In bidding situation...help!

Your friend has a point.

I was selling recently and the sole offerer said they wanted an immediate answer as they were looking at alternative property. I was terrified and folded.

Agents are not a buyers friend, and a good rule of thumb is to take what they say, disregard it, and assume the opposite to be the truth.
 
I would say the bid is valid until a certain date.
If they go past the date with you without accepting I would pull out and get your solicitor to bid for you in trust after a week or so if this house is the one you want.
I think the agent wants to drag the sale until the new year as buyer interest will increase after the holiday and this is his tactic.
This approach is also handy if you get the spiel that there is another party bidding.
By doing as above you can usually get to the bottom of any agent tricks.
However in this market there are usually more bidders?
I personally would not raise my bid until I tried the above.
Hope my approach is kosher!
Have used this approach a couple of times and it seems to have worked.
 
Sorry my only other worry would be that the agent may not have given the vendors your offer in an effort to drag the sale into the new year.
It could be the agent that is in no hurry to sell rather than the vendors!
Seems weird when the vendors had a false alarm re a previous sale and are still not in a hurry to sell.
 
Firstly, don't increase your bid - what's the point of bidding against yourself?

Contact the EA by phone and in writing (by fax) stating that you want the sale agreed before say 5pm on the 16 December and that if you don't hear from them by then, you are withdrawing your bid.

They've had long enough already, and the EA knows damn well that Xmas is a slooooow period for house sales - if you put a bit of pressure on, saying how good it would be for all involved to have a firm agreement before Xmas, it might just force them to agree. Knowing the EA though he'll come back saying 'oh, another grand and they'll deffo sell to you before Xmas.'

Try the ultimatum though - it could work, and remember, there are other houses out there! Good luck.
 
Hi

EA and owners holding out to see if they get a better offer that's all. Apply some pressure - say you've seen something else and need an answer! But you have to be prepared to lose it also.....I wouldn't offer more tho...
 
Do not increase your bid!
Ring the auctioneer now and tell him you bid is valid until 1pm Friday.Also tell him you need the sign removed from the property by Friday evening if you go sale agreed.This will prove whether he is stringing you along or not.
Bet you have an answer before then

D
 
Tarquin,

I was in exactly the same situation and I gave in (despite intially withdrawing my bid). At the end of the day, only you know how much you want this house.

While I agree with the other posters that you don't want to play into the EA's hands, it could well be that there is a "reserve" (for want of a better word) that the sellers are holding out for. Perhaps you need to ask whether there is a minimum they're looking for and then decide whether you will play hard ball? There's no point in putting yourself through endless stress if you are prepared to pay an additional couple of grand for the house. Yes, I know it's a frivolous attitude, but as far as the EA and seller are concerned, if they're waiting for a particular amount, there is a chance they'll get this if they wait long enough.

Good luck anyway. I know what it's like - I had a bloody forehead and a dented wall!! :)

(Is it with Sherry Fitz by any chance?)
 
Yeah, but Tarquin has already obviously breached the 'reserve' in that the vendors had gone sale agreed with another purchaser for €500 less - indicating that they were more than happy to accept less than Tarquin's offer. The EA/vendors are just playing silly buggers - give them the ultimatum - they don't need any longer than the 2 weeks they've already had to decide.
 
Sherman, I agree entirely, but who's to say that a house down the road didn't sell for 10k more, and the sellers have got greedy? Or that they were the ones who pulled out of the original sale?

I'm not saying it's right, I'm just speaking from my own experience.

And I didn't handle that well either! (But I do now, fingers crossed, have my house!)
 
Ive just gone thru a similar situation
I was top bidder for 2 weeks -stress your interest but give them a deadline tell them your viewing other houses in the area
at least that way you have some sway in the situation
what happened with me was a day later the bid was upped 3 times and I kept on top and almost soon after (a day later-sale agreed!) sorry for stating the obvious but if it hasnt been accepted by now they think it can get more
 
ADk - wans't it a nice coincidence that the bid was upped the day after you issued your ultimatum??? ;-)
 
it was:eek: but I was expecting it - the same house up the road sale agreed 5 k higher just that week - and I felt uneasy knowing that . It was probably just a ploy from the agent but I didnt care once you get the house you wanted at a fair price.
bottom line tho Ultimatum- make things happen
 
Yeah, but I'm not sure you need to add to the stress with the ultimatum first off. Maybe just find out what they want and offer it. (Obviously within reason and if you think it's worth it.)

Then, and only then, if they drag their heels you should issue an ultimatum.

So, in this case (as in my case before and yours), Tarquin would save himself grief and wondering about his bid if he got all the information first.
 
I think you should be reducing the bid rather than increasing it!

Tell the estate agent that your looking at other properties, and you can't make your mind up between this one and another one. As the other contributors have suggested, give a date that you'll withdraw your bid or need a decision by.

Don't sound too desperate anyway!


(Post crossed with above)
Well done, and good luck :D
 
I dont know if I should name the institution but the only good thing to come out of this is that it galvanised us to finalise another mortgage loan offer from elsewhere which has a lower interest rate (the damned instituion above is dealing only with my own top up on my own first mortgage but we, as a couple, also had loan approval as well for this house) so that now we can tell them to piss off with the main mortgage.
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Good on you Tarquin. They've just lost a good customer - let them know why, too.

BTW, did you organise your deposit as a top-up loan on your existing mortgage ? Just curious, as I never thought of that. Did you tell the lender that the top-up was for a house deposit ? Are you selling your own house, and repaying the mortgage+top-up out of the sale ?
 
redstar said:
BTW, did you organise your deposit as a top-up loan on your existing mortgage ? Just curious, as I never thought of that. Did you tell the lender that the top-up was for a house deposit ? Are you selling your own house, and repaying the mortgage+top-up out of the sale ?
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I have recently done this, I didn't tell them it was for a deposit however as they actually never asked what it was for. (I think they just ticked a box when filling out the form - they just want to give you money). Will be selling and repaying the mortgage+top-up.
 
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