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01-10-2019, 14:43   #16
SozBbz
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I'm inclined to agree wiht posters who say to make a significant bid, assuming its within the limit you'd set yourself for the property anyway.

Myself and my OH recently outbid someone by €20k in one fell swoop. We really wanted the house and we knew roughly what the vendor wanted to get the deal done. The under bidders offer had been on the table for a little while and was neither accepted nor rejected.

We saw the house very last minute and didnt have our finance in order (we were in the process, but didnt formally have the AIP paperwork in our paws to prove it). We offered €20k on the basis the the vendor would need to wait 1 week for our paperwork. We knew because our bid was a bit complicated that we'd need to get his attention, so we decided to try to knock the other bidder clean out and it worked.
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02-10-2019, 21:24   #17
mint man
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if you are not in a chain ie.first time buyer or cash buyer your bid will have more power than someone that is in a chain .
try find out what type purchaser your bidding against imo
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07-10-2019, 14:39   #18
em_cat
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Originally Posted by mint man View Post
if you are not in a chain ie.first time buyer or cash buyer your bid will have more power than someone that is in a chain .
try find out what type purchaser your bidding against imo
This is not always the case, we are locked in a bidding war, we are cash, not in a chain and have proof of funds. We believe the main op bidder is the owner of the neighbouring property who is a serial landlord and has a previous relationship with the EA’s.

From the first open view an initial bid was put in by that buyer, we spent a wee bit of time speaking to the agent, said we’d be in touch. Arranged a second viewing, 2 days later, which had another buyer, they left really quick tho.

We put in an offer 10K above the first, then it was ‘improved’ by 5k buyer A. We countered by 5K, buyer A countered by 5k, then another couple came in making 2K bids, withdrew after 3 attempts, we then put in a 10K and at present it’s at 5K over asking (buyer A). We have yet to counter as the initial bidding was rapid and I’m not in a rush or time limited, but bidder A may be as he is mortgaged, I gather he’ll be able to get an extended approval.

The EA is still showing the property, but no offers over the current bid.

I honestly don’t know what to do now other than to hold atm so am not sure if being a cash buyer is of benefit.
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07-10-2019, 16:24   #19
Alkers
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Originally Posted by Naos View Post
Hello all,

In a bidding war, how long do you generally take to come back to the EA and what are the pros & cons of coming back early vs letting them hang on?

Example - I put in a bid of 350k @ 9am. 2 hours later the EA says someone has bidder 351k.

What do you believe is the best timeframe to provide a response (assuming you could go higher)?
Is there only one other person bidding or multiple?

If there are multiple bidders, do nothing until it's just you and someone else, they won't go sale agreed without letting you know.

If it's you Vs someone else then you can start to play mindgames and tactics.
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