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Bidding Strategy

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Comments

  • #32
    Dav010
    Registered Users Posts: 13,976 ✭✭✭✭Dav010


    Misguided1 wrote: »
    Depends on your perspective I guess. A standard bidding process can settle at a reasonable level where people at least see a level of transparency. In sealed bids - there is no transparency and the buyer is likely to pay more than they would have in a regular bidding process. References to paying 70K+ more than market/asking in earlier posts are a good example of this.

    Have to agree with awec, sealed final bids are the fairest way to settle the bidding process and bring it to an orderly close.


  • #33
    Caranica
    Registered Users Posts: 9,999 ✭✭✭Caranica


    We were bidding on a property in the tiger days, just us and one other couple and it went to sealed bids. At this point bids were 120k over asking. We pulled out as the owner was being downright greedy and aggressive. The other couple put in a sealed bid, 65k over our previous bid, and paid that. They bid against themselves as we were long gone but the owner/EA didn't tell them. We were viewing another property down the road a few months later and the EA for that property filled us in.


  • #34
    not yet
    Registered Users Posts: 7,008 ✭✭✭not yet


    WeeCuppaCha wrote: »
    Yeah, that’s where I’m at right now. It’s trying to put a value on it; comparing what it’s worth looking at other sales and what it’s worth to me as a home and meeting somewhere in the middle.

    My belief is if you truly believe this house will suit for needs for 10 plus years go all out..

    If say the asking is 280k and the bidding goes to 300k, 20k over asking and you pay that, ask yourself is it worth having a dream home for maybe 10k over what you were prepared to pay (assuming you would offer 290)

    I've always looked at it this way, if you pay 20k over asking and stay there for 20 years, it's 1k a year. May not make sense to you, but that's the way I rationalised it.


  • #35
    brisan
    Registered Users Posts: 2,242 ✭✭✭brisan


    Misguided1 wrote: »
    Depends on your perspective I guess. A standard bidding process can settle at a reasonable level where people at least see a level of transparency. In sealed bids - there is no transparency and the buyer is likely to pay more than they would have in a regular bidding process. References to paying 70K+ more than market/asking in earlier posts are a good example of this.

    I paid the 70k over value but the circumstances were as follows
    It was an area we wanted to move to for over 30 years
    Houses rarely go on the market here ,mainly children of the deceased or seller move in .
    Only 3 houses have gone on the open market in the last 5 years or so (over 200 houses in the area)
    House was being renovated to be sold
    We knew the builder and got in early
    Paid the pre renovation price plus builders deposit plus 70k to make sure we got the house ,as did not want it on the market.
    Seller happy to take the 70k
    We then changed some of the plans to suit ourselves ,downstairs bedroom with en-suite ,utility room and downstairs wc etc
    Air to water heat pump ,underfloor heating triple glazed instead of double glazed etc.
    it was a bungalow being changed to a dormer bungalow
    I would never have considered it but this is our fourth and final family home as at 60 I am not moving again
    It all depends on what the house is worth to you .


  • #36
    spaceHopper
    Registered Users Posts: 3,958 ✭✭✭spaceHopper


    Probably to late for this house but I would ask the vendor have they checked that the other bidders have the cash or approval from the bank, not oh we've had a chat with the manager but actually applied for a mortgage. Tell them you don't want to be bidding against dreamers who can't follow through.

    Bit what you think it is worth and can afford then don't go above it. Self sellers worry me because they could well be cranks.


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  • #37
    Gael23
    Registered Users Posts: 12,086 ✭✭✭✭Gael23


    I would offer asking price on the condition that all other viewings are cancelled


  • #38
    Dav010
    Registered Users Posts: 13,976 ✭✭✭✭Dav010


    Gael23 wrote: »
    I would offer asking price on the condition that all other viewings are cancelled

    Even though the bids have now exceeded asking price and are at the final, sealed bid stage? Your bid/request would seem a bit behind the curve.


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