amount.


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    #25
    averagejoe123
    Registered Users Posts: 270 ✭✭averagejoe123


    mkdon wrote: »
    I have found EA s are the most unprofessional sorts I have ever come across.... is there any proof of the bid from other person?

    What proof are you looking for here? The agent has told them there is a bid on the property. The agent must log all bids on each property.

    The OP can either walk away or put their own bid in.


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    #26
    averagejoe123
    Registered Users Posts: 270 ✭✭averagejoe123


    D3V!L wrote: »
    Would submitting a max bid be a bad move ? Obviously you would end up paying that amount.

    That would depend on how much the "max" bid is relative to the current offer on the house.

    I have tried this tactic before where I felt a property was worth it but was outbid unfortunately. As least there was no if's or buts.


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    #27
    q85dw7osi4lebg
    Closed Accounts Posts: 3,502 ✭✭✭q85dw7osi4lebg


    D3V!L wrote: »
    Would submitting a max bid be a bad move ? Obviously you would end up paying that amount.

    It would at least guarantee an immediate decision. If the bid is accepted, the house is yours, if not, someone else can make it their own.


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    #28
    Cazale
    Registered Users Posts: 2,906 ✭✭✭Cazale


    Marvin Millions Lockjaw wrote:
    If you suspect other bidders don't exist yet proceed to deal with the EA and go sale agreed (despite not trusting them ) you are somewhat of a house / naive bidder.

    You were telling people earlier to bid above whatever random price an estate agent told you. That's naive.

    I'd trust nobody especially when it comes to buying a house. I'm my experience if I only went with someone I trusted 100% I'd probably be living in a tent.


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    #29
    daheff
    Registered Users Posts: 5,866 ✭✭✭daheff


    D3V!L wrote: »
    Would submitting a max bid be a bad move ? Obviously you would end up paying that amount.

    Doing this only means you end up overpaying.


    If you are really eager to get this moved along, then maybe bid half way between current bid and your max

    eg current bid is 100k, your max is 150k - you bid 125k.

    a sizeable higher bid might tempt the seller and flush out the other buyer.


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    #30
    q85dw7osi4lebg
    Closed Accounts Posts: 3,502 ✭✭✭q85dw7osi4lebg


    Cazale wrote: »
    You were telling people earlier to bid above whatever random price an estate agent told you. That's naive.

    I'd trust nobody especially when it comes to buying a house. I'm my experience if I only went with someone I trusted 100% I'd probably be living in a tent.

    You mustn't be aware of the fines or prison terms applicable to agents for made up bids I take it. Likewise if they don't record and relay all bids to a vendor.


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    #31
    Claw Hammer
    Registered Users Posts: 6,236 ✭✭✭Claw Hammer


    Decide what you think the house is worth. Say to the agent that if the house was available for x amount you would be interested. After that wait for the agent to make an approach.


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