Bidding query

pacman1989

Well basically just looking for some advice on house im currently bidding on. The asking is 210k . I put in a first offer of 190 which was rejected . Then put in 195 which was being considered but now there is another buyer who has bid 198. I dont think its a phantom bidder as i know there has been quite a bit of interest in the house. My question is should i put in a offer offer of 200 and risk getting into a bidding war or just go to my top price im willing to pay which is 205 and hope that the increase might scare away the other buyer. Confused :-)

D3PO

you got to do what you feel is right.

You could go to 200k and get it or you could go there the other bidder may go 205k and then bam your out of the game.

my view if you really want it go in with a third and final offer of 205k and see how the cards fall.

the fact is 5k in the grand scheme of things over a 25 year mortgage or whaever it going ot be insignificant enough in terms of the monthly mortgage that you may look back down the line and think why the hell didnt I just offer what I was willing to pay.

whatever happens still to your max budget dont get carried away.

pacman1989

Ya thanks for that . my gut is telling me to go in at my max. I have no intention of going over it and am prepared to walk away from the deal. Should i give a time limit on the offer . was thinking maybe letting it in until the end of the week and then all offers are withdrawn

SteM

My opinion.

I would go back in with a 200k bid. You said yourself that your max is 205k so you're not going to get pulled into a 'bidding war' because the leeway isn't there for it to happen. If someone goes in higher they will probably go in at 202k or 203k (based on the 195k -> 198k offers) which still lets you up your bid to 205k. I don't think going straight in at 205k will scare anyone off considering the asking price of 210k to be honest.

If you're meant to get it you'll get it and you should get it at the best price you can, if that means potentially saving 5k all the better.

Penny Dreadful

I'm in a similar situation and would also appreciate advice from you sage people.
I am interested in a house that is on the market for €480K. There is currently a bid in on it for €475K- my max is €500K.
Would you do a once off bid or go up incrementally e.g. €477K ---480K and so on?

There was a house I got caught in a slight bidding war with last year and it killed me. The house was on the market for €450k and the starting bid was in at €400K ---- the bidding got fast and furious and the house ended up going for €550k!!:eek: It was in a nice location and it was a lovely house but not worth the price paid in the end IMHO. I left the bidding at €485.

This other house is further out of Dublin and so might not get so much attention from so many bidders - maybe I have a chance this time around.

D3PO

SteM wrote: »

My opinion.

I would go back in with a 200k bid. You said yourself that your max is 205k so you're not going to get pulled into a 'bidding war' because the leeway isn't there for it to happen. If someone goes in higher they will probably go in at 202k or 203k (based on the 195k -> 198k offers) which still lets you up your bid to 205k. I don't think going straight in at 205k will scare anyone off considering the asking price of 210k to be honest.

If you're meant to get it you'll get it and you should get it at the best price you can, if that means potentially saving 5k all the better.

i agree with your logic but you have read it wrong there was no 195 to 198 jump the jump was 190 to 198

the 195 bid never made the table before the other party went 198

so with that in mind going to 200k could see you out of the game if the next jump is to 205 which it could very well be

D3PO

Penny Dreadful wrote: »

I'm in a similar situation and would also appreciate advice from you sage people.
I am interested in a house that is on the market for €480K. There is currently a bid in on it for €475K- my max is €500K.
Would you do a once off bid or go up incrementally e.g. €477K ---480K and so on?
.

there is no right and wrong answer. Id probably go to the 480k but ahve a chat with the EA say your not getting into a bidding war they are asking 480 your preparted to match it but want it taken off the market.

tell the EA to go back to the vendor and put that to them and give him an hour to call you back.

with luck its accepted, or a counter offer is made to take it off the market.

if its rejected then you ahve to gauge what way you want to play the strategy from there.

its a game of bluff first to blink loses

Penny Dreadful

D3PO wrote: »

there is no right and wrong answer. Id probably go to the 480k but ahve a chat with the EA say your not getting into a bidding war they are asking 480 your preparted to match it but want it taken off the market.

tell the EA to go back to the vendor and put that to them and give him an hour to call you back.

with luck its accepted, or a counter offer is made to take it off the market.

if its rejected then you ahve to gauge what way you want to play the strategy from there.

its a game of bluff first to blink loses

or the first to run out of money:D

Thanks for the suggestions. Its a lovely house and myself and my husband (and hopefully our baby thats on the way!) would be very happy to live there and so would love to get it. However, we're not willing to spend stupid money on it either. Once the baby arrives our costs will go up enough anyway!