Estate Agent interaction

slingerz

Roughly how long should you be waiting for an estate agent to come back to you after you make a bid on a property?

Made a bid on Tuesday and haven't heard anything since

mitresize5

why don't you chase them up?

Hollister11

4-5 working days.

This gives the selling party time to consider the offer, and get back to the estate agent with their decision.

slingerz

mitresize5 wrote: »

why don't you chase them up?

Don't want to seem overly keen

slingerz

Hollister11 wrote: »

4-5 working days.

This gives the selling party time to consider the offer, and get back to the estate agent with their decision.

Thanks.

As it the first offer on the house I expect it to be rejected. Would it be uncommon for the first offer to be accepted? It's below the list price for the house however the house has been on sale for the past 8 months without an offer

maximum12

slingerz wrote: »

Thanks.

As it the first offer on the house I expect it to be rejected. Would it be uncommon for the first offer to be accepted? It's below the list price for the house however the house has been on sale for the past 8 months without an offer

Well it won't be accepted before the EA goes around to all the people who have expressed an interest to see if they want to make a bid.

Lots of people are reluctant/uncomfortable to make the first bid and prefer to join the bidding once someone else has set a floor.

If the bid is realistic and not a complete low ball offer then it may be accepted.

davo10

Vendor/other interested persons could be away on holidays. Unless the vendor needs to sell, there is no need to accept the first bid particularly if it is below asking. Look at it another way op, the property has been on the market for 8 months and you don't mention a price drop during that time, sounds like the vendor is holding out for bid above a certain amount.

BailMeOut

if your bid was verbal make sure you always send an email the agent detailing the bid as well.

Seth Brundle

Call them tomorrow. I dealt with an EA last year when would not phone me. On one occasion I put on a bid and over a week later had to call him to see if it was accepted. Turned out another bid placed the day after mine.

slingerz

Cheers for the replies folks. It's the first time I've ever bid on a house and it's the first bid on this house sit it was listed for sale 8 months ago

slingerz

just an update on this. Auctioneer rang me today saying the received another offer on the house i bid on. The new offer is €20K above what i bid.

I find that hard to believe that a counter offer would come in €20K over mine given noone else has bid on the house since its listing 8 months ago.

Would auctioneers make up fictional bids

bmwguy

slingerz wrote: »

just an update on this. Auctioneer rang me today saying the received another offer on the house i bid on. The new offer is €20K above what i bid.

I find that hard to believe that a counter offer would come in €20K over mine given noone else has bid on the house since its listing 8 months ago.

Would auctioneers make up fictional bids

Their sole remit is to make as much money for the seller as possible.

Was your bid above or below the asking price?

It's unusual for a bid to jump 20k but you can't be sure, if yours was a lowball its possible, just have to take their word for it or call their bluff. It's a game really.

slingerz

bmwguy wrote: »

Their sole remit is to make as much money for the seller as possible.

Was your bid above or below the asking price?

It's unusual for a bid to jump 20k but you can't be sure, if yours was a lowball its possible, just have to take their word for it or call their bluff. It's a game really.

Bid was below the asking but on par with recent house purchase in that estate from May. Asking is €45 more on this house.

It's above what I would be prepared to pay for this house anyway.

What should my next step be now?

Seth Brundle

slingerz wrote: »

Bid was below the asking but on par with recent house purchase in that estate from May. Asking is €45 more on this house.

It's above what I would be prepared to pay for this house anyway.

What should my next step be now?

You should be prepared to walk away. Don't exceed your limit!

Out of curiosity, are you a first time buyer with mortgage approval? Talk to the EA about how genuine the new bid is (if it has been received in writing).

On a different note, is there a reason why the asking is 45k more than a recent sale nearby?

maximum12

slingerz wrote: »

just an update on this. Auctioneer rang me today saying the received another offer on the house i bid on. The new offer is €20K above what i bid.

I find that hard to believe that a counter offer would come in €20K over mine given noone else has bid on the house since its listing 8 months ago.

Would auctioneers make up fictional bids

See my post. You've kicked off the bidding. Anyone else interested now needs to sh1t or get off the pot which is why there's another bid.

Boards is full of threads where people thought there was a fake bid only to see it confirmed months later in the property register.

LuckyLloyd

Stick, offer the max you're prepared to pay (if it isn't your current bid), walk away

If the €20k higher offer is above what you're willing or able to pay just articulate that clearly and continue looking.

bmwguy

slingerz wrote: »

Bid was below the asking but on par with recent house purchase in that estate from May. Asking is €45 more on this house.

It's above what I would be prepared to pay for this house anyway.

What should my next step be now?

So your bid was in the region of 45 below asking? I wouldn't expect the seller to accept. It's quite likely another bid 25 below asking has been put in (if I understand your bid correctly).

Only real way to do this is pick a price you are prepared to pay and don't go above it. It's a frustrating process trying to second guess whats going on with sellers/estate agents

slingerz

bmwguy wrote: »

So your bid was in the region of 45 below asking? I wouldn't expect the seller to accept. It's quite likely another bid 25 below asking has been put in (if I understand your bid correctly).

Only real way to do this is pick a price you are prepared to pay and don't go above it. It's a frustrating process trying to second guess whats going on with sellers/estate agents

Would they not have been told that i had bid below that already? beating it by 20K just seems a little odd to me

Cathmandooo

A 20k jump could easily be the other people putting all of their cards on the table. They probably don't want to get into a bidding war. Particularly if it's still under the asking price. It's not that odd sounding to me, possibly people just sick of bidding and losing.

bmwguy

slingerz wrote: »

Would they not have been told that i had bid below that already? beating it by 20K just seems a little odd to me

No I don't think they would be told that, it would then give the impression people were valuing the house much lower than asking and give buyers doubts.

Perfectly reasonable someone would come in 25 below, hence beating yours by 20 if they didn't know about your bid. But information is not made available to all and sundry in these situations, that's what makes the game so difficult to play!

Lumen

Consider bidding on multiple properties at once, or at least keep viewing other properties as the tortuous bidding process unfolds.

This will help to prevent target fixation and give you a way to compare relative value.

There are lots of properties.