Bid in on house - advice on next approach

skerry

Hi folks, looking for a bit of advice. Been looking for houses in Clare for ages and finally seen a house we are keen on so went in with a bid of 91% of asking on Friday evening. Estate agent called this morning to say there is now a bid 5k higher than ours on the table.
House is listed since start of November and no bids until now and then two in as many days (including our own). While part of me thinks it a bit suspicious, I'm fully aware that a bid can often get things kicked off quite quickly. House is in a rural setting 10 mins out of town so demand isn't as high as houses closer to town generally.
I'm thinking of ringing the agent and saying our offer stands until the end of the week and after that we will be moving on in the hope that I can get a proper idea on the state of play. If other bid is genuine we're out of the running anyway and if not I guess we'll find out by Friday.
Definitely don't intend on spending Christmas scrounging cash in the hope of a house that may never materialize as I know there will be more available in the new year.
Would this be a good approach? Open to any suggestions.

listermint

Yes this would be a good approach. Sit on the decision for a week or so and see what comes back.

ct5amr2ig1nfhp

Have you had a friend or family member ring the estate agent to confirm the current highest offer and previous offers details?

skerry

Bella Plain Vodka wrote: »

Have you had a friend or family member ring the estate agent to confirm the current highest offer and previous offers details?

No, not yet. I think I might leave it until tomorrow to check into that, good call though.

I asked the status of current bidder as we're not in a chain and mortgage approved. EA said that they wouldn't let someone bid on the house if they weren't ready to move but he never asked us for any evidence that we're approved so seems odd he's 100% certain of the new bidders status and hasn't asked us for a shred of proof to date.

Estrellita

If you've already given the EA your bottom line, there is no harm telling him that, and put a date on it the offer will stand till. Remind him you are mortgage approved, and you aren't in a chain. Those are valuable to someone who needs a quick sale.

If he hadn't checked you are mortgage approved and even at the time if offering, then he's lying about checking bidders approvals. You are no time waster, the offer stands for X amount of time and it's your final offer. That's the direction I'd be going in.

skerry

Estrellita wrote: »

If you've already given the EA your bottom line, there is no harm telling him that, and put a date on it the offer will stand till. Remind him you are mortgage approved, and you aren't in a chain. Those are valuable to someone who needs a quick sale.

If he hadn't checked you are mortgage approved and even at the time if offering, then he's lying about checking bidders approvals. You are no time waster, the offer stands for X amount of time and it's your final offer. That's the direction I'd be going in.

I know people are quick to assume there's dirty tactics afoot when they hear they've been outbid but we bid on Friday evening and, assuming he rang around first thing this morning, that gives other party an hour to consider it before biting his hand off with a bid of 5K above ours.

Just thought it odd this morning how quick and confident he was on other bidders status given we've not been asked for any evidence ourselves.

Will put until Friday on bid and see what comes up, if I hear nothing back then I guess it's genuine and best of luck to them but we're out and on to the next viewing.

Estrellita

skerry wrote: »

I know people are quick to assume there's dirty tactics afoot when they hear they've been outbid but we bid on Friday evening and, assuming he rang around first thing this morning, that gives other party an hour to consider it before biting his hand off with a bid of 5K above ours.

Just thought it odd this morning how quick and confident he was on other bidders status given we've not been asked for any evidence ourselves.

Will put until Friday on bid and see what comes up, if I hear nothing back then I guess it's genuine and best of luck to them but we're out and on to the next viewing.

I always assume the worst with them. We are just about to sign ourselves, and my God has that been a journey. Some of them are as dodgey as it comes, finding an honest EA is as rare as hen's teeth.

We never actually did ask for this, but I understand you can ask to see proof of other bids made. Someone may correct me on that one. As if buying a home successfully isnt hard enough, you've to deal with EA games into the bargain. While they can get on the phone and start generating a bid war, always call them out on it.

We've been looking on and off for the last five years aprox, it's a very rough road and it's easy to let your heart rule your head. Thats what the EA's are counting on. I really hope this house comes through for you, it would be lovely to hear you've had an offer accepted just before Christmas

NinjaTruncs

What does putting a time period on your bid matter at this point? You're being told you have been out bid, you said even if the bid is genuine you can't outbid it, simply tell the EA you're out and that the bid you put in was your best offer. If the other bid was fake the EA will be back to you, if it's real they won't be back. Move on and look for another house, as you said there will be more stock, but don't try to overthink bidding strategy as it will consume you, imo the best way to go id put in your best offer, particularly if you're bidding under asking price and if it's not accepted move on.

Estrellita

NinjaTruncs wrote: »

What does putting a time period on your bid matter at this point? .

Of course there's a point. Telling him it's the end of the line and it's a final bid he may advise the vendor of this so they can make a decision for themselves what they want to do. Especially if the bid is either bogus or its a real bidder but with no approval yet. I'm not suggesting for one minute that the OP should have all their eggs in one basket. It makes all the sense in the world to keep looking while you are bidding on properties.

Zzippy

As said, get someone else to enquire about the property and see what the current bid is. Also no harm to stall a bit by asking for a second viewing, which usually takes a few days to arrange. Lets the EA know you're serious but will take a bit of selling - at the viewing you can suss out better whether you believe him or not - it's a lot easier to assess face to face with body language etc. After that, if you're still interested you can put a time limit on your offer, or bid again.

skerry

NinjaTruncs wrote: »

What does putting a time period on your bid matter at this point? You're being told you have been out bid, you said even if the bid is genuine you can't outbid it, simply tell the EA you're out and that the bid you put in was your best offer. If the other bid was fake the EA will be back to you, if it's real they won't be back. Move on and look for another house, as you said there will be more stock, but don't try to overthink bidding strategy as it will consume you, imo the best way to go id put in your best offer, particularly if you're bidding under asking price and if it's not accepted move on.

I've haven't said to the EA that I've been outbid, I just told him I'll get back to him after I discuss with my partner.

I guess for me, the idea of putting a time limit on it is so we're not going round in circles with this for the whole run up to Christmas. At least I'll know there's another solid bid on the table if I hear nothing back and I can go on and enjoy my Christmas with my partner and our little girl (it's her first Christmas) and get back to the whole house hunting thing in January.

skerry

Zzippy wrote: »

As said, get someone else to enquire about the property and see what the current bid is. Also no harm to stall a bit by asking for a second viewing, which usually takes a few days to arrange. Lets the EA know you're serious but will take a bit of selling - at the viewing you can suss out better whether you believe him or not - it's a lot easier to assess face to face with body language etc. After that, if you're still interested you can put a time limit on your offer, or bid again.

Had already 2nd viewed last week, there were a few open viewings over the last month. Will def get someone to enquire and see what comes up though.

skerry

Estrellita wrote: »

I always assume the worst with them. We are just about to sign ourselves, and my God has that been a journey. Some of them are as dodgey as it comes, finding an honest EA is as rare as hen's teeth.

We never actually did ask for this, but I understand you can ask to see proof of other bids made. Someone may correct me on that one. As if buying a home successfully isnt hard enough, you've to deal with EA games into the bargain. While they can get on the phone and start generating a bid war, always call them out on it.

We've been looking on and off for the last five years aprox, it's a very rough road and it's easy to let your heart rule your head. Thats what the EA's are counting on. I really hope this house comes through for you, it would be lovely to hear you've had an offer accepted just before Christmas

Thanks for that, good to hear there's actually an end to this whole house hunting thing. Gonna give him a bell tomorrow and see what comes of it by the weekend (if anything) and after that I'm gonna move on and relax and enjoy our first Christmas with our new addition.

Thestones

I would put it to estate agent that you'd love to proceed with this property but it's your best offer and reiterate your fully mortgage approved and ready to go, this is important to sellers and this close to Christmas I'm sure they'd like to have it sale agreed, hopefully the sellers will see sense. Good luck.

TENHNY

The Best advice i can give you is decide what the house is worth and what you can afford, and don't go higher,
Houses will come and go and you can get wrapped on on the ideal house, we over stretch a bid last summer and thank god was out bided and now we say thanks its didn't got threw as it would have been too much in repayments, but at the time we were blindsided, we have offer accepted now on much more affordable home, and we tried to put time limit on offer but there was two many parties involved and it took them weeks to come back and accept. When we rang to place first bid another bidder had put offer in and we too out bid them by 5 k to let them know we were serious thankful they didn't place counter bid- good luck