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Bidding process

  • 25-02-2015 7:21pm
    #1
    mellowyellow2
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hi, just looking for advice regarding the bidding process on a house. Last year we saw a wonderful house that was sold for more than we were prepared to pay. As fate would have it the house we were in the process of buying fell through while the sale of the lovely house has also fall through and is now back on the market.
    Current bidding is at €300k with an asking of €310k. It has been on the market 4-8 weeks. There were a few bidders but now there is only one. We asked the EA if we offered asking would the seller a) accept and b) take the house off the market. Is this a reasonable or outlandish request? (Maybe too much time watching A place in the Sun on our part). The EA said she would more than likely accept the asking but out of courtesy she would go back to the current bidder. Our opinion of this was that meant she would not take the house of the market and this would open another bidding war.
    As I type this out it seems more likely that another bidding war is on the horizon which is good for the vendor but not so good for us. Now the dilemma is do we go in low (2k over current asking price) or make a strong offer (5-10K bringing it up to asking and beyond)?
    Amy suggestions or advice would be great. Our heads are still spinning from the viewing earlier today...


Comments

  • #2
    Roselm
    Registered Users, Registered Users 2 Posts: 753 ✭✭✭Roselm


    Maybe offer asking.If other bidders come back with another bid throw everything you have at it for the highest you are willing to pay and if you dont get it walk away.


  • #3
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    Pick what the house is worth to you, bid that, give a firm closing date on the offer - 48 hours or so.

    If it's not accepted walk away, plenty of other houses will come up.

    People are going to start going a bit la-la with approvals running out, EA's will take advantage of this and you could simply end up bidding against yourself.


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