Bidding advice - no other bidders and process not moving

Audioh8

Hi,

Before I begin I wish to say thank you for this invaluable resource in such an unregulated area of adulthood.

As per the title, we have a bid in on property which we were advised by ea was under ‘serious consideration’ by vendor.

this bid was placed on 2/12 and the EA has since advised that the vendor is discussing with their solicitor about clarification on a right of way before coming back. EA stated he would get back to me by yesterday but no response.

Could anyone please advise best practice or even any practice on how to manage going forward. Do I simply wait and follow up after a week or so?

No other bidders at present and we would ideally like to get it off the market asap.

Thank you in advance.

MrMusician18

Wait.

Doop

Its tricky and depends on how invested you are in this property.

To be skeptical I would say there is no right of way issues and they are merely stalling for time in hoping another bidder comes along. (the right of way issue doesn't prevent them from accepting your offer so it does not really hold water).

You could do one of two things imo

1: Speak to the agent and tell him there is a time limit on your offer ie Friday 16th close of business. If they do not respond by then they may consider your offer withdrawn. You need to be prepared to walk away in this scenario.

2: Ask them what is the vendors bottom line and you come up to that (you are essentially bidding against yourself here) but if they wont sell at the offer you have made they you might need to come up.

Also dont forget there are some time wasters out there they may not be serious about selling. When we were buying we won a bidding war and the seller still didn't sell to us (or anyone he pulled it off the market) 🙄

herbalplants

https://www.boards.ie/discussion/2058275781/bidding-advice-no-other-bidders-and-process-not-moving

You should give him a set date for your bid. Like my offer stands until 15th of December.

blarb

The right of way thing is strange. Is the property on a large site? I'm wondering are they re-considering the value/asking price if other buildings could be built on the site (and therefore checking re access etc).

I would advise to check in with the EA today, telling them you need to know soon as you are looking at other properties too. If you don't get an answer then I would consider putting a deadline on your offer (we did this, but we increased our offer when putting the deadline on in the hopes of getting a definite yes, even though there were no other bidders, we just wanted it off the market like yourselves).

spaceHopper

I think you need to leave this on the back burner and keep looking. Rights of way is a real grey area in Irish law and you would be waiting for an answer. If there is a right of way, why are they bringing it up now.

What do you know about the seller, why are they selling and could this be a case of divorce where on half is buying out the other and they put it on the market because they couldn't agree a value.

Audioh8

Thank you all for your input, just gone sale agreed.