Bidding on a Property

Jemima38

Question... recently returned to Ireland, have only bought property abroad where the process was straightforward and transparent.

Currently have a bid in on a house. First made a bid nearly a month ago. The communication with the estate agent is terrible. little to no feedback regarding sellers reception of offers, except 'too low'. I have to chase the estate agent for feedback, normally takes a couple days to get hold of them. Everytime we have a conversation there conveniently has been another bid. I would not even know this only for contacting him.

We have upped our bid accordingly, but no feedback after a few days on the new amount I offered. Is it normal for a seller to drag this on for so long, and for the estate agent to be so elusive?

MIKEKC

https://www.boards.ie/discussion/2058273056/bidding-on-a-property

He really has you where he wants you. The fact that you are the one doing the chasing and upping your bid every time is music to his ears.Once you place your bid let it rest

combat14

make your final offer (if not done so already) .. and walk away .. dont play their unprofessional incompetent game

jiminho

Felt I should respond. I’m in a similar situation. The realtors over here are cowboys (and cowgirls). From my understanding, it’s not regulated which it probably was where you came from. I bought and sold property in Canada and it was done all above board. It’s a disgrace over here that realtors can essentially do what they want. So to answer your question, yes, it’s normal but everyone will have a different experience.

just tell your EA that you're looking at other properties at this stage because you don't want to be put on the long finger and you're finding the lack of communication from their end frustrating. Don't play their game, make your offer and leave it at that. Actually start looking at other places anyway. A month is too long to be waiting for an answer in my opinion.

Jemima38

I actually am still looking and have an offer in on another house. I called the agent last week to say we are actively looking and offered on another house, thought it would put some pressure on. Initially I was leaving it for a week before contacting them, the last week I have been chasing them as I didnt want to lose another property if they were messing me around. Looks like I will have to walk away at this stage.

https://www.boards.ie/discussion/comment/119913292#Comment_119913292

are you a cash buyer or mortgage?

Jemima38

cash

TheW1zard

Are you low balling the asking price?

Jemima38

https://www.boards.ie/discussion/comment/119913354#Comment_119913354

no. I did offer less than asking at the start, not by much though...

walterking

https://www.boards.ie/discussion/comment/119913257#Comment_119913257

Was regulation withdrawn recently? I never heard anything about it in the news.

Or maybe you are spouting rubbish.

Like every industry you get good ones and bad ones. Just like you have good posters here and people who just vent crap.

Agents must pass all bids to a vendor. All bids must be in written form (text / email)

But if a vendor doesn't respond, there's little an agent can do.

Btw, you get a huge number of eejits pretending they are interested in a property and putting in bids and then withdrawing when pushed for a deposit. - Happened to me recently on an investment property I have.

Dav010

https://www.boards.ie/discussion/2058273056/bidding-on-a-property

Do you not consider being told your offer is too low for the seller to sell to you communication/feedback?

Jemima38

https://www.boards.ie/discussion/comment/119913436#Comment_119913436

Yes.. but thats the answer even at asking price. Honestly just used to a process where sellers will negociate at a certain point,. especially if they get an asking price offer, or state their bottom line price to sell.

herbalplants

Welcome to the estate agents club and their shenanigans.

That type of behaviour that you received is normal here.

You are a cash buyer, think of maximum you are prepared to bid on that property and give him a set time. If no response, walk away. By upping your bid, every time he treats you badly, he achieves what he intended.

Dav010

https://www.boards.ie/discussion/comment/119913463#Comment_119913463

Sellers generally want to sell at the highest price set by the market rather than at an arbitrary bottom line price. If there is interest from other bidders, sellers will let it play out rather than sell at a price decided before the market has a chance to value the property. If you bid below asking, you can’t expect a seller to accept if they have other interested bidders. The Seller/EA has given you feedback, they won’t sell at the price you offered and will wait for a higher bid. That’s as transparent as it gets.

riclad

Bid what you think the property is worth to you. If yours is best bid in the mind of the seller .ll be accepted. Eg some sellers prefer a cash bid to a bid from a potential buyer who is relying on a mortgage from a bank. You can look at property price register or look at other houses for sale to judge what the house is worth

Theres simply a small amount of houses for sale versus potential buyers in ireland

I dont think agents make up bids if thats whats you are concerned about