Slow bidding process

Marieh

Registered User
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6
I was wondering if anybody who is familiar with the bidding process could give me a bit of advice. I am currently bidding on a house and according to the EA there is one other bidder. The other bidder is very slow a coming back with a counter bid. At the moment we are going up in 1k jumps but the other bidder is taking over a week to respond. I am responding with a higher bid within a couple of days. At this rate the process could go on for weeks, as we are still 7k below the asking price. What is the best way to proceed. Do I continue at this rate or try to force it to a conclusion? I am not convinced the other bidder is genuine.
 
EA wants to get the max money out of you so as long as you keep increasing your bid after "counter bidder" does, then it will go on for weeks.

How long has this bidding process been going on already? Are there still viewings happening on the house? How much do you think its worth? What are you willing to pay?

If you don't think they are genuine, then get your brother/friend/whoever to ring the estate agent up as John Doe and ask to view the place, and get them to ask EA about current bid. Obviously do this when the other party has provided the latest bid (rather than yourself).
 
Thanks for your reply. The bidding has been going on for 4 weeks but the other party has taken over a week each time (2 weeks on one occasion) to come back with a counter bid.
 
a) Bid up to asking to up the ante
b) keep going - what is your hurry
c) walk away

Those are your options, it's up to you.

If you do a) the asking price OR your best price, tell the EA your bid is valid for 48 hours and then walk away. Remember, you must be prepared to walk away if you do this.
 
a) Bid up to asking to up the ante
b) keep going - what is your hurry
c) walk away

Those are your options, it's up to you.

If you do a) the asking price OR your best price, tell the EA your bid is valid for 48 hours and then walk away. Remember, you must be prepared to walk away if you do this.

Curious to know does this occur or work in practice? If a buyer gave me a 48 hour ultimatum to accept a bid, I'd decline. There are enough real pressures when buying/selling without having one party manufacture an artificial pressure by way of deadline.
 
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