Closing date for offers

rionn

Hi I would be appreciate some advice. I had placed an offer of 65000 on a house some1 else then bid 68000 and I've now bid 70000.. I placed the offer off 70000 on Tue the estate agent rings me on Fri to say he has now put a closing date for offers for Monday at 12.

What should I do in this situation. Should I place a higher bid at 1145 or wait and hope that my offer is enough to get me this house.

I can manage the 70000 but would need extra help from family if I had 2 place a higher offer.

Has anyone any experience on closing date bids should I be on the phone to EA on Mon at 1155 just to be sure..

Any advice or experience would be really appreciated!!

L1011

Don't increase your offer without another one coming in - otherwise you are effectively shadowboxing. I imagine they've put that date in place specifically to try get more money out of you as the other bidder hasn't come back in 4 working days.

rionn

Tks MYOB... Im really worried ill get out bid in the last few minutes.. Will I ring estate agents at 1155 to see if I am still highest bidder

P. Breathnach

rionn wrote: »

Tks MYOB... Im really worried ill get out bid in the last few minutes.. Will I ring estate agents at 1155 to see if I am still highest bidder

If you do that, the EA will know that you are prepared to go higher, and the only thing that is uncertain is how high he says the (possibly imaginary) competing bid is.

It's a high-stakes game where bluffing is common. It might be the case that you have always been the only bidder.

There will be other properties on the market so it might be worth your while being resolute, even at the risk of missing this one.

L1011

rionn wrote: »

Tks MYOB... Im really worried ill get out bid in the last few minutes.. Will I ring estate agents at 1155 to see if I am still highest bidder

They'll call you if there's another bid - real or invented. DO NOT call them or else a bid will suddenly appear from nowhere.

Also, if you find you've been "outbid", don't be surprised if they come back saying they've pulled out. In that case, offer less than you did.

rionn

Cheers guys I feel more ready for the situation now!

odds_on

rionn wrote: »

Tks MYOB... Im really worried ill get out bid in the last few minutes.. Will I ring estate agents at 1155 to see if I am still highest bidder

It sounds like youhave fallen in love with the property - first mistake.

Letting an agent know (by repeated contacting EA) that you have fallen in love with a property - second mistake.

When I view a property, I make it abundantly clear to the EA that I am not prepared to go into a bidding war with anyone and if there is another offer, the other person can have it. There are plenty of properties out there.

My current list of possibles is 15 properties -any one of which I would be happy to live in for the rent of my life. I'm just waiting to see if they stay on the market a little longer. I haven't fallen in love with any of them - but then, I am old and cranky and have got passed that stage!

No Pants

Reduce your bid back to 65k and tell them that offer expires at 11:00 on Monday. Stand firm.

jimb43

Thats the best advice, reduce your offer to 65k, tell him the offer is open for 5 minutes, you will soon see if he's taking the pis@. and dont fret, its a buyers market out there for cash. auctioneers , take the biscuit they do.

good luck