Bidding Strategy

Bronte said:
There was a point to asking.

Anyway right now you're at 245 so you sit tight and wait for the EA to get back to you.

Have you looked up the property price register for the sale price of similar houses recently.
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Bronte said:
There was a point to asking.

Anyway right now you're at 245 so you sit tight and wait for the EA to get back to you.

Have you looked up the property price register for the sale price of similar houses recently.
Click to expand...

Making a mess of this reply: it’s quite a unique house. Similar (but better interior house) went for much more than this house is currently at
 
username123 said:
I think thats the signal for the end of useful discussion on this thread anyway!
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How is the OP's willingness or otherwise to disclose their max budget anything other than perfectly reasonable? I don't see how that makes any further discussion useless.
 
Thanks for all the replies. Thought EA would have contacted me today...is he obliged to communicate a higher offer? Sitting on my hands in case I mess this up (and live up to my name!)
 
2Clueless said:
Thanks for all the replies. Thought EA would have contacted me today...is he obliged to communicate a higher offer? Sitting on my hands in case I mess this up (and live up to my name!)
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You bid on Friday. Monday was a bank holiday. And bids don't come that fast anymore, it's no longer the celtic tiger years (thankfully!). We received 5 bids on our apartment, some spaced by a week, and there was a 'healthy interest' as the EA put it. You'll have to wait as the vendor is most likely waiting too in the hope of a higher bidder. Then they will consider your offer if nothing more interesting comes. They might want to negotiate with you to push your offer to their asking price, if they feel you're really interested in the house.
 
EA has rang me to say that a bid of 250 is on the house. When should I bid again? Are there any questions I should ask EA to get info about the other bidder(s) or to propel me as an ideal candidate for a straightforward sale? Tia
 
Just be calm.

Do you want to view the house again? Don't be afraid to ask for that before you bid.

You could ask the EA if it's at the level that vendors are happy with. But they won't disclose much in my experience.

Has the EA asked you to provide proof of mortgage approval? It's seems the norm in Dublin, but not with rural agents.

EAs will generally call the vendor before they finish up for the day if there have been any changes. So if you call early afternoon the vendor will know about your bid this evening.
 
If your max price is not far from 250 i.e. 260 or 265 I suggest you go 'all in' and see if that scares the rest of them. Be prepared for a long wait and and walking away and move on. You never know, they may still get back even after the it's outbid. Happened me last year in Dublin after the seller claimed they wanted a quick deal and the person who outbid me had money on 90 day access apparently which is why they went with my bid. You need to go and view other houses and give yourself a choice.
 
username123 said:
Yeah but IMO its an just an extra switching complication that is easily avoided.
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I don't think this is true. I got my life policy through the bank a few years, they were acting as an agent for an insurance company.
When I remortgaged recently, there was no problem reassigning the policy, it was the same as any other policy.
Beware, though, it may not be good value. I shopped around and the bank matched the lowest quote I got.
 
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