Is EA playing a game?

Marchbride

So been bidding on a house for approx 2wks now.. House has been on market approx 6 mths. It's now gone almost 20 k past asking price.. We currently have the highest bid but can't help but think EA is now playing a game. Spoke yest and he told me another bidder out bid us by 2k (it's been happening all along) and I immediately spoke with my husband we both agreed a 4k increase which I rang EA with. He said as it was end of day (4.50pm) he would speak with other bidders in the morning.. I asked how many still interested he said one 'maybe' two.. But they're not as eager now that price has jumped a lot. He was giving them 24hrs to make a decision and would let us know today what was happening. We heard nothing! I'm wondering is he testing us or is it that the other interested party are taking 2 days to think about it?!

djimi

Sounds rather like you have been bidding against yourself tbh. House has been on the market for 6 months and has suddently gone €20k over asking price with a bidding war going on? I might be wrong but that sounds fishy.

davo10

djimi wrote: »

Sounds rather like you have been bidding against yourself tbh. House has been on the market for 6 months and has suddently gone €20k over asking price with a bidding war going on? I might be wrong but that sounds fishy.

Also sounds like there are at least 2 of you bidding. This is the way rival bidders go, up in 2s and 5s. If two people want the same house, €20k is not a big jump. I guess you'll find out pretty soon if there is actually another bidder.

Marchbride

djimi wrote: »

Sounds rather like you have been bidding against yourself tbh. House has been on the market for 6 months and has suddently gone €20k over asking price with a bidding war going on? I might be wrong but that sounds fishy.

Yes but it seems, like us, a lot of people have gotten the go ahead from banks for mortgage after Xmas! And as supply is nil in these areas it could go up like it has!! I hope I haven't been bidding against myself but I don't think I have been but now it's niggling me a little that something fishy is going on?! Can you find out previous bids??

davo10

Marchbride wrote: »

Yes but it seems, like us, a lot of people have gotten the go ahead from banks for mortgage after Xmas! And as supply is nil in these areas it could go up like it has!! I hope I haven't been bidding against myself but I don't think I have been but now it's niggling me a little that something fishy is going on?! Can you find out previous bids??

No, your instincts are the same as everyone in your position, we all would like to know who the other bidder is, how much they are willing to bid and when the vendor will accept the offer. But you just have to ask yourself if the property is worth it and hold your nerve. If you sell your house in the future, you will want an EA to get as much for it as possible, so it cuts both ways.

An Ri rua

Forget about the asking price. And whether there are bids above or below it. No money has changed hands. You must be willing to set a price in your mind and up the ante on the auctioneer. i.e. make them put up or shut up. If it was me, I would withdraw my offers without warning. Then when he rang back, I would offer him 5k less than asking and give him 1-2 days to decide, telling him that you've been approached with an offer of another property. And I would hit him with that on a Wednesday and give him til Friday evening; if he works for someone else and has a target to meet. If he's the principal, hes still sweating it though.

Forgive me for saying, but you sound, from your username and circumstance, like a bright young thing who is VERY enthusiastic about setting up your new life and home. Auctioneers are predatory and work on the seller's behalf, never yours (though they may need you someday). You need to have enough bottle to lose the dream home. It comes down to that in my opinion. Or else pay over the odds for something that means an awful lot to you. That's just as valid as chasing a bargain deal and no one would think worse of you for wanting a particular house. Its an emotive thing! But if it were me, I'd call his bluff as it is worth what it is worth. Not the asking price. That may be more or less. Only you can know what its worth and what its worth to you.

Just in case some feel that advice is foolhardy. I know of a builder who acquired a large, structurally sound Georgian one acre urban property in Laois from the estate of a recently deceased woman. They baulked at his offer of 115, having dropped from high 400s to 250 in the crash and then 125k. A fortnight later, they tried to accept his 115K. He said NO, 95K. A day later, they accepted. He's now renovating.....

Don't be fooled by estate agents. They don't work for you. And don't lose a house that would mean a lot to you. Just decide carefully. That' easier with investment property. But hey, every purchase should be rational, or else allow some fat for emotionality and chalk it up!

jon1981

I feel your pain OP. When we were buying our place before xmas, we were tipping along at 4/5k increases. A young couple apparently had gone out of the bidding, hit their limit, then all of a sudden came back in with a 20k hike hoping to steal it, again apparently according to the EA.

We manage to secure it in the end but no thanks for their fecking eagerness to scare other bidders off

Now I do remember seeing a young couple a two viewings of the same house, so I'm assuming it was them but of course this all could have been phantom... you will never really know. In the end we secure a house for slightly over asking but it is a house that in our view is still worth the money.

caew

You can try and guess and second guess the estate agent and wonder about false bidders and calling their bluff. But you could also lose the house if you call their bluff and other bidder is genuine.

Are you still within the limits of the price you are willing to pay? If you are then I would still work to get the house, even if you do feel there is a fake bidder, if you are getting the house you want for a price you are comfortable with then focus on that.

If however you have gone beyond a price you feel the house is worth to you then I would try and call their bluff.

Is the house worth another bid to you?

Marchbride

An Ri rua wrote: »

Forget about the asking price. And whether there are bids above or below it. No money has changed hands. You must be willing to set a price in your mind and up the ante on the auctioneer. i.e. make them put up or shut up. If it was me, I would withdraw my offers without warning. Then when he rang back, I would offer him 5k less than asking and give him 1-2 days to decide, telling him that you've been approached with an offer of another property. And I would hit him with that on a Wednesday and give him til Friday evening; if he works for someone else and has a target to meet. If he's the principal, hes still sweating it though.

Forgive me for saying, but you sound, from your username and circumstance, like a bright young thing who is VERY enthusiastic about setting up your new life and home. Auctioneers are predatory and work on the seller's behalf, never yours (though they may need you someday). You need to have enough bottle to lose the dream home. It comes down to that in my opinion. Or else pay over the odds for something that means an awful lot to you. That's just as valid as chasing a bargain deal and no one would think worse of you for wanting a particular house. Its an emotive thing! But if it were me, I'd call his bluff as it is worth what it is worth. Not the asking price. That may be more or less. Only you can know what its worth and what its worth to you.

Just in case some feel that advice is foolhardy. I know of a builder who acquired a large, structurally sound Georgian one acre urban property in Laois from the estate of a recently deceased woman. They baulked at his offer of 115, having dropped from high 400s to 250 in the crash and then 125k. A fortnight later, they tried to accept his 115K. He said NO, 95K. A day later, they accepted. He's now renovating.....

Don't be fooled by estate agents. They don't work for you. And don't lose a house that would mean a lot to you. Just decide carefully. That' easier with investment property. But hey, every purchase should be rational, or else allow some fat for emotionality and chalk it up!

Thank you all so so much for your advice and taking time to reply
Yes you're absolutely right it was initially an emotive experience whilst bidding but then the craziness kicked in and I did draw the line at what I believed was too much. The EA rang me fri pm to tell me we were outbid by 2k persuading me to ring my husband when I immediately responded saying we were walking away. I said no and we had reached our limit, he firmly advised me to speak to my hubby.. So I started thinking something was up then. So rang my hubby who agreed with me & I rang EA back & informed him of the same. Then a long personal 'chat' ensued.. Won't go into long details but in a nut shell he insinuated that the other bidder is an investor, that he would prefer to see a young family (us) starting out on life, get the home so he was going to explain situation to vendor and see if she'd accept our bid with the knowledge that we're a young family with two young babies. Now I just found the conversation left me questioning if there was another bidder and if there is can he actually try away the vendor? I actually quite like the EA (criminal offence I know) but he is a nice bloke & no airs or graces at all about him., so now I've no idea what to think?!

Wabbit Ears

Do you believe he wants a young couple to get the house and sell it for less money because he is just oh so caring......


Re-read what you just wrote and have a laugh at yourself, because he certainly is.

Marchbride

Wabbit Ears wrote: »

Do you believe he wants a young couple to get the house and sell it for less money because he is just oh so caring......


Re-read what you just wrote and have a laugh at yourself, because he certainly is.

Oh god no not at all.. What I'm trying to say is its very clear he's playing a game just like I thought.. Seriously... Why would he lose his commission for a 'little young family'.. They're trying to earn everything they can.. So I'm not fooled by it!! Just found the whole ph call confusing and funny!!

the_syco

Marchbride wrote: »

Then a long personal 'chat' ensued.. Won't go into long details but in a nut shell he insinuated that the other bidder is an investor, that he would prefer to see a young family (us) starting out on life, get the home so he was going to explain situation to vendor and see if she'd accept our bid with the knowledge that we're a young family with two young babies.

How nice. Maybe give a final offer of 2k below the original asking, with Thursday being the date the deal goes south?

Marchbride

the_syco wrote: »

How nice. Maybe give a final offer of 2k below the original asking, with Thursday being the date the deal goes south?

Yes I'm wondering if that happens, as in he rings back saying other bidder is out.. Do I drop it from my last bid of 255 to asking price 239 & walk away?? It's weird all the same

spaceHopper

Marchbride wrote: »

Yes I'm wondering if that happens, as in he rings back saying other bidder is out.. Do I drop it from my last bid of 255 to asking price 239 & walk away?? It's weird all the same

You gave it your best shot so have no regrets is he doesn't come back to you. If he does give it a couple of days then arrange another viewing before making another offer I'd go with asking and move from there. Who is selling it, do they need to buy some where else....

Weyhey

Good luck with it Marchbride. Did you hear anything since?