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Inital Bid Advice

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  • 02-07-2014 12:51pm
    #1
    rabwaygal
    Registered Users Posts: 159 ✭✭


    Hi Folks,

    Looking to buy a house for the first time so just looking for some advice. We have spotted a house we like (have not seen it yet) and have spoken to the Auctioneer about it.

    The asking price is €165K and apparently there is only one bid on it, offering the asking price. To me this seems a bit unlikely because no one in would offer the asking straight away (This is in rural county Galway, not Dublin). Is the Auctioneer just trying to drum up the price?

    A small bit of background - the house is being sold by recievers and has been on the market for approx 3 months.

    So folks - any idea how we should proceed?

    Thanks


Comments

  • Options
    #2
    Bigcheeze
    Closed Accounts Posts: 2,858 ✭✭✭Bigcheeze


    The best way to proceed ? Seems pretty obvious, either bid more than 165 or walk away.


  • Options
    #3
    rabwaygal
    Registered Users Posts: 159 ✭✭rabwaygal


    Im just wondering would ye think its a phantom bid?


  • Options
    #4
    nibtrix
    Registered Users Posts: 1,305 ✭✭✭nibtrix


    Might be, might not be. Why don't you go and see it and work out how much you think the house is worth to you? Then decide whether you want to bid. If you don't think it's worth the asking price tell them you can't go that high but you'd like to put in a bid of €x in case the first offer falls through.

    Make sure you give them a date when your offer expires though (maybe 1 or 2 weeks) or else they'll just hang on as long as possible waiting for better bids to come in.


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    #5
    nj78
    Registered Users Posts: 22 ✭nj78


    rabwaygal wrote: »
    Im just wondering would ye think its a phantom bid?

    Impossible to say I'm afraid. It could be genuine. The EA will often suggest to the initial bidder that the seller will accept the asking price, so they go straight in with that in the hope of closing the sale quickly. Other bidders go straight in to try to blow other potential bidders away. Also EA may have been instructed not to entertain bids below asking price. On the other hand, EA could well be full of sh*t, and I believe phantom bids are becoming increasingly common.

    Very good advice from nibtrix above. Go with your gut, if you want to call their bluff then give a lower offer, but if you really want it then you may need to consider a higher offer.


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