Bidding Advice

RisingDamp

I recently put a bid in on a property and was hoping for some advice.

How long should I wait before chasing up the estate agent for an update on my bid?

Should I give them a deadline as to when I retract my offer in order to move things along and prevent them holding out for more?

power pants

RisingDamp wrote: »

I recently put a bid in on a property and was hoping for some advice.

How long should I wait before chasing up the estate agent for an update on my bid?

Should I give them a deadline as to when I retract my offer in order to move things along and prevent them holding out for more?

Estate agent will get back to you in due course (as soon as someone has a counter bid in)

I wouldn’t set a deadline as you can assume a few others will be keen on the property

RisingDamp

power pants wrote: »

Estate agent will get back to you in due course (as soon as someone has a counter bid in)

I wouldn’t set a deadline as you can assume a few others will be keen on the property

So in theory the Vendor can just keep our bid on the table indefinitely until they receive a higher bid?

Are there no recommended tactics to move things forward?

mordeith

RisingDamp wrote: »

So in theory the Vendor can just keep our bid on the table indefinitely until they receive a higher bid?

Are there no recommended tactics to move things forward?

Tell them you have full approval for the mortgage and can pay immediately. Really only relevant if seller wants a quick sale and there are competing bids. If they are holding out for max price then not sure there's a whole lot you can do.

power pants

mordeith wrote: »

Tell them you have full approval for the mortgage and can pay immediately. Really only relevant if seller wants a quick sale and there are competing bids. If they are holding out for max price then not sure there's a whole lot you can do.

Yes, really depends on how quick a sale , has there been a 2nd viewing?, lot of interest?

Usually once bidding starts it does go fairly quick. No harm in enquiring if you haven’t heard back in a week from last bid

RisingDamp

Cheers for the feedback. My concern would be that the bidding started well below the recommended asking price so the vendor could well be prepared to hold off

power pants

RisingDamp wrote: »

Cheers for the feedback. My concern would be that the bidding started well below the recommended asking price so the vendor could well be prepared to hold off

Only from my recent experience of bidding in Dublin , opening prices do start substantially lower than recommend asking price but quickly matches and exceeds within a week

drunkmonkey

Establish who your bidding against, i.e how many people, ask when the estate agent intends to shake down the field. When it's down to two or three then start your bidding if it's still within range. No advantage being first out of the traps. Sit back no point you rallying up the price unnecessarily.