Bidding on two properties at the one time.

SupaCat95 · 11-09-2021 4:18pm #1

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?

xeresod · 11-09-2021 4:49pm

Get a new solicitor!

You can bid on as many houses as you like at the same time - once an offer is accepted, you withdraw your other offer(s)

Solicitors aren't even involved at bidding stage anyway, while you should have one lined up from the start, they don't get involved until after the offer is accepted and you've paid the booking deposit to the estate agent who will then issue a sales advice note (SAN) to both parties solicitors

Buddy Bubs · 11-09-2021 4:58pm

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

SupaCat95 · 11-09-2021 5:11pm

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.

suds1984 · 11-09-2021 5:42pm

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

11-09-2021 6:01pm

Bidding in multiple houses leads to increased prices.

Another crash can’t be far away.

Buddy Bubs · 11-09-2021 6:02pm

https://www.boards.ie/discussion/comment/117877498#Comment_117877498

What's going to cause the crash

SupaCat95 · 11-09-2021 6:20pm

https://www.boards.ie/discussion/comment/117877500#Comment_117877500

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.

Viscount Aggro · 11-09-2021 6:22pm

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?

SupaCat95 · 11-09-2021 6:25pm

https://www.boards.ie/discussion/comment/117877612#Comment_117877612

"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.

spaceHopper · 13-09-2021 10:13am

https://www.boards.ie/discussion/comment/117877612#Comment_117877612

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

Busi_Girl08 · 13-09-2021 10:23am

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?

Donald Trump · 13-09-2021 11:56am

https://www.boards.ie/discussion/comment/117883751#Comment_117883751

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

Busi_Girl08 · 13-09-2021 1:08pm

https://www.boards.ie/discussion/comment/117884198#Comment_117884198

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?

Bidding on two properties at the one time.

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