Multiple bids

Doctor Benway

Hi,

I'm currently bidding on a particular house (in the middle of a low-level bidding war, and waiting for the estate agent to get back). We've also seen another house (handled by a different estate agency) that we'd also be quite happy to buy. Now, obviously we'll also bid on the second house, because we can't afford to rely solely on getting the first one (which would be our preference).

My question is: should I tell the estate agent on the second house that I've already put in a bid on the first one when I ring up to put in the bid on the second one? Am I putting myself in a stronger or weaker position if I do this?

is_that_so

Dutch auctions are a pain. Agents just want to make the most they can fro their clients. They have probably contacted the other bidder about your offer. My advice ignore it and don't play the game unless it's a house you really want. You do what you want. Put an offer in for the second house if you like it. Don't wait around. They are good at their jobs and have a sense of how far to push people. I had offers in on three properties at the same time and I kept seeing the same people.

The_Conductor

Doctor Benway wrote:

Hi,

I'm currently bidding on a particular house (in the middle of a low-level bidding war, and waiting for the estate agent to get back). We've also seen another house (handled by a different estate agency) that we'd also be quite happy to buy. Now, obviously we'll also bid on the second house, because we can't afford to rely solely on getting the first one (which would be our preference).

My question is: should I tell the estate agent on the second house that I've already put in a bid on the first one when I ring up to put in the bid on the second one? Am I putting myself in a stronger or weaker position if I do this?

There are different ways of looking at it.
First thing to remember- the estate agent is employed by the seller of the house and its in their interest to try to get the best possible price for the house (to maximise their commission). So...... the estate agent will likely report back to the seller on each bid (probably along with a few lines on the bidder). While there are lots of people bidding against each other- bidding on another property probably does not matter- its simply you hedging your bets. If its gets down to the last few people- what the seller ***may*** be asking the estate agent- is the likelyhood that if you are successful that you will walk away from your offer. So- having a bid on another property may be of different use to you at different stages in the bidding process- even if only to cover yourself. I was up to last week in a similar situation bidding on a house in Kildare Town. Irrespective of whether it was to my benefit or not- I did make it clear to the estate agent that I was actively pursuing other properties. When the final shots were fired- we were the last people standing- but our offer was every last penny we have.....

The main thing to remember is- regardless of what the estate agent tells you- he or she would gladly sell their granny if they thought there was a profit in it. Take what they say back to you with a grain of salt.......

MorningStar

is_that_so wrote:

Dutch auctions are a pain.

WHo mentioned a dutch auction?


ANyway OP,

Don't tell them you are actually bidding on something else but make sure they know you are still looking. I'd go see some houses they have on their books to show this.

Doctor Benway

Cheers, thanks for that.

Yeah, I think probably not mentioning it might be best. In fact, there is another house on his books that does look interesting and I'll ask to view. If we then wish to bid on that one, I guess things will get really interesting (and awkward).