Advice needed again - how far should I push it?

With Bacchus' advice in mind, we saw a house we really liked last week (while the others were falling through all around us!)

Asking price €335k

We went in (before getting advice) and bid €337,500
It was upped after the next viewing to €338,500

So we sat down, figured out how much we would spend and upped the bid significantly to €347,500. (Leaving us some wriggle room as well). I told the EA that we would need to know sooner rather than later - this was last Friday.

Today she calls and says that although the vendors are delighted with the bid, they want a little more time to show it first. She asked me if I would still stand over our bid. I - stupidly I now think - said yes (I wasn't brave enough to walk away) but that we'd want to know by Friday.

With hindsight, I'm thinking I would have been better off threatening to walk, because they were happy with the bid and are just chancing their arm.

Should I do this??? Would it p*ss off the EA? Would it be wrong to do this and then bid again next week??? :-/

Help!

Why would it be wrong?

Its your money. Dont be embarassed to pull the bid and bid again.

As for pi**ing off the EA................I dont think one person outside of the EA world would care.

I would tell them that you also have another houses you're interested in and unless they are prepared to make a decision to-day then you will have to consider pulling the bid....they'll make a decision quick enough!

Def tell them you've other houses in mind and need to know or else you're pulling out. They'll only keep messing around and draggin it on and on if you don't. If they think you'll hang on they'll keep you hanging on as long as they can. Why worry about p*ssing them off- they don't care about you

People ringing the estate agent to view this weekend will most likely be made aware about the 'lastest offer' on the property.

From the vendors viewpoint, if those viewers are still willing to come, then they may believe they can get more

Perhaps you should add that your offer only stands if they take off the market or add a time limit to it.

Remove you bid by 5pm this evening unless a decision is made you have no other choice. You will lose control of the situation otherwise.

don't give the impression that you have any more money to bid.
They already have over 12,000 above the asking price, in less than a week?
Ye gods I think I'll put my own house on the market.

Seriously, as everyone else here has advised, make a decision, is the house worth your latest bid, what was so special/outstanding to make you jump up the bids so rapidly?

I remember reading a post suggesting making the bid very formal and businesslike, by stating in writing, that this (latest bid) is your best and final offer, and will be withrdrawn by ,and name a date.

I would also indicate that there is another property that you are considering, and you need to make a decision within the stated timeframe.

Good luck!

Play the game. Know how much you are willing to pay. Up the price in small amounts.
Always have a bid on another property. Take time over considering to up a bid and say you will have to consult with your accountant. If you don't have to sell another property you can call your max at any time and give a day or two for a decision to be made and make it conditonal on taking it off the market once accepted.

Update: Have called and said that we would need to know by close of business tomorrow or we will withdraw our bid and keep looking over the weekend. Have stressed that we are very interested, that we made the higher bid because we felt it was the price it was worth.

Have also said that we have a bid on another property (which we have).

Mind, I'm a big chicken, so not quite sure how assertive I sounded. Probably more pleading.........

Will keep you all posted. (Knowing my luck, there'll now be a mystery bid of 348,500!!!!)

I am delighted to hear that you now stand firm in front of an EA...
You put a bid, with good increase (from 338.5 to 347.5) which should quieten your competitor bidders (remember: if any?). The EA may indeed try to push it a bit further and see how far you can go, that the downside of upping a bid by so much..

Have called and said that we would need to know by close of business tomorrow or we will withdraw our bid and keep looking over the weekend. Have

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You did exactly the right thing (well, in my opinion): good bid, set a timeframe, and seem to have the right attitude "if i do not get this one, i'll get an other one next week".

Have also said that we have a bid on another property (which we have).

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Excellent. The pressure is on now for the EA & seller. Bear in mind, the EA WANTS his comission now, and seller may be in a chain avd very happy to sell NOW to FTB.

Mind, I'm a big chicken, so not quite sure how assertive I sounded

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Not anymore!!!

Remember the EA also plays a mind game..Dont be afraid of coming back on something you have said to the EA, it shows you are not playing and are serious..

BUT STAY IN CONTROL ON THE SITUATION...Do not let the EA be in control of your money. Stick to your plan, and keep applying pressure on the EA. Call him twice per day, and state you are about to sign for an other property, but you really would prefer the one he is selling.....

I know how much you hate me after my last post to you....but, hey, watch the progress you have made in few weeks... you are getting there.

bacchus: how could I hate you??? ;-)

Update:

I have withdrawn our offer.

EA called and said that the vendors decided they wanted to keep the property on the market for longer and were prepared to run the risk of us finding something else.

I know it's the right thing to do, but I'm gutted... why are they being so selfish when they're getting €12,500 above the asking price?????

I wouldn't be surprised if you get a call next week from the EA saying they want to reconsider your offer

Yeah but they're showing it Saturday. My fear (I suppose) is that people will get drawn into a bidding war on the basis of the lower bid (now back to €338,500)

My fear (I suppose) is that people will get drawn into a bidding war on the basis of the lower bid (now back to €338,500).

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Probably true - but if the top price bid works out less than your bid then the EA will most likely get back to you again to see if you are still interested.

If they do, ask what was the highest price bid, then drop your original bid to slightly above that price.
eg You left with a bid of E347.5k
The highest bid since you withdrew comes in at say 342k, so they get back to you.
You now say, fine - I now bid 344k which is final. You are still the highest bidder - and I doubt if the seller and EA will risk yet another round of viewings.

Yeah that was my thought exactly redstar. I just hope I get the opportunity to do that! It would give me immense pleasure!!!!!

years ago i put a bid in on a house for the asking price after being told by ea that the sellers were keen to sell. the sellers turned around and said they wanted to hold out for more offers. Angry, I pulled out my bid immediately.

Later, i found a different house. I drive by that house regularly and think...thank goodness I pulled out. I found a nicer house in a better area soon after i pulled the original offer.

if its meant to be, its meant to be!

Sun_sparks, if I was in your position, and the EA was asking me if I wanted to post another bid, I'd say 'sure!'... and offer him a couple of grand LESS than what the previous bid was!

I know it can be difficult at times, esp when you've spotted the 'house od your dreams'... but think with your head... not with your heart!

-soc

I got someone to call to check out how the bidding is going on it, and they're still quoting our bid of €347,500. I think I could be a phantom bidder!!!!

My brother had that same situation after he had withdrawn his bid, Got a friend to call the EA to check the state of play. The EA said there was "interest" in the property at x euro. I wonder how many of us confuse the word "interest" with "offer".