Placed a bid on a house when do you hear back?

sadie1502

Hi all

New to buy a house. We have bid on a house Friday and the auctioneer informed us they have to go back to the underbidder. When should be hear back from the auctioneer? Do we sit and wait does it take days a week to hear back. We haven't a clue really of the process ? Any information would be appreciated thank you

Gumbo

Can depend on the context of you offer.
Was it an opening offer?

Was it a max offer and take it or leave it offer?

I would imagine 48 hours either way but considering it was the weekend is be expecting to hear something back by tomorrow latest.

Also depends on how on the ball the EA is.

KlausFlouride

Don't think there's any rule. I bought recently, heard back within minutes/hours on each bid. Possibly the fact you're not hearing back is a good thing (the other bidder may not be interested anymore).

sadie1502

There was a bid already on the house over the asking price. We called the EA on the Friday noon time placed a bid. The house is being sold by the bank. EA was going back to underbidder. That's all she said. We don't want to be overly eager so it's a waiting game. Hopefully might hear some tomorrow ? If not should we ring on Wednesday?

Gumbo

sadie1502 wrote: »

There was a bid already on the house over the asking price. We called the EA on the Friday noon time placed a bid. The house is being sold by the bank. EA was going back to underbidder. That's all she said. We don't want to be overly eager so it's a waiting game. Hopefully might hear some tomorrow ? If not should we ring on Wednesday?

If you want the house, then yes.

Parchment

Just wait - if the EA gets that you are desperate by phoning them they may press you for more bids. I just wait to hear back.

P. Breathnach

Parchment wrote: »

Just wait - if the EA gets that you are desperate by phoning them they may press you for more bids. I just wait to hear back.

Yes, unless you are really good at managing the tone in which you communicate.

You could, perhaps, phone the EA and say that you have been holding back on another property while you wait to see how this one plays out, but that you don't want to hang about and miss both places. If you can carry that off, you might put pressure on the vendor. The move might not work as well when the vendor is a bank, because some banks don't operate efficiently as vendors.

sadie1502

Thanks for the reply we will wait and see. Hold tough.

sozbox

sadie1502 wrote: »

Thanks for the reply we will wait and see. Hold tough.

Depends on the stage of bidding, as it goes higher I found the time between me placing a bid and the EA getting back to me increased, which was a sign that others were dropping out or had to think hard about going higher.

Was few hours at the start few days at the end. Hold tough!

gaius c

Parchment wrote: »

Just wait - if the EA gets that you are desperate by phoning them they may press you for more bids. I just wait to hear back.

Wednesday or Thursday should be good. At that stage, a proper agent should be in touch anyway.

davo10

Op sit tight and be prepared to wait for weeks for a response. The property is being sold by the bank so the offer will be sent to an office in Dublin where they literally deal with thousands of sales. It can be a very slow and frustrating process, the bank will not care one bit if you put a time limit or final offer on the table, they are in no rush to sell and are only interested in achieving top price no matter how long it takes.

This has nothing to do with EA, he/she is also waiting for someone from the bank to respond/make a decision.

carfax

davo10 wrote: »

Op sit tight and be prepared to wait for weeks for a response. The property is being sold by the bank so the offer will be sent to an office in Dublin where they literally deal with thousands of sales. It can be a very slow and frustrating process, the bank will not care one bit if you put a time limit or final offer on the table, they are in no rush to sell and are only interested in achieving top price no matter how long it takes.

This has nothing to do with EA, he/she is also waiting for someone from the bank to respond/make a decision.

In this situation the bank will only be notified if the estate agent believes that the offer being put forward is the best price that they are going to achieve.

You can tell the agent that you want his/ her answer within a certain time-frame (whatever suits you). Note; the property will need to be on the open market for a minimum period of time so the EA won't be able to finalise a deal with you until the end of that period.
If your offer is best or close to the best that the EA can expect to achieve and they don't have any other interested parties they won't want to lose you.
From there the EA can agree with you to put your offer forward to the receivers/ bank.

At that point it might take a long time to hear back (normally two weeks but sometimes more) but you've basically verbally "Sale Agreed" the property with the agent so they shouldn't be entertaining any new offers or potential buyers from that point on and you should be making preparations to follow through with the sale and move into your new home within a two to three month timeframe.

The receiver will need to see proof of funds before they accept your offer. Have all your paperwork (proof of funds/ mortgage approval) ready to go so that the agent knows you're ready to do a deal.

Best of luck

<Mod snip: identifying information removed>

Quandary

We were invloved in a bank sale recently and closed the sale about 7 weeks ago. The Property was listed at a low price to garner interest at €375k. We opened the bidding with a bid of €330k back in early November. We ultimately went sale agreed in late December with a bid of €437k. Sometimes we were waiting a week or more to hear back from under bidders. We never once phoned the auctioneer after making a bid but were tempted to do so many times

sadie1502

Thanks for the replies we are going to hold tough and not make any calls. We don't want to seem desperate even though we are. We have gone over asking price. They had it on in march / April but lowered the asking price by 15k so we are 2k over current asking price. We will sit tight. I'm just hoping if we do get it were not waiting months upon months as it's repossessed house. Suppose time will tell.

sadie1502

Well we heard back this evening so they estate agent said they will put our offer to the bank as the other party dropped out. Went up 10k. So we provide a letter from broker to estate agent to say approved for asking price. And they she said we should hear back within 1 to 2 weeks. So its a waiting game now to see if our offer is accepted.

jayjay2010

sadie1502 wrote: »

Well we heard back this evening so they estate agent said they will put our offer to the bank as the other party dropped out. Went up 10k. So we provide a letter from broker to estate agent to say approved for asking price. And they she said we should hear back within 1 to 2 weeks. So its a waiting game now to see if our offer is accepted.

My friend had a bid sent from the EA to the bank and then weeks later was told that a higher bid had been placed and re-entered a bidding war weeks later.

Bank sales can be tough to close. Are you buying a house or an apartment? My friends solicitor said that there can be delays if management fees haven't been paid from previous owner, not sure how true this is but it's worth watching out for

sadie1502

jayjay2010 wrote: »

My friend had a bid sent from the EA to the bank and then weeks later was told that a higher bid had been placed and re-entered a bidding war weeks later.

Bank sales can be tough to close. Are you buying a house or an apartment? My friends solicitor said that there can be delays if management fees haven't been paid from previous owner, not sure how true this is but it's worth watching out for

It's a house. God didn't know they could do that.

jayjay2010

sadie1502 wrote: »

It's a house. God didn't know they could do that.

Look don't worry too much. If it's meant to be it'll happen.

Best of luck :-)

Gumbo

jayjay2010 wrote: »

My friend had a bid sent from the EA to the bank and then weeks later was told that a higher bid had been placed and re-entered a bidding war weeks later.

Bank sales can be tough to close. Are you buying a house or an apartment? My friends solicitor said that there can be delays if management fees haven't been paid from previous owner, not sure how true this is but it's worth watching out for

Not only management fees, but also LPT, the previous household charge etc all have to be paid up, also any council bin collection fees that might be there from some years ago.

Houses in the newer estates will also have management fees attached to them for the upkeep of the general,areas.

carfax

sadie1502 wrote: »

Well we heard back this evening so they estate agent said they will put our offer to the bank as the other party dropped out. Went up 10k. So we provide a letter from broker to estate agent to say approved for asking price. And they she said we should hear back within 1 to 2 weeks. So its a waiting game now to see if our offer is accepted.

Congratuations. These offers are normally accepted by the bank as they simply need to get the best market value for the property.

Specify to the agent that you don't want any new potential buyers introduced into the process and that they won't hold any more viewings on the property (i.e. that you're "Sale Agreed in Principle").

You will be relying on their word but still worth specifying this with the agent to show them you mean business

Best of luck.

marymacs1000

Yea my guess would be your offer will be accepted by bank especially as you are the only offer, they will want to get it wrapped up and get some money in for it.

sadie1502

Thanks for the replies you have put my mind at ease a bit. Even though I know don't fall in love with a property be prepared to walk away. But we love it.

whiskeyman

On a similar note:

I put in a bit for a property around a month ago.
Needs work, so offer was 10% below asking.
EA got back and said seller refused and wanted much closer to asking.

Haven't heard anything since, so I presume no further bids (I was first and only bid).
Is best just to play the long game and hope they realise we are only party interested and try to get us in play?
I could probably afford to offer a small amount more, so should I just go in and do 'right, my last and final offer is X - take it or leave it' knowing that no one else is bidding?
Part of me is thinking, will they just take it off the market if they're not getting near what they want, although the EA seemed to suggest it was an investment property they wanted to shift?

sadie1502

Our offer was accepted by the bank today😊. My brother is a solicitor so hopefully can get things moving for us. All going well. Fingers xx.

Gumbo

sadie1502 wrote: »

Our offer was accepted by the bank today😊. My brother is a solicitor so hopefully can get things moving for us. All going well. Fingers xx.

Told you Wednesday / Thursday

memomtoo

We have approval ready so started bidding one of the property we viewed recently, agent agreed and said after speaking to the vendor will get back on considering. He considered us as first bidder.
Now just yesterday, he called me that he has other buyer interested and offer 5k more than our asking price and need to know if we can rise above to consider as we need quick sale. Its owner property selling us and owner got new home agreed so need quick sale for this.
But at the same time we also need to wait for another agent to comeback to consider our offer which is lesser than that property but he want to take time till weekend. But the first agent is not ready to wait that long asking me to advise if I can place better offer to go back to other bidder. Its scaring us that if it goes any higher as we raised a bit more, its impossible to buy it but we really like it a lot than any.

How to deal with the agent to make him understand our situation

LirW

Pushy agents are the worst.
You can tell him that you want to wait until the end of the week to make a decision. Don't get pressured into it, you're paying hundreds of thousands for a place to live, probably the biggest purchase in your life. If you like it more than the other one and you can justify bidding more than the other party, do it. If not, then tell the agent your bid is standing as it is, you can only see what happens anyway. I understand, this is daunting but don't get pushed into it.

memomtoo

LirW wrote: »

Pushy agents are the worst.
You can tell him that you want to wait until the end of the week to make a decision. Don't get pressured into it, you're paying hundreds of thousands for a place to live, probably the biggest purchase in your life. If you like it more than the other one and you can justify bidding more than the other party, do it. If not, then tell the agent your bid is standing as it is, you can only see what happens anyway. I understand, this is daunting but don't get pushed into it.

just scared if we loose it at the same time scared how far it is going with price.
He confirms by tomorrow we need to conclude if not I can leave off from bidding. I'm requesting to give me couple of days, he said i need to bid more by today or morning

LirW

If you're not 100% certain about it then leave the offer standing as it is. You don't wanna spend a mountain of money on something you're not 100% sure about.

memomtoo

LirW wrote: »

If you're not 100% certain about it then leave the offer standing as it is. You don't wanna spend a mountain of money on something you're not 100% sure about.

I have certainty on purchasing the property. See for example if the property has asking price as 320k and we placed first offer as 325, other bidder offered as 330 and if agent closes with nearer price we can afford. if it raises until a figure that we cannot even imagine( after years of saving money we are stretching till asking price and bidding is something unpredictable) that is why scared of that.

we are happy to offer what is on the market but see the bidding is killing softly

davo10

I've been buying and selling properties for 20 years, some quick sales, some protracted, never once have I given any weight to an EA telling me I had a day to make a bid, never have I considered selling a property based on giving a buyer a day to make a bid. Sellers and EAs by definition are greedy, they/we want the most money achievable for a property and giving an interested buyer one day to make a bid is complete crap.

This situation gives you an oppertunity, if you believe that the property is worth €5k more, phone the EA and tell him you will bid €5k more, but tell him you will be in to pay the deposit the day you make the bid and that he must agree no more bids will be accepted. Then listen to him backtrack and say that he cannot take the deposit.