Bidding on a House

I agree with you. Bidders bidding on few houses at the same time are drumming prices up.

What I think buyers should do when they are told their bid won as first bidder pulled out, is that they should lower their bid as they have increased their bid against someone who may have bid against few houses. Buyer needs to take some power back. Without the buyer, the seller has nothing just a house to sell.

I tried that before. EA was not impressed, said thats not how it works!

No, it is commerce.

If you want to sell your home for less than someone is willing to pay, you go for it.

You would choose to sell your home at a loss, rather than at market rate?

I find that hard to believe, in fact I don’t believe any person in their right mind would do that.

I don't believe this is a common occurrence at all.

In any area, there will only ever be a limited number of estate agents operating. If you go around throwing bids on multiple houses only to drop out, you'll quickly find that your bids won't be entertained at all. Why would anyone do that?

I think people invent these conspiracy theories to make themselves feel better tbh.

We'd actually heard about this agent from a friend before we even went to see the place, used car salesman type.

In hindsight the viewing was bizarre, we viewed it twice and both times he wasn't even there. Showing us around the house was a kid who couldn't have been a day over 16 (if even that) in a cheap suit, if you asked him about the house he reached into his pocket to read a handwritten note he'd made to see if the answer was on it. Even what's the current offer, he'd have to check the note. The first time we viewed it we were alone, the second time there was a young couple viewing with us who looked in their mid to late 20s. They made noises about making a bid to the 16 year old as they were leaving. This house was up near a million, they weren't in the usual age range who could afford this kind of property and having been to a lot of viewings in this price range lately they definitely felt out of place. Not that it actually means anything but I saw them leaving and he wasn't driving the kind of car I'd expect somebody with that kind of money in their late 20s to be driving. It felt a bit odd at the time, I'm wondering now were they a plant to make the other bidder in our bidding war seem legit. Sounds far fetched but you never know, it had been on the market a good while so it's not like there were lots of people viewing it every week at this point.

A collegue of mine successfully bid on a house and was sale agreed, when his solicitor told him to pull out because a small section of land (2sq meters) at the bottom corner was not on the land registry. The previous owner lived there over 20 years and he just assumed it was theirs and just cut the grass and tended to it. There is no opposition from any neighbours etc as they all assumed it was part of his garden.

Am I right in thinking that the fact that the previous owner was there uncontested over 12 years, they had rights to the land (the boundaries were set before they bought the land from the previous owner in the 90's).

He said he has taken his solicitors advice and pulled out, but it seems strange to me tbh.... what is the risk ? could someone lay claim to 2m square patch of grass after all this time? and in all honesty, I doubt it would impact the property as its at the end of the garden.

What am I missing or is my man just using it as an excuse to pull out of the deal?

I would sell it to whomever makes the best offer first. Do you find it so hard to believe that someone can actually think beyond the short term gain?

I had a very similar situation on a small two bed house during 2016. It's was a ex rental the owners had done a deal with the bank. I had a big that was 2k less than the banks request of the owners. Auctioneer said I had first refusal but if I did not they were keeping it on the market.

I took the deal. The house has gone up in Vale by 70-80% since and I have collected rent to nearly the value of the house since. A bit of money put into it and a bit of hassle with the last tenant but all is good otherwise

Is the person that has use of it for the 12 years has the claim or the new owner. However it's not that straight forward you have to apply for title through adverse possession of the owner of the property challenges it the case goes to the high court. It could cost 20-50k to get title. If it was me I would have purchased and lived with the risk until I could claim adverse possession if the area was small and at a corner of the garden.

This could put an end to the phantom bidders and endless bidding wars?

https://www.irishtimes.com/politics/2023/11/14/bidding-process-for-buying-homes-in-ireland-could-be-overhauled-after-expert-process/

Salty little lad, aren't you :).