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Bidding...advised to jump 10k over asking

  • 02-08-2017 10:39pm
    #1
    jayjay2010
    Registered Users, Registered Users 2 Posts: 505 ✭✭✭


    Currently bidding on a place, it's already 5k over asking and the estate agent advised that the vendor expects another 10k before considering accepting bids. My problem is that if I bid that extra 10k the vendor will more than likely just keep the bids coming. Would you bid in small increments or jump 10k to try put some other bidders off?


Comments

  • #2
    super_furry
    Registered Users, Registered Users 2 Posts: 27,349 ✭✭✭✭super_furry


    That's the question isn't it? Find a price you're comfortable with, a level above which you won't go and stick rigidly too it. In my experience, the 'putting other bidders off' thing doesn't work nearly as well as you'd hope and you're just starting an arms race to get to your top bid if the other bidders want it.


  • #3
    spaceHopper
    Registered Users, Registered Users 2 Posts: 4,101 ✭✭✭spaceHopper


    It worked for us but that was in a falling market, the EA said the sellers want in the 320's as asking was 329 we got it at 320500.
    We were the first to view but by the time we got parents to looks at it to... one bid had come in at 305, we took it to 312 then 320 in one day went AG by third day.

    You are bidding against other but also have to get to a price they are will to sell at. If you can afford it and really want it then I tell the EA you will go up 10K if the sell agrees to accept it and take the house off the market that day. You're not making the offer till he's heard back from the owner.


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