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Bidding advice

  • 18-05-2015 10:53am
    #1
    MetHerInSolas
    Registered Users, Registered Users 2 Posts: 122 ✭✭


    Last week I bid €230,000 on a property where the asking price is €240,000.

    Today another bid has come in for €235,000.

    I would like to me a counter bid but not sure what to bid?

    Should I bid €1,000, €2,000, €2,500, €3,000 or met the asking price by bidding €5,000?


Comments

  • #2
    padraig_f
    Registered Users, Registered Users 2 Posts: 3,323 ✭✭✭padraig_f


    MetHerInSolas wrote: »
    Last week I bid €230,000 on a property where the asking price is €240,000.

    Today another bid has come in for €235,000.

    I would like to me a counter bid but not sure what to bid?

    Should I bid €1,000, €2,000, €2,500, €3,000 or met the asking price by bidding €5,000?

    My approach was to bid an amount that wouldn't give away what my limit was. i.e. not to reduce the increment as I approached my limit.

    So I think it'd be a mistake to go +5k, and then reduce the increment as you approach your limit. Too easy for the person you're bidding against to figure out your limit, and go just a little bit more.

    2k was the number I used, but 1500 might be good too. Pick one and stick to it.

    e.g. next bid: 236.5k

    if they bid 238, go to 239.5k

    Until you reach your limit or they accept the offer.


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