Bids and estate agents

niavd

In need of advice or opinions. We put an offer on a house last Monday and the estate agent told us he had 2 more viewings this week and after that he had enough intrest in it and would be wrapping it up by the end of the week. We didnt hear anything so on Thursday we text for an update and he replied to say the bids were now up and €7k over our last offer. Why wouldnt he have rang to let us know this?

Anyway we put another offer in again and told him to please let us know if we were outbid again. Its been 24hours and no word, id like to think that no news is good news but considering he didnt tell us the last time we were outbid we just dont know what to think. We really want this house but dont want to look overly keen. How should we let this play out? How long do we wait before contacting the EA again?

we are almost at our max amount now so sadly losing hope :-(.

Dav010

There really isn’t a set protocol for property bids, the EA has to communicate with other bidders and the vendor, then take instruction from the vendor. If the other bidder(s) are cash buyers, the vendor is likely to go with them as opposed to a financed bid. Only thing you can do is keep contacting the EA for updates. Good luck.

Xander10

https://www.boards.ie/discussion/2058256683/bids-and-estate-agents

Personally, I'd go back with my max bid and let them know it is same and you need a swift answer because you have an alternative property you will proceed with. And if not good enough move on on the basis that it wasn't meant to happen.

Best of luck.

niavd

Im afraid if i go in with our max bid we will either be outbid instantly OR we will shoot ourselves in the foot and give too much! Its so frustrating not knowing.

we are also cash buyers with funds ready to go. I feel like the EA isnt taking us seriously! Wish we could just cut out the middle man and go straight to the seller with our offer and circumstances etc.😂

Viscount Aggro

You have no way of proving if there's an actual higher bid.

niavd

https://www.boards.ie/discussion/comment/119404847#Comment_119404847

I know. This whole situation is stressing the hell out of me. We just want it so badly but again we are cash buyers and only have what we have .

Just dont know how to let it play out or how long before we contact the estate agent again if we dont hear anything back.

walterking

Market will soften when the ECB increases rates in September and the banks make fairly substantial changes to their fixed and variable rates. The ECB will increase by 0.5%, some are even saying they will go further and increase by 0.75%. A typical 5 year fixed rate will be 3.5%-4% and this will see the market pull back and some people getting cold feet.

As a cash buyer you hold the aces.

I'd just let the agent know that you have viewed another property and plan to put an offer in on Monday and if the offer is accepted you will "unfortunately have to withdraw your offer on the property he is selling".

Bradz213

https://www.boards.ie/discussion/comment/119404857#Comment_119404857

You have 2 choices really. Wait it out or make a conditional offer that expires in 24hours or something.

I was in the same situation with a house we were bidding on, agent was very slow coming back and caused doubts.