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Not allowed to increase bid

  • 15-11-2016 5:08pm
    #1
    Snakeweasel
    Registered Users, Registered Users 2 Posts: 573 ✭✭✭


    I have been looking at a house for a number of months now. Have started another thread about this saga, but the issue has slightly changed.

    I have had two bids rejected. I have twice since tried to increase my bid but both times auctioneer said that he would speak to the seller first before he would let me bid as he knows that I think the asking price is too high and he has implied that he agrees.

    Problem is he hasn't gotten back to me either time. I am very confused by this and wondering if there is a preferred buyer he has waiting in the wings as someone mentioned in my other thread.


Comments

  • #2
    NinjaTruncs
    Registered Users, Registered Users 2 Posts: 2,528 ✭✭✭NinjaTruncs


    Snakeweasel wrote: »
    I have been looking at a house for a number of months now. Have started another thread about this saga, but the issue has slightly changed.

    I have had two bids rejected. I have twice since tried to increase my bid but both times auctioneer said that he would speak to the seller first before he would let me bid as he knows that I think the asking price is too high and he has implied that he agrees.

    Problem is he hasn't gotten back to me either time. I am very confused by this and wondering if there is a preferred buyer he has waiting in the wings as someone mentioned in my other thread.
    How much below asking are you? It is very strange that the EA won't get back to you. If it was the seller rejecting the bid I would expect the EA would let you know that. Have you followed up with the estate agent and asked the status of your offer.

    4.3kWp South facing PV System. South Dublin



  • #3
    Snakeweasel
    Registered Users, Registered Users 2 Posts: 573 ✭✭✭Snakeweasel


    NinjaTruncs wrote: »
    How much below asking are you? It is very strange that the EA won't get back to you. If it was the seller rejecting the bid I would expect the EA would let you know that. Have you followed up with the estate agent and asked the status of your offer.

    I offered 10k below asking, looking to increase it enough to bridge the gap to get them to realise I'm not a tire kicker. Its now that he wont let me increase.

    I have had to chase him up 3 times now. I am close to getting the number of the seller and actually seeing if he has told them about the bid yet.


  • #4
    davindub
    Registered Users, Registered Users 2 Posts: 1,447 ✭✭✭davindub


    Snakeweasel wrote: »
    I offered 10k below asking, looking to increase it enough to bridge the gap to get them to realise I'm not a tire kicker. Its now that he wont let me increase.

    I have had to chase him up 3 times now. I am close to getting the number of the seller and actually seeing if he has told them about the bid yet.

    Get someone else to ring up and find out what the current highest offer is, it could be your offer and they want to see if they can do better before accepting.


  • #5
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    davindub wrote: »
    Get someone else to ring up and find out what the current highest offer is, it could be your offer and they want to see if they can do better before accepting.

    No one is going to say what the current highest offer is. Someone else needs to bid what the o/p was going to bid and see what the reaction is.


  • #6
    Cookie_Dough
    Registered Users, Registered Users 2 Posts: 6,830 ✭✭✭Cookie_Dough


    This sounds like an odd situation. Are you currently bidding against someone else?

    You should email your increased offer to the EA, technically he can't stop you bidding.

    The EA placed the value on the property when he was putting it on the market so why is he leading you on to think it's overpriced? At the end of the day he's there to get the best price for the seller so it would be in his best interest to communicate your higher.

    I don't know what area you are buying in bit of have found many house are selling for way over asking price at the moment. You should check the proper price register for recently sold house to see if they're in line with this one?

    If you really want the house you should bid the asking price or walk away.

    Is it possible that the vendors don't actually want to sell and are just seeing what they COULD get?

    Maybe the EA doesn't want to go back to them with another offer below asking?

    Or, as said before, perhaps there's another cash buyer or preferred buyer waiting, but then why not just tell you (I have heard this from EA when trying to buy previously)

    If they keep messing you around look elsewhere. If the EA and seller are dragging there heels this much at the offer stage how long will they drag out the sale stage.

    Best of luck with whatever you do


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  • #7
    Cookie_Dough
    Registered Users, Registered Users 2 Posts: 6,830 ✭✭✭Cookie_Dough


    4ensic15 wrote: »
    No one is going to say what the current highest offer is. Someone else needs to bid what the o/p was going to bid and see what the reaction is.

    If someone else rings and says I'm interested in whatever house, I see it's for sale for x amount, are there any bids on it and what's the highest offer they should tell you. If sure an EA would love to have another interested party.


  • #8
    davo10
    Closed Accounts Posts: 6,926 ✭✭✭davo10


    4ensic15 wrote: »
    No one is going to say what the current highest offer is. Someone else needs to bid what the o/p was going to bid and see what the reaction is.

    Strange. In my experience, EAs always tell you what the current highest bid is and try and get you to bid above it.


  • #9
    davo10
    Closed Accounts Posts: 6,926 ✭✭✭davo10


    Op, I would suggest that you give all the pertinent info on this thread. You said on another thread that you have been made aware that the house is being repossessed. So it is possible that the EA is passing bids onto the owner, but he/she may not be in a position to accept it until proceedings with the bank come to a conclusion.

    This sale and the EA may well be in a holding pattern until ownership is determined.


  • #10
    A2LUE42
    Registered Users, Registered Users 2 Posts: 2,563 ✭✭✭A2LUE42


    You sure the house is actually for sale? A couple of houses we tried to buy last year were only 'for sale' to satisfy a bank or separation agreement.


  • #11
    Snakeweasel
    Registered Users, Registered Users 2 Posts: 573 ✭✭✭Snakeweasel


    Cookie_Dough wrote: »
    This sounds like an odd situation. Are you currently bidding against someone else?

    You should email your increased offer to the EA, technically he can't stop you bidding.

    The EA placed the value on the property when he was putting it on the market so why is he leading you on to think it's overpriced? At the end of the day he's there to get the best price for the seller so it would be in his best interest to communicate your higher.

    I don't know what area you are buying in bit of have found many house are selling for way over asking price at the moment. You should check the proper price register for recently sold house to see if they're in line with this one?

    If you really want the house you should bid the asking price or walk away.

    Is it possible that the vendors don't actually want to sell and are just seeing what they COULD get?

    Maybe the EA doesn't want to go back to them with another offer below asking?

    Or, as said before, perhaps there's another cash buyer or preferred buyer waiting, but then why not just tell you (I have heard this from EA when trying to buy previously)

    If they keep messing you around look elsewhere. If the EA and seller are dragging there heels this much at the offer stage how long will they drag out the sale stage.

    Best of luck with whatever you do

    Nobody else interested but my bid had been rejected so I dont know why he said to let him speak with the seller again? Similar property in the same estate went for 16k less than this one 2 years ago. Even after calculating the average price increases over the last two years, the asking price would still be about 10k more than the other property would be.


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  • #12
    Snakeweasel
    Registered Users, Registered Users 2 Posts: 573 ✭✭✭Snakeweasel


    davo10 wrote: »
    Op, I would suggest that you give all the pertinent info on this thread. You said on another thread that you have been made aware that the house is being repossessed. So it is possible that the EA is passing bids onto the owner, but he/she may not be in a position to accept it until proceedings with the bank come to a conclusion.

    This sale and the EA may well be in a holding pattern until ownership is determined.

    That was a different house in the same estate! I was already getting frustrated with the delays on this house at that point!! :D

    Owner used the house as a holiday home, realised they dont use it, is now trying to shift it and doesnt want to take much of a hit on it.


  • #13
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    Cookie_Dough wrote: »
    If someone else rings and says I'm interested in whatever house, I see it's for sale for x amount, are there any bids on it and what's the highest offer they should tell you. If sure an EA would love to have another interested party.

    They will quite likely not tell you. An EA's job is to get the highest price. He is not going to tell a new bidder of the level of an existing offer as the new bidder will top the existing bid by the minimum amount. You have obviously never bid on and bought a house.


  • #14
    Cookie_Dough
    Registered Users, Registered Users 2 Posts: 6,830 ✭✭✭Cookie_Dough


    4ensic15 wrote: »
    They will quite likely not tell you. An EA's job is to get the highest price. He is not going to tell a new bidder of the level of an existing offer as the new bidder will top the existing bid by the minimum amount. You have obviously never bid on and bought a house.

    I have actually, no need to be so condescending. Enquired and bid on several houses before eventually buying. Anytime I made enquiries I was told the current offer and what the EA and vendor were expecting to get.

    Obviously the EA wants to get the highest price so they will want as many bidders as possible regardless of the increase in each bid. My experience of estate agents is that they're happy to let the house sit if not getting what they want unless the seller wants a quick sale.


  • #15
    Snakeweasel
    Registered Users, Registered Users 2 Posts: 573 ✭✭✭Snakeweasel


    Just to put an end to the argument between you two guys, this auctioneer does tell you what the highest bid is. Not saying everyone does, but he does. I bid on another house before he had and he would tell me what the highest bid was, and this was honest as the price the house went for reflected what he told me.


  • #16
    Cookie_Dough
    Registered Users, Registered Users 2 Posts: 6,830 ✭✭✭Cookie_Dough


    Snakeweasel wrote: »
    Nobody else interested but my bid had been rejected so I dont know why he said to let him speak with the seller again? Similar property in the same estate went for 16k less than this one 2 years ago. Even after calculating the average price increases over the last two years, the asking price would still be about 10k more than the other property would be.

    I think they either want asking price minimum or else it's not really for sale.

    At the end of the day he's there to get best price for seller so if you're willing to pay what the EA thinks is overpriced it would be all the better for him and his commission rate. If he's going to speak to them anyway then he could easily mention the increased bid.


  • #17
    ThisRegard
    Closed Accounts Posts: 27,833 ✭✭✭✭ThisRegard


    4ensic15 wrote: »
    No one is going to say what the current highest offer is. Someone else needs to bid what the o/p was going to bid and see what the reaction is.

    Every house I've looked at I've asked and been told what the highest offer is, how else are you supposed to know what you should bid, or even if you should be bothered to bid at all?


  • #18
    Snakeweasel
    Registered Users, Registered Users 2 Posts: 573 ✭✭✭Snakeweasel


    Cookie_Dough wrote: »
    I think they either want asking price minimum or else it's not really for sale.

    I have been told by their neighbour that they would be willing to take 5k below asking, but auctioneer has only said they want asking price, I dont know whether to mention this to him or not. Neighbour would be a reliable source by the way, joys of living in a rural area! ;)


  • #19
    CramCycle
    Moderators, Sports Moderators Posts: 25,515 Mod ✭✭✭✭CramCycle


    4ensic15 wrote: »
    They will quite likely not tell you. An EA's job is to get the highest price. He is not going to tell a new bidder of the level of an existing offer as the new bidder will top the existing bid by the minimum amount. You have obviously never bid on and bought a house.

    It is pretty much the first thing an EA tells you if you seem interested.


  • #20
    Cookie_Dough
    Registered Users, Registered Users 2 Posts: 6,830 ✭✭✭Cookie_Dough


    Snakeweasel wrote: »
    I have been told by their neighbour that they would be willing to take 5k below asking, but auctioneer has only said they want asking price, I dont know whether to mention this to him or not. Neighbour would be a reliable source by the way, joys of living in a rural area! ;)

    I wouldn't mention the neighbours. The EAs behaviour is very odd. I think you should email the current offer you going with (5k less) and let him know that you're also looking elsewhere. Keep looking anyway, you might find something better while you're waiting.

    They don't seem like a v good estate agency if they're not acting in the best interest of their seller. I just don't get why they refuse to communicate a higher bid to the seller they both will gain from it especially if they genuinely want to sell (and you're happy to pay) You should keep ringing EA to ask him if he's spoken to them.


  • #21
    One_Of_Shanks
    Closed Accounts Posts: 2,436 ✭✭✭One_Of_Shanks


    4ensic15 wrote: »
    They will quite likely not tell you. An EA's job is to get the highest price. He is not going to tell a new bidder of the level of an existing offer as the new bidder will top the existing bid by the minimum amount. You have obviously never bid on and bought a house.

    This is completely incorrect.

    We did what the other poster suggested last year when looking at a couple of houses and were told the current highest bid as well.
    My cousin is an estate agent and said it's common practice for them to inform you about the current highest bid.

    You should really check facts before telling other people they're wrong.


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  • #22
    Ayuntamiento
    Registered Users, Registered Users 2 Posts: 346 ✭✭Ayuntamiento


    4ensic15 wrote: »
    They will quite likely not tell you. An EA's job is to get the highest price. He is not going to tell a new bidder of the level of an existing offer as the new bidder will top the existing bid by the minimum amount. You have obviously never bid on and bought a house.

    Every single time that I've enquired about viewing a property I have been told what the current highest bid is.
    In fact the EA usually mentions it before I even get a chance to ask.

    You clearly haven't been on the market recently.


  • #23
    swervring
    Registered Users, Registered Users 2 Posts: 173 ✭✭swervring


    4ensic15 wrote: »
    They will quite likely not tell you. An EA's job is to get the highest price. He is not going to tell a new bidder of the level of an existing offer as the new bidder will top the existing bid by the minimum amount. You have obviously never bid on and bought a house.

    OP, ignore this comment - I have gone to view countless houses this year, and each time I called to enquire about a house I asked what the current offer was. Every estate agent was happy to give out that information. I also did as suggested to you on one occasion when bidding on a house, got someone to call & find out what the highest bid was so that we could find out if it was still our bid.

    How long has this situation with this particular house been going on - I know our estate agent had difficulty in contacting the vendor, who then had to seek approval from another party before accepting, which delayed matters.


  • #24
    ct5amr2ig1nfhp
    Closed Accounts Posts: 5,019 ✭✭✭ct5amr2ig1nfhp


    As others posters have said above, this is a silly statement. in what reality are you living?? You would be wasting the purchasers, vendors and the EA's time with needless bids.

    Any time I have ever enquired about the highest bid on a property, I was told without hesitation.
    4ensic15 wrote: »
    They will quite likely not tell you. An EA's job is to get the highest price. He is not going to tell a new bidder of the level of an existing offer as the new bidder will top the existing bid by the minimum amount. You have obviously never bid on and bought a house.


  • #25
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Mod note

    If you have an issue with a post please report it. Thanks


  • #26
    Snakeweasel
    Registered Users, Registered Users 2 Posts: 573 ✭✭✭Snakeweasel


    swervring wrote: »
    How long has this situation with this particular house been going on - I know our estate agent had difficulty in contacting the vendor, who then had to seek approval from another party before accepting, which delayed matters.

    Over 2 months, only 2 bids made in that time, two more attempts to increase bid.


  • #27
    swervring
    Registered Users, Registered Users 2 Posts: 173 ✭✭swervring


    It doesnt make sense, I don't understand why the EA isn't letting you make a higher bid if the vendor has rejected your offer


  • #28
    Cookie_Dough
    Registered Users, Registered Users 2 Posts: 6,830 ✭✭✭Cookie_Dough


    swervring wrote: »
    It doesnt make sense, I don't understand why the EA isn't letting you make a higher bid if the vendor has rejected your offer

    This exactly! I thought it was initially because the house isn't actually for sale but the OP has since clarified that they are legitimately looking to sell.

    Very bizarre


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