first time buyer

Dav010 wrote: »

I’ve heard of it, it is often claimed on here, just that no one has ever been able to substantiate it.

To be honest, I’ve looked at properties and waited to see if the owner will drop the price more, then bid on them when someone else showed interest.

When we as property flippers had to deal with a certain EA we would bid with the EA and then put our bid in writing and drop it into the vendors door
EA never happy about it but he knew we knew the games he played

brisan wrote: »

How do you know if someone else genuinely showed interest
In areas where properties move quickly fair enough ,but this property was on the market for over a year and no interest
Granted deals fall through because of surveys ,mortgage approval failures ,change of circumstances but I have found it happens more regularly with some EAs than others
2 spring to mind straight away
it cannot be substantiate because EAs cover their tracks
They are supposed to keep a record of all bids on all properties
I and others have asked to see the book, invariably told its away being updated ,or its in Paul desk and he is out ,or its in the bosses office and he is out at meeting

Reading the opening post, the op is actually the second bidder, not the first. Using your logic, the existing bidder could have come here claiming the op isn’t real.

This pops up every now and again, usually from the same posters, yet no one seems to have anything other than mere speculation. You have “serious reservations”, but the op was informed from the off that another bid is on the table, why would you have reservations about this? Is it unusual?

brisan wrote: »

The OP was told he was the second bidder
Weather he is or not is open to question in my mind

Why?

As “property flippers”, is there only ever one bidder on the properties you sell?

brisan wrote: »

No
No point in flipping properties in areas where there would be little or no interest
At times we have gone sale agreed before finishing or going near an EA
Little interest in properties we are buying because the money needed to upgrade them would not be advanced by banks and most of the prospective purchasers would not have the savings to commission the work themselves

So if someone new were to enquire after a bid is made that you haven't yet accepted, would you/your EA inform the new bidder of the existing bid, or do you just say there is no bid on it and no interest in it?

brisan wrote: »

Of course once no bid is accepted by the vendor all bidders should be kept abreast of all genuine bids as should the vendor
Once a bid has been accepted ,no new bids should be allowed
I certainty would not accept a new bid after going sale agreed

You can see where I'm going with this? The EA informed the op from the off that there was an existing bid of 3k below asking (which has not been accepted apparently), you would keep bidders "abreast" of bids when they enquire, yet paradoxically, you have "serious reservations" that another bid exists on the property the op is interested in when the EA does just that.

brisan wrote: »

The property was on the market a while with no bids
The OP enquires and suddenly a bidder is getting a survey done
Why would you get a survey done unless your bid was accepted
If the bid was accepted why would the EA take more bids
Legally nothing stopping him but bad business practice

But there was a bid on it, why are you saying there wasn’t? You said yourself that you would keep new bidders abreast of any existing bids, that is what has happened here.

brisan wrote: »

I just find it hard to imagine that
A Two bids arrive in a short space of time after months of no bids
B Bidder doing a survey when his bid has not been accepted potentially throwing 300-500 euro down the tubes

Have you ever or would you ever get a survey done on a house when your bid has not been accepted ??

I wouldn’t, but it is conceivable that the bidder, mistakenly, didn’t expect another bidder.

I also wouldn’t do what the op did and put a bid on a property without being mortgage approved.

That is not to say that both didn’t happen though.

brisan wrote: »

Why did the EA let the first bidder get a surveyor in ?
Surely with covid restrictions ( and the fact the bid was not accepted ) the EA should not have allowed this
Why did the EA accept a bid without looking for AIP from the OP
Most EAs will not even allow a viewing without seeing AIP
Plenty of evidence of this in the currently buying or selling thread
Just seems off to me

Having AIP is not a legal requirement to make a bid, so it’s up to the vendor whether or not they want to consider bids without it. The other bidder could be a cash buyer or has AIP. What Covid restrictions prevent a survey?, property business was exempted from restrictions, though I’m not sure if that is still the case.

“seems off to me” = “severe reservations”?

brisan wrote: »

You seem to like putting words in my mouth to back up your assertions
At no point did I say it was a legal requirement ,they were your words and your words alone
I said most EAs will look for proof of funds or AIP before allowing a viewing in the current pandemic ,and there is anecdotal evidence of the same on another thread
I never said the covid restrictions prevented a survey .that is you again putting words in my mouth to back up your assertions
I said surely the EA should not have allowed this as visitors to another property are limited at this time
A quick glance at thousands of ads on Myhome or Daft will verify this where the EA has a strict set of protocols to allow a viewing
A survey from a bidder who has not had a bid accepted is wasteful of the bidders money and totally unnecessary

So there is no restriction on a survey being done, no requirement to have AIP to make a bid, nothing to stop a bidder having a survey done, you yourself would keep bidders abreast of existing bids, and the EA told the op from the outset that there is a bid of 3k under asking, but you have “serious reservations” that there is another bidder.

Logical?

brisan wrote: »

Logical to waste 3-500 euro on a survey you have not had a bid accepted on
Maybe in your world ,but in the sensible world it does not happen
Again you are putting words in my mouth to back up your own arguments
I never said there were legal restrictions I said EAs were placing restrictions
If you cant comprehend that and are intent on continuing a failing and stupid argument there is no point in continuing the argument
I have my reservations based o 38 years buying over 40 properties both as homes and investments and dealing with multiple EAs
You have yours based on your own experiences

I do, that is why I think your posts about phantom bidders and severe reservations are pointless because they are baseless. Not all bidders bid/act like experienced property buyers, that does not mean they don’t exist though. If a bidder wants to waste €500 or a vendor wants to consider a bid without AIP, so be it, you or I wouldn’t do it, but that comes with experience.

I think it is pretty stupid to on the one hand say you would inform a bidder of an existing bid, and then speculate that the bidders don’t exist when an EA informs the op of a bid 3k below asking. Nothing you have posted supports your view that other bidders don’t exist.

You can make a bid and say I.ll be getting a full survey
if the bid is accepted,
Let's say the survey says there a problem with roof,
walls etc it, ll cost 30k to fix it
You may choose to withdraw your bid. I would not even consider making any bid on a house if I see the sign
Sale agreed eg bid has been accepted the legal process of drawing up documents to sell the house is ongoing
No more than I would ask a girl out on a date
if she was engaged to be married
Sale agreed means the agent and the seller have
received a bid the bid has been accepted the buyer, owners solicitors are no going through the process of exchanging documents to complete the sale of the house
I would not spend 500 euro on a survey unless my bid was accepted
and the agent told me it would be marked sale agreed at a certain specific date

While I would agree with you riclad, that is the way it should, and normally would work. But at the moment some banks are reneging on previously granted AIP if the applicant is temporarily out of work or their employer is availing on wage subsidy schemes, so I am not surprised that vendors are considering offers even after going sale agreed. Unless the buyer is a cash buyer, finance is not assured. It’s not a nice way of doing it, but it is practical.

Sale agreed is just a “gentleman’s” agreement until contracts are signed.