In a bidding war and not sure what to do now...

em_cat said:
I can say though if this is simply a ploy to get me to go up I’ll withdraw as at this point it is silly money!
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If it's silly money then what on earth are you bidding on it for. What was your max bid before this process started. Did you exceed it or not?
 
Bronte said:
If it's silly money then what on earth are you bidding on it for. What was your max bid before this process started. Did you exceed it or not?
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No I've not exceeded my max, but given the market in the area and the fact that the executer had indicated that are ready to go sale agreed at the current bid, I'm trying to avoid sparking another bidding war, however I'm going test the waters offer a further €1 above the current bid and if the other bidder wants to go in for another €500 or €1000 then so be it. As it stands, unless something extraordinary appears in the winds of post Brexit, at the current bid, once it's made liveable & brought to NZ standards as will be required by 2020 you will not make a profit on selling it in the next 15 - 20 years. This is why it is getting into silly money territory.
 
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Palerider said:
Match the offer, put a time limit on a reply, tell the agent it is your best and final offer, you are a more attractive buyer as you are all cash.
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Did that, apparently its the agents policy not to accept matching bids...
 
em_cat said:
however I'm going test the waters offer a further €1 above the current bid
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I don't a think a bid of €1 will be looked upon as a valid bid.

It's up to you what you think the "value" of the house is - is it the current bid plus a few hundreds / thousands? You must decide at what point you are willing to walk away. You can't let yourself to get too emotionally involved in the process.
 

I think you need to take a step back and put yourselves in the vendors shoes. They are in no hurry so unless there are major delays anticipated they should hold out for the highest bid. You said the other interested party is mortgage and cash, are they in a chain? A buyer not in a chain with mortgage approval and a cash deposit is just as desirable as you so I would consider putting in a realistic counter offer if you want the property and can afford it.
 

The EA is legally obliged to pass it on though to both the other bidder and the executer.
 

Have put in myself in the vendors shoes, it's a state appointed solicitor as the executer so while they are not emotionally connected they are obliged to carry out their duties and rightly so. The other interested party has gone over their mortgage limit and is dipping into their contingency. I suspect they are leveraging another property/ies as I believe the bidder owns the adjoining property and wants this one to add to his rental portfolio.
 

Is it the estate agent telling you that they have gone over the limit? If so, I would be very sceptical. In this instance the executer will want to be as transparent as possible whilst achieving the maximum for the estate so unless there are major complications they will ultimately choose the highest bid.
 

No, it seems though that it really is down to the fact that the executor wants to go sale agreed, doesn't really care about how long it takes to close after, he just wants to know it will complete. We now know the other bidder is just as keen as we are, but they are mortgage + cash beyond their deposit. So we will put in an increased offer of @5k along with a proof of purchase, I've requested it from my solicitor, and will walk away if the other bidder counters and request to be contacted if the sale doesn't go through.

TBH the executor hasn't been particularly transparent, probably because I ask questions that are usually uncovered during conveyancing but I need the answers before I even got into the bidding to see if it was worth it.
 
Will 5K more get you to your max. Not sure now why you were not sticking your guns and have jumped all the way to 5K. I'd go €500 more. (Don't be messsing with €1). that would be me. Go 5K if you think that will knock out the other bidder. But you are way too panicky emotionally in what should be a clinical financial decision.

Edit: add word not, add o to to
 
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Sorry, but I don’t think your being very helpful, I came to AAM to ask for advice and calling me panicky & emotional isn’t really helpful at all.

The 5K is a decent jump that I can happily walk away from or pay, its change to me.
 
em_cat said:
Sorry, but I don’t think your being very helpful, I came to AAM to ask for advice and calling me panicky & emotional isn’t really helpful at all.

The 5K is a decent jump that I can happily walk away from or pay, its change to me.
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Well if that’s the case and 5k doesn’t matter at all to you I’m surprised you haven’t already put in the 5k bid.
 
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em_cat said:
Sorry, but I don’t think your being very helpful, I came to AAM to ask for advice and calling me panicky & emotional isn’t really helpful at all.

The 5K is a decent jump that I can happily walk away from or pay, its change to me.
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Bronte is a seasoned poster/contributor and tells it like she sees it. She's well versed in the matter of property as she has numerous rentals to her bow.

Why waste €4,500 on an unnecessary bid, if, as Bronte has advised, €500 extra may secure it for you.
 
She is going to look like a cool customer after emailing the EA late last night, putting in a “best and final offer” and now jumping up another 5k.
 
Bronte said:
She is going to look like a cool customer after emailing the EA late last night, putting in a “best and final offer” and now jumping up another 5k.
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Bronte I didn’t email my final offer last night and in the end I didn’t go with the 1€. You may be a frequent poster and have several rentals under your bow, but being snide and rude isn’t the way to be towards posters you disagree with, you should know that by now.

I’ve been locked in this bidding war for a month going tit for tat, we’ve climbed over 65€ since it began so €500 would be a waste of time for everyone involved. The agent has been cagey from the start and I’m defo not alone in that assertion. The executer isn’t particularly pleased either and my solicitor is sending my best & final with proof of funds.

I don’t know why your having a go at me.
 
Firstly I did not bring up my rentals, secondly I've bought and sold. So maybe in your book that counts for nothing. Thirdly I've seen many many posters over the years up to high dough with stress about purchasing, hence my emotional remark to you. It was not about attacking you but about advising you to calm down.

On Monday you told us the following
- In a bidding war
- don't want to be reactive
- most stressful weeks ever

Later that same day you told us
- that previously the EA advised that they do not take bids that equal a current bid

Other posters mentioned
- your stress, and said to be calm

Very late on Tuesday
- you emailed the EA to say you'd be in contact the next day

To me that is both reactive and emotional. If it's not fair enough.

First thing Wednesday you emailed the EA with an offer equal to the other bidder
- this was despite posters advising you to be calm
- despite you telling us you didn't want to be reactive
- despite the EA previously advising you matching offers are not acceptable
- unfortunately you said it was your best and final offer

Midday Wednesday
- you were now prepared to up your best and final offer
- an hour later you were going to put in a One Euro offer on top
- you told us that you didn't care if the other Bidder put in 500 or €1K on top, that would be you out
- more clarification on 'silly money' which is 'walk away time' in my book
- Poster Jazz advised you on 'emotional' and Poster Easel on 'step back'

Afternoon Wednesday
- The €1 disappared to become €5000
- And you said to us that you'd walk away then, (no comment)

65K upping by €500
- you dismiss this as nothing
- sometimes it's what gets it over the line
- €1 is an insult and likely to get backs up, including the vendor
- jumping in with 5K shows you're willing to go way more
- What will you do if the other bidder goes up 1K to your now 5K
- No matter how high you go you may not win this 'war'
- you have declined to tell us your top price, I find, over the years, that posters who don't do that have not set an actual top price, well they should have, and I find it's because of emotions, it is as you say a very stressful time, and that causes people to behave irrationally.
- I'm worried you're talking about major renovations not making the house more valuable, sounds to me like it's overpriced but I can't be sure

Dodgy Estate Agent

- How many times have posters on here said that
- Was it every really true
- Or was it because people get so het up about property purchases
- by yesterday you were also questioning the motives of the Executor

T
 
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What vendor wouldn't want the EA to go for more unless they wanted a quick sale or wanted a cash buyer. The best thing is when you have a bidding war. And this is an Executor sale, where the Executor will not doubt be in no hurry and wishing to placate family members with the best price possible.
 

How on earth do you know this?
 
You're in a bidding contest and the sale price is being driven up by your participation. Stop now and as somebody else said there are several properties available that are not selling.
 
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