No response from auctioneer, what’s the best strategy?

zig

We put an offer in on a house after an open viewing. The offer we gave was asking price.

The auctioneer took note of it and asked for us to send on proof of funds which we did.

This was a few days ago and there was no response and now we can see there is another open viewing on Friday.

Do you think there is anything we should do in this situation or just sit it out and hope no one else offers? The house needs some cosmetic renovation which we have budgeted for but are hoping it’s enough to put others off. Honestly we do really want that one but don’t want her to know this too much so I was half tempted to tell her we need an answer soon. At the same time if a better one came we wouldn’t hesitate either if we weren’t hearing back.

Dav010

zig wrote: »

We put an offer in on a house after an open viewing. The offer we gave was asking price.

The auctioneer took note of it and asked for us to send on proof of funds which we did.

This was a few days ago and there was no response and now we can see there is another open viewing on Friday.

Do you think there is anything we should do in this situation or just sit it out and hope no one else offers? The house needs some cosmetic renovation which we have budgeted for but are hoping it’s enough to put others off. Honestly we do really want that one but don’t want her to know this too much so I was half tempted to tell her we need an answer soon. At the same time if a better one came we wouldn’t hesitate either if we weren’t hearing back.

Offering the asking price may not be enough to put off other bidders. It isn’t surprising that the vendor won’t accept your offer just a few days after the first viewing, particularly if there is people interested in the second viewing, it would be better for the seller to wait and see if there is a higher bid after this.

You only get to play the time limited offer card once, so you might be better to hold off. At this stage, both EA and seller understand and even expect that you are looking at other properties, no one is committed until contracts are signed, both sides can pull out.

godtabh

your offer is now been used to spoke up interest at the second viewing. They can say there is an offer at asking. They may get a higher offer they may not but given there is an offer at asking from day one they could reasonable expect a higher offer.

Dont think you play your cards right here.

whiskeyman

What Godtabh said.

Don't make offers at viewings, unless they blow the offer out and you push for a sale.

The EA will usually take everyones number and call over the next day or so to check interest and see if bids come in. Thats the time to check for bids or if other viewings are planned.

Where you are now - just sit it out. They have you as a bidder so will be in touch if a higher bid comes. I wouldn't chase it up.
Keep looking elsewhere too.

Best of luck.

Interested Observer

It's only a few days. The auctioneer will be committed to a certain number of open viewings, possibly 3 or 4 (or more if the interest isn't there). There's really no reason for them to get back in touch with you yet.

Diceicle

godtabh wrote: »

your offer is now been used to spoke up interest at the second viewing. They can say there is an offer at asking. They may get a higher offer they may not but given there is an offer at asking from day one they could reasonable expect a higher offer.

Dont think you play your cards right here.

What would have been the optimum tactic here?
I presume OP could have waited to see if other bidders emerged when the property had been on the market a while....

Interested Observer

Diceicle wrote: »

What would have been the optimum tactic here?
I presume OP could have waited to see if other bidders emerged when the property had been on the market a while....

As a recent buyer, having bid on lots and lots of houses, I don't really believe there's an optimum tactic beyond bidding what you think the house is worth. You can overthink things massively. But bidding now, bidding later, it doesn't really matter imo. If someone comes along with more money they're going to get the house.

zig

Interested Observer wrote: »

As a recent buyer, having bid on lots and lots of houses, I don't really believe there's an optimum tactic beyond bidding what you think the house is worth. You can overthink things massively. But bidding now, bidding later, it doesn't really matter imo. If someone comes along with more money they're going to get the house.

OP here, yes to be honest this is our 4th bid on a house, admittedly the previous 3 not being too serious in the sense that they were slightly lowball offers but we would have proceeded if accepted of course.

In this case we felt asking price was a good and fair offer as our previous 3 experiences were people getting drawn into a bid. We were hoping to try and "kill it" quickly. But there really is no strategy for initial bidding I think.

Thanks for the advice folks, I think all we can do is sit and wait so. And yep, keep looking!

zig

Dav010 wrote: »

Offering the asking price may not be enough to put off other bidders. It isn’t surprising that the vendor won’t accept your offer just a few days after the first viewing, particularly if there is people interested in the second viewing, it would be better for the seller to wait and see if there is a higher bid after this.

You only get to play the time limited offer card once, so you might be better to hold off. At this stage, both EA and seller understand and even expect that you are looking at other properties, no one is committed until contracts are signed, both sides can pull out.

Good advice thanks!

Wildly Boaring

Is your offer the highest you are willing to go on house?

If so ring EA and tell them that and put time limit of say tomorrow 5pm on it. Force the issue.

If you're willing to go more ultimately then sit tight till Monday next week and call EA for update.


People get too caught up in "stratagies". I reckon they're full of it. Main thing will come down to is other parties interested and how much they want to spend.

Remember the seller wants a sale and could be happy with asking but be made to accept if 4 or 5 parties coming friday.

awec

Time limiting offers is such a waste of time, don't do it. Do you think the EA is going to force the vendor to agree to a sale by 5pm tomorrow when there's another viewing on Friday?

You'll either take yourself out of the bidding unnecessarily or look like a complete tit when you continue with your bidding anyway.

Just keep looking at other houses OP. Ring again next Monday for an update.

Wildly Boaring

As one who's selling I found time limited offers focused the minds and we ultimately accepted one.

EA will cover their ass by relaying message to client.
Client's decision after that.

A lot will come back to how it was priced. We priced under what we expected to keep just under the €x00,000 for daft etc.

Settled for our "real" asking pretty quickly.

I see your point too and TBH in this instance wouldn't disagree strongly.

SozBbz

I think putting a time limit is fine if things have actually been dragging on however, if not, you may just count yourselves out/look foolish unnecessarily.

Buying houses takes time. If the property hasn't yet had 2 viewings, I don't see why they'd respond to a time limit now.

I'm sure you'll hear next week whether or not any further bids come as a result of Fridays viewing.