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Bidding on two properties at the one time.

  • 11-09-2021 3:18pm
    #1
    Registered Users Posts: 371 ✭✭ SupaCat95
    Registered User


    I was bidding on two houses at the same time. Solicitor told me you cant to that. I asked him in which rule book is that written in. He asked me which house would I buy. Does anyone know any rules about this or is this just suggested etiquette? Like no gazumping properties or not disclosing serious flaws in structures in a property?



Comments

  • Registered Users Posts: 1,756 ✭✭✭ Buddy Bubs
    Registered User


    Jesus you'd never get a house if only bidding on one at a time. Could go on for months and if you lose the others you could have won are gone....get rid of this bad advisor asap



  • Registered Users Posts: 371 ✭✭ SupaCat95
    Registered User


    Sorry the Estate Agent my mistake. To be honest, I have never met him in person but he came across as Ross O Carroll Kellys younger country cousin. He had a bang of Dublin Business School (Not bright enough for University in Dublin and too posh for the ITs) and never did an honest days work in his life (bosses son). Started to lecture me about "toying with peoples emotions" and got told to pull on his big boy pants.

    The crap we have heard is unreal:

    "The vendor needs to sell this weekend another 5K should do it" Probing how much you have

    "A Doctor from the hospital from the hospital wants to buy it". BS Doctors are only on contracts for two years, mostly.

    "Its been on the market for the last year because of COVID". Other buyers have ran due to surveyors report.

    The whole market is corrupt.



  • Registered Users Posts: 215 ✭✭ suds1984
    Registered User


    Ah ya an estate agent told us that as well, when we were bidding on two houses in the same estate in May - both went up on daft on same day, both wanted to go sale agreed on same day- different estate agents but sounded like they were in cahoots with each other. We ended up going sale agreed on our preferred choice and finger crossed will have next week



  • Posts: 0 ✭✭✭ Cali Greasy Munchies
    Registered User


    Bidding in multiple houses leads to increased prices.

    Another crash can’t be far away.



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  • Registered Users Posts: 1,756 ✭✭✭ Buddy Bubs
    Registered User




  • Registered Users Posts: 371 ✭✭ SupaCat95
    Registered User


    Same as the last one. Too much credit in the market. Now we are cash buyers. The Government(s) are printing too much money, banks will get over leveraged (again). Dont worry about it. When it happens the government will secure all the homes by taking part ownership. Dont worry about it the tax payer will sort it out, Tax payer is a great lad for picking up the slack on the next bank bail out. Thanks be to god we can bail out the Rotheschilds banks.



  • Registered Users Posts: 759 ✭✭✭ Viscount Aggro
    Registered User


    I am bidding on a property, and am a bit naive about the whole process.

    EA is asking for proof of funds.

    I had this problem before, the property is about 200K,

    but I dont want to reveal too much wonga.

    My broker custody statement is 7 figures.

    whats the best way to play this?



  • Registered Users Posts: 371 ✭✭ SupaCat95
    Registered User


    "Proof of Funds" is a letter from your solicitor saying "yes Viscount has funds in or around to buy said property and I have seen the source of these funds". Only your solicitor needs to see these figures or sources. Get this done ASAP.

    Hey its all a massive learning curve for all of us. Also get yourself a surveyor from a trusted source. Dont get the one suggested to you by the Estate agent.



  • Registered Users Posts: 3,509 ✭✭✭ spaceHopper
    Registered User


    They mainly ask this to get rid of dreamers who haven't got approval in principle from the bank, ask the bank for a letter stating that you have approval in principle. If there is an amount blank it out and make copy



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  • Registered Users Posts: 16,946 ✭✭✭✭ Busi_Girl08
    Registered User


    Our estate agent/vendors took our lower offer over another bidder, one of the reasons being the EA "had a weird feeling" about the other bidder because they were looking at other properties at the time. Worked out for us in the end, but it was a strange one. They seem to prefer bidders focusing on one property at a time?



  • Registered Users Posts: 15,372 ✭✭✭✭ Donald Trump
    Registered User



    Phantom bidders? Were they used to get you to up your bid and then when you couldn't go any further the EA decided to "recommend" that the vendor accept the runner-up bid?

    No harm done if you didn't increase your bid ... but if you were playing leapfrog and then when you decided not to jump any more they took your runners up bid I'd be a bit annoyed myself



  • Registered Users Posts: 16,946 ✭✭✭✭ Busi_Girl08
    Registered User


    Feels like a lifetime ago now, but from what I remember the bidding process went like this for us, so genuinely can't tell if there was some pissing about with phantom bidders or if it was above board (got our keys last week so it all worked out in the end!). We had been in touch with the EA's office numerous times previously about other properties and searches, so I don't know if that helped too, just to build a bit of a profile with them:

    • Put in the opening bid on the online portal (about 10k below asking) following a virtual viewing via Zoom
    • Another bidder went in straight away 5k over asking
    • Bidding went on with up to about 10 bidders at one point upping the price over the course of about a week to the point that we were highest bidders
    • At this stage the EA announced they were "freezing" the bids because they didn't want the price to go way higher, and the vendors were itching to go, and she said she would contact every bidder, whether they're high or if they bid 30k ago, and offer them a physical viewing.
    • Someone managed to squeeze in an additional bit 2k over our highest bid which the EAs accepted
    • Attended physical viewing, and decided we really liked it etc and were ready to go to X amount in bidding
    • Went back to the EA to confirm that we are very interested (we were still 2nd highest bidders this stage, and hadn't changed our bid since the freeze), and said there were 3 other bidders than us - we were 2nd highest, the highest bidder was willing to go to x amount, and one lower was willing to go higher too. She advised us not to up our bid yet before she spoke to the others as she had a feeling about how things would move
    • The next day 1 bidder dropped out, and it was between us, the lower and highest bidder (lower bidder said they would come back that day with a counter offer), and the EA was due a call with the vendors that morning
    • The EA called in the afternoon to accept our offer, saying the lower bidder didn't reply and the higher bidder was being flakey, and she also said the vendors seemed to like the sound of us as buyers over the others.

    Could be naïve and think something fish was going on with the bidding, but at the end of the day we got our dream home and within our budget, so that's all that matters :)

    EDIT: To keep it on topic (went on a bit of a tangent, sorry!) we were also keeping an eye on other properties in the meantime, although were very focused on the one in question, and one of the first bits of advice we received from our broker was "one house at a time", so maybe there's a bit of a case for it?



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