# How long should we wait before increasing offer



## brokeagain (11 Aug 2011)

We put offer on a house that was 89% of asking price. House only went on the market a month ago and has attracted a lot of attention. The asking price is realistic in current times.

Our offer was turned down even though we were the highest bidders.

As we are the highest bidders should we increase the offer now or hold out for a while. What happens if someone offers more, will the EA contact us?


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## Dublin3124 (11 Aug 2011)

Hi,

Why bid against yourself? I personally would not offer more money unless someone puts in a higher offer. Only then would I put in another bid (if I could afford to go higher).


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## brokeagain (11 Aug 2011)

The owner has turned down our offer saying that it was too low. So we should hold on until a higher ofer goes in? I wish buying a house was more straight forward. i thought the mortgage application woyuld be the most difficult part!!!


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## Jazz01 (11 Aug 2011)

The EA will (should) contact you - what they want are multiple bidders to push up the price... In your situation, I would wait...


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## brokeagain (11 Aug 2011)

thanks for the advice. I will wait so.


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## misterchuck (11 Aug 2011)

Wait. Never contact the EA. This shows your hand and your eagerness. Always let them contact you - they will *always* contact you. Never up your bid on the phone if another bidder appears. It is hard to be patient, but you have to play the game. The EA is a trained negotiator who just wants to separate you from as much cash as possible. Hang in there.


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## Society (11 Aug 2011)

Yes,  always take a day to think over any counter offer made by the EA.    Don't budge on your price (it's usually a ghost bidder they invent to squeeze you for more cash)


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## monagt (11 Aug 2011)

Also, depends on how much you want this particular house!!

I would expect them to meet you somewhere in the middle. Note at that stage you are probably down to +- a few k.


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## Bronte (12 Aug 2011)

You cannot increase the bid on yourself.  Wait, it's just a waiting game, and for sure if you find this bit difficult in time you'll think it's a doodle, particularly after you go through the long and tortureous route of drawing down a mortgage.


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## brokeagain (19 Aug 2011)

Ok, here's the update on my offer.
Auctioneer called today and asked again if we want to increase our offer. I said no and asked if owner wanted to reduce asking price. The auctioneer said that the owner had the house realistically priced and the minuimum that he would accept would be 5k below asking price. I said fine but we would not be willing to pay that for the house. We are still the highest bidders so i don't know what to do now as there is a standoff. If I increase the offer price am I bidding aianst myself? If I don't then I don't get the house. I really like the house but don't want to outbid myself. 

A lot of previous replies say it's a waiting game but I am keen to move before winter sets in.


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## PaddyBloggit (19 Aug 2011)

Hold tough .... as they are doing the chasing via the EA they are clutching at the longest straw which is yours.

Don't outbid yourself ... wait ... you have nothing to lose and a lot to gain.

Seller may be under pressure to sell and your offer might be an acceptable one as time moves on.

Hold tight!!


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## VonLinus (19 Aug 2011)

LiveForTheWE said:


> Ok, here's the update on my offer.
> Auctioneer called today and asked again if we want to increase our offer. I said no and asked if owner wanted to reduce asking price. The auctioneer said that the owner had the house realistically priced and the minuimum that he would accept would be 5k below asking price. I said fine but we would not be willing to pay that for the house. We are still the highest bidders so i don't know what to do now as there is a standoff. If I increase the offer price am I bidding aianst myself? If I don't then I don't get the house. I really like the house but don't want to outbid myself.
> 
> A lot of previous replies say it's a waiting game but I am keen to move before winter sets in.



It's not the only house in the world, and if you'd bought it last year it would have been far more. Have a little patience, and look for something else while you are waiting for them to get back to you. 

If the buyer had the house realistically priced, someone might be willing to pay within five grand of the asking price. They aren't so no one is.


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## f9710145 (19 Aug 2011)

If it goes on much longer the 'value' will have fallen anyway as is constantly happening.  We had a house we wanted, knew there wasn't anyone else interested.  We told the EA we were very interested but had a lot of stuff to do before we could put in an offer, put our place on the market, get mortgage approval, check out the planning permission it had, decide how much to offer.  We were still doing all this over a month later, still wanting the house, but because there were no offers (and the silly EA didn't chase us), the price was reduced by 10% - it had been 6 weeks.  So we ended up getting an offer of €10k less than we had originally decided to offer accepted.  Basically, if you leave it long enough and noone else offers more then they'll come back to you unless they're going to be pig headed about it.  Cos otherwise the value will just continue to fall.


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## Society (19 Aug 2011)

Do NOT offer anything more......you are the only bidder.......wait wait wait.......they need to sell and they will be back to you to accept your offer.


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## UFC (20 Aug 2011)

How do you know there is a lot of interest in the property? Don't believe anything an EA says...


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## niceoneted (20 Aug 2011)

I would wait but I would also look to view a few more houses with the same EA and show lots of interest in them. Keep looking around too.


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## lionstour (20 Aug 2011)

niceoneted said:


> I would wait but I would also look to view a few more houses with the same EA and show lots of interest in them. Keep looking around too.


 

Dont bother playing games.  Give them another week with this offer and then say offer is withdrawn. 

Then move on to other houses.


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## oldnick (20 Aug 2011)

I  take a different view from other posters.

Do you really want this particular property, is there a shortage of similar proprties for sale in that location and can afford the latest asking price ? 
If *no* to those questions then forget it.
If *yes* then buy it - or take the advice of previous posters and risk spending another winter where you are.

(would be interesting to know vendors price and your offer)


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## canada87 (22 Aug 2011)

Call your realtor and ask them for a counter offer. Honestly, don't get too hung up on one house and if you are hooked on that house, you're going to have to pay.


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## brokeagain (22 Aug 2011)

hi,

Thanks so much for all the advice.

The house is a detached house on its own site out the country. It is in showhouse condition inside and the garden is fully landscaped so it is in turnkey condition. It is difficult just to let it go.

We are going to wait it out though. I have told the auctioneer that teh offer is our final offer and he said that the seller won't let it go at the at price. It is 89% of asking price. There was another bidder but our bid outbit him and he hasn't returned. We have another few months to play with in that our approval won't excpire for another couple of months.

There are other houses in the area but the finish is not as good. So we are going to wait it out another bit and see what happens.

Thanks again for the encouraging advice.


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## michaelm (22 Aug 2011)

If I wanted a particular house, and I thought it was reasonably priced, and I could afford to increase my offer then I would.  I'd tell the EA that I was ready to move and was serious about the house and therefore was increasing my offer in a last attempt to strike a deal but that all offers would be withdrawn in three days as I wasn't interested in playing games and I was interested in other houses.

LiveForTheWE: If I wanted this same house then it's I who would get it, not you . . but then you might get a better house down the road .


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