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Bidding on apartments

  • 06-03-2017 2:55pm
    #1
    HiGlo
    Registered Users, Registered Users 2 Posts: 561 ✭✭✭


    I’m currently trying to buy an apartment. There are 2 apartments up for sale in a block/area I’d like to live. I have been to see both of them and have placed a bid on both of them.

    The first one that went up for sale went on to MyHome.ie about 2 weeks ago, but it was actually on sale before and the sale apparently fell through. The only information the estate agent gave me was that the buyer changed their mind.
    The second on that went up for sale only went onto MyHome.ie less than a week ago and I was one of the first viewers over the weekend.
    Originally the first apartment was listed at X price but the 2nd one came to the market at €20k above this. When the sellers of the 1st apartment saw this, they upped the asking price on MyHome.ie (although the bidding hasn’t yet reached the asking price). The two apartments are pretty much identical (same floor, same layout, same features in both, same orientation).

    As I mentioned, I currently have a bid in on both apartments but is this madness? Will I just end up driving the prices up on both and they’ll end up selling for more than they possibly would?
    I was thinking that if I dropped out of bidding on one of them the bidding may slow and it’ll sell at a semi-decent price which may affect the sale price of the one I keep bidding for?

    I’ve never purchased a property before so I’m not sure how best to make my way through the bidding process. At the moment on the 1st apt we’re increasing by €1k each bid so it’s slow going. Should I just jump up with a €5k above current bid and see if that knocks them out? Or just keep going at €1k intervals? Does it matter? I’m a cash buyer not in a chain so I thought that might make it all a bit quicker, but not so far.

    Any advice or suggestions greatly appreciated.


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