Bidding Question

P

pint6

Registered User
Messages
72
Hello There,

We saw a property couple of days ago. by the time we saw the property was not advertised(internet or news paper). I came to know about this property thru a friend of mine who lives in that estate. The estate agent showed me the property. After clear thinking we are interested in the property and put our offer on the property.

It was this monday the property was advertised on daft.ie, and since then nobody has crossed the offer put by us. It is not the question of desperation but we would like to know the owners/agents view asap so that we can do take the necessary steps to acquire this property? Please advise.

Do you think we should push the agents to come back to us or leave and wait for our luck?

Regards,

Pint6
 
Chances are if they've just started advertising it they'll leave it on the market for at least a couple of weeks and will look to hold at least a few more viewings.
 
Sherman, Thanks for your reply. I came to understand that around 5 people have viewed the property so far, and none has crossed my offer.

Regards,

Pint6
 
Ask the Estate Agent directly how long they intend showing the house.
Usually Estate agents show the house for a couple of weeks but with impending holiday season, estate agents and Solicitors will close shop for about 10 days maybe you could push them to a date before christmas. Always useful to ask a friend to phone Estate Agents and enquire if there any offers on the house(yours) , level of interest, proposed time for accepting final offers.
Good Luck
 

I am in the same boat myself having looked at a house almost a month ago now at this stage and the estate agent is in no hurry at all to close the sale of the house, as the people selling arent moving until march. I dont mind the fact they dont want to move its the waitinf meantime to see if they will accept the offer , that is if it has been put to the vendors in the first place.
 
Thanks for all your replies. I just received a call from the house agent and he was telling me to bid higher and the get the sale closed. As I mentioned before no body has so far crossed the bin I offered, why should I self-bid is my question.

Let me give you a brief history. The house was advertised for 305000, I was the only viewer then, I bidded 310k. So far no body has crossed 310k or even has matched it. Today the house agent is advising to bid 314 k so that he can go the current owner of the property and close the deal. I know he is mesmarising me, do you think it is a point to be considered?

What should i do? I am not desprate to get the sale closed but I dont want to miss this house at the same time.

Please advise.
 
Always try and have another house in mind aswell, some people put bids on more than one house and even put booking deposits on more than one house, some people here will say no PC correct but think of yourself and do what you have to, dog eat dog
 
If you are anxious to close the deal and really like the house- offer to split the difference between 310 and 314. If it isnt really the house of your dreams, tell the EA that 310K is your final offer. In the long run a couple of grand over a 20 year mortgage wont kill you so it really depends on how much you like the house. Its not fair but nothing is fair or cheap when buying a house.
Good Luck
 
Hello Guys,

I received a call from EA this afternoon once again and was told that the bid amount has increased and he is now looking for the new bid from me. I am any way thinking about that. In the mean time I was talking to my Mortgage broker just to understand if it is okay to increase my bid. Last week my mortgage broker advised that my mortgage has been approved but now he says 'I cannot say until I see anything in writing from the bank'. What does he mean? He also told me to keep bidding till the final amount is reached.

I am totally confused and worried. Please advise.


Regards,
Pint6
 
Hi pint6,

Have you received "Approval in Principal" from the broker? He probably doesn't want to put his neck on the line with a definite amount. However, the amount shouldn't change too much (provided he has given you an accurate figure to begin with).

Ours didn't bother getting this until after we had put in our bid, and then we didn't get as much as we had expected (PTSB). However, other banks may offer more depending on your circumstances.
 
Hello sun_sparks,

I was verbaly told that the approval has been issued by EBS, will it normally be verbal or written. Please advise. When my estate agents says go ahead and bid, what does he exactly means?

Regards,

Pint 6
 
I'm not an expert on this, but my understanding is that initially a bank/building society will (verbally) tell you how much you are entitled to. However, it is not a confirmed offer until your application has been scrutinised and you have been issued with written "Approval in Principal".

When he says go ahead and bid, he means put in an offer on the house. I think this is fairly standard practice.

You are entitled to ask for Approval in Principal in writing at any point, but I think they usually hold off on it until you have actually found a property. I'm sure someone else can clarify this though (maybe Sarah??).
 
Guys,

The bidding started at 310 and went up to 325 by yesterday evening, I told estate agent that I am withdrawing from the bidding, and I later on called him and put my final bid of 326, he told he will do something.

He called me in the afternoon today and told that its gone.

Thanks for all your support and advise. I will start looking out again.

Regards,
Pint6
 
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