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biding (again)... advice?

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  • 05-02-2022 6:13pm
    #1
    positivenote
    Registered Users Posts: 2,334 ✭✭✭


    Hi All,

    after a year or so of looking looks like weve found a house we really want. Any advice on the bidding process as we felt we got screwed last time when the EA used our bids to up the money coming from someone else. We have a limit in our head which is 10% approx over the asking price. We offered asking price today. We arent in a great position in that we have a house to sell and arent cash buyers (but have most of our paperwork sorted ie: loan approved, proof of additional personal savings and a valuation for our homes).

    Can anyone advise on strategy to take as we have just been informed our bid has been bettered by 5k. Should we hold off and wait a few days before going back in with a +5k bid or should we go back in +15k or go to our full budget? House has only been shown yesterday for the first time.

    Any advice would be appreciated.

    The stress !!!!!

    Cheers



Comments

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    #2
    Dav010
    Registered Users Posts: 14,163 ✭✭✭✭Dav010


    Op, interested buyers try to outbid each other, you weren’t screwed, the other buyer bid higher than you, that is what you will be paying the EA to do when you sell your house.

    Unless you are a good way along in the sale of your own house, you are by far the least appealing of bidders so unless you top a bid by a FTB by a considerable amount, there isn’t much chance. So no bidding strategy is going to help you once the EA finds out you are selling your current home.



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    #3
    ec_pc
    Registered Users Posts: 446 ✭✭ec_pc


    If you are willing to go up to 10% over the asking price, then it sounds like you have a price in your mind that you are happy to pay.

    When previously bidding on a house we contacted estate agent and told him we were interested and to come back to us towards the end of the bidding process. Long story short they were down to 2 bidders and we put an offer in at that stage (thus missing out on a lot of bidding stress). Our bid was countered and we countered with a decent increase and sealed the deal. It was within what we were willing to pay so worked out well. I suppose you could question if that is fair or not, but estate agent told us that is common enough.



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    #4
    positivenote
    Registered Users Posts: 2,334 ✭✭✭positivenote


    Cheers. EA is fully aware of our current situation and is coming to value our house this week. We’re hoping that if he takes us in as both a buyer of the property and BBC a seller of ours they’d be making easier money on the two sales and it might be a smoother (more appealing) transaction



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    #5
    Emma2019
    Registered Users Posts: 414 ✭✭Emma2019


    Everybody has different strategies that netted them a house so they all think theirs works.

    Some go up in 1k increments so that they keep any overpayment to a minimum. If someone I was bidding against was going up by 1k I would assume they were reaching their limit and keep bidding.

    There is no right answer really.



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