Bidding on property

dathi1

In the current environment are bids in steps of €500 normal practice? Just had experience with such recently.

o1s1n

dathi1 wrote: »

In the current environment are bids in steps of €500 normal practice? Just had experience with such recently.

When I was bidding earlier in the year it was always 5k increments. 500 is a bit of a joke!

sKeith

If you are bidding on property worth ~ 40k - 50k then that sound like a reasonable practice.

dathi1

over 500k. like an idiot went up in multiples of 5k and they're allowing bids on top of €500

MarkAnthony

dathi1 wrote: »

over 500k. like an idiot went up in multiples of 5k and they're allowing bids on top of €500

If it's still going up no foul - unless you're bidding against yourself ofc.

L1011

If someone's going up in increments of 500 quid they likely haven't got much cash left *or* they think you haven't. This is about the only scenario where I'd consider bidding back more than the same amount of increment to just kill the entire process off.

Eldarion

dathi1 wrote: »

over 500k. like an idiot went up in multiples of 5k and they're allowing bids on top of €500

It doesn't matter that you bid in €5k increments since it got outbid anyway. But I would be very careful in countering with a €500 of your own as it would be very easy for the other bidders to convince themselves it's "just another €1000 than what we would have spent" to bid again. You should counter with another €2.5k at minimum IMO.

o1s1n

If a person's counter offer is lower than their previous one, then you can't help but think they're running out of money.

Only way to turn other bidders off is to make it seem like you'll outbid anything they put forward. You can only really do that by making solid, consistent bids.

Field east

One of the strategies in bidding for anything is to stake out the opposition. If €500 bids are accepted then consider doing so especially when you thing that the last bid is around the market price. As against making a one €5000 bid you could make ten €500 bids . Remember you are not really making a €500 bid -you are meeting the last bid of ,say, €5000 and topping it by €500. You are in effect putting on €5500.

Field east

One of the strategies in bidding for anything is to stake out the opposition. If €500 bids are accepted then consider doing so especially when you thing that the last bid is around the market price. As against making a one €5000 bid you could make ten €500 bids . Remember you are not really making a €500 bid -you are meeting the last bid of ,say, €5000 and topping it by €500. You are in effect putting on €5500.

dathi1

I'm new to the bidding game as I stayed out of the last property pump but we're flush for this one without going into debt.

However it's very toppy at the moment and their's trickster stuff going on.

They told us they were closing last Friday and for our bid to qualify we needed to send bank letter of funding to prove our worth which we duly done. We rang back Monday morning and they told us it's gone up another €500.

MouseTail

I would doubt that is trickster stuff, €500 is worth a pittance to the EA in terms of commission, I imagine they are as fed up as you of the micro bids. I would put in a final offer of what you think the house is worth, say it is conditional on the house coming off the market today, and walk away if there is another silly bid.

Field east

Consider going that extra mile if you really like the house. Does it tick all the boxes on your list re the ideal house. Eg sq? FTC needed !no bedrooms! big back! big front! parking! shed, access to back! quality of local community! the two neighbours! can u live in it immediately! needed repairs/ renovations not of an immediate nature

Eldarion

MouseTail wrote: »

I would doubt that is trickster stuff, €500 is worth a pittance to the EA in terms of commission, I imagine they are as fed up as you of the micro bids. I would put in a final offer of what you think the house is worth, say it is conditional on the house coming off the market today, and walk away if there is another silly bid.

I'm surprised they're even accepting €500 bids on a €500k+ house. That kind of malarkey is just wasting everyone's time, including their own.

Field east

Eldarion wrote: »

I'm surprised they're even accepting €500 bids on a €500k+ house. That kind of malarkey is just wasting everyone's time, including their own.

If you have a good relationship with the EA you will get a sense of how she/ he is re the €500 bid. Take your cue from that. Make sure that she/he knows that u are very interested in the house, that you feel it is now at the market price, etc. I am speaking from experience after having bid on six houses over the last two years -eventually being successful last year and with two last bids of €500

dathi1

Feild East, good call thanks

Thanks all. I will re visit and see what happens.

dathi1

Turns out using the closing bid "and you have it" method is the latest scam being used by auctioneers. Last week they told me it was "closing today" and to give the final price. We did. Then bumped it up €500 on Monday. Then yesterday they told me "it was definitely closing at 5pm and to make a final offer to secure" Made that offer on condition it was accepted, closed and not to be used to keep open for higher bids next day.

Called the next day and said it was up again and our closing bid was used. Could have gone higher but the deceitfulness is unreal. As a business owner you wouldn't get away with that type of messing around in any other arena.

I understand that's the way the cookie crumbles.

I'm out.

Amy100

Just need some advice! I have bidding on a house the past 2.5 weeks. At the beginning there were 3 bidders! Now just me and 1 other. It was going up in €1000s and €2000s. Now I have gone up €5000 and bid the asking price! That was on Friday. The estate agent said in an email To me Friday eve late. she would ring the others on Saturday and let me know ASAP. Havnt heard anything since. Do you think I should wait or put a bit of pressure on? Like maybe say I'm bidding on another property and need to know. Or should I play it cool and wait! Advice please.

Field east

Amy, if you really like the house and are not bidding beyond that which you cannot afford then hang in there. Don't 'mess' with the agent because if you are not successful this time you may be dealing with the same agent in the future. When onto the agent get to know as much as possible about the seller , the other bidders, the agent themselves - so a 'bit of a discussion (telephone/ in person)' about the weather, housing sale trends , etc, etc might help to get the full picture. Is the seller in a hurry to sell? Are they moving to a bibber house ? Is seller a family/ single? Is the other bidder a family? Etc, etc. from all of this you may get some sence of the psyche/ strategy of the seller and the opposition. You may garner nothing from the agent but a good relationship with them is a must , in principal. They are a mixed bunch so do not overplay your cards and end up annoying them