Only bid on House. Next move?

K

Kant

Registered User
Messages
17
Hello -
Looking for some advice. Bidding on house in Dublin 7 area.
  • THe house is on market @ €400K asking price.
  • Its been on market 4\5 months.
  • We put offer in of 355K about 1 month ago.
  • Its been on view at least 8 times.

When friends have gone to view the house they've been told that the highest bid was 355K (our bid). Other interested parties who've seen it 2nd time have fallen away.

Agent phoned me during week to say that "355K was too low for seller". She didn't voice any other alternative (ie make it 365 and its yours....). It sounded like a fishing expedition and she gave me the option of bidding against myself. She said she was viewing it again.
I didnt offer to increase bid or offer any further info. She didnt use the words "rejected bid" she just said 355K was too low and the 400K was a considered price.

Whats next move?
Sit and wait?
 
We're in a similar position (though the property we're interested in isn't on the market as long). We're just sitting back and waiting-no point in bidding against ourselves!
 
I'm currently in the same position too. I guess it depends on the seller, if they can afford to not sell it at a lower price (or not sell it at all) then it wont move. I wont be increasing my bid Its what I think the property is worth and I am sticking to it. I assume the agent will contact me if/when a higher offer comes on the table.
 
A read through this key post might give some advice, not necessarily on this subject but how to remain cool, calm and collected when dealing with estate agent :)

Best of luck with the negotiations.
 
Thanks - some good tips there! I definitely made the mistake of getting too emotionally involved in the first house we were bidding on.

Like JohnJay, we have bid what we think the house is worth. If someone else submits a higher bid, the estate agent will be on to us but I can't see us increasing our offer by much more!
 
Marquise said:
We're in a similar position (though the property we're interested in isn't on the market as long). We're just sitting back and waiting-no point in bidding against ourselves!
Click to expand...

That's not always true, not if you want the house enough and if the seller won't budge.
 
Hi -
Thanks for advice. Sticky post is v helpful.

The house is our preferred house out of 4 we a looking at.
We would "shake hands" on a price of 365K -- maybe 370K.
But it seems like every move reduces our positional strength

1. Offer a higher amount.
PRO: Seller might accept but EA has not indicated that is case.
CONS: its more money without any guarantees.

2. Do nothing
PRO: We are only bidder. We could see other properties that are preferred. Time might be a key consideration for seller
CONS: extended viewing period means higher chance of getting interest from other parties. We're paying rent and would like to move.

3. Offer a higher amount with stipulations (bid which will expire in x hours, a final offer bid....)
Not convinced on this option....

At present #2 "do nothing" has been our strategy. We're the only bidder and 12% less than asking is reasonable for the house...if we offer more there's nothing to stop the EA from keeping it on the market for another 4 months.

Any thoughts?
Thanks again
 
Another option, tell them your current bid will expire on a set date. That will force their hand to either finally accept or reject your offer. On the downside, they may well reject it if they feel they will get closer to asking.

But nothing to stop you then offering slightly more, but you'll lose credibility and the option to stipulate a deadline again.
 
Sit and do nothing is probably the best advice for a normal real estate purchase. In Ireland, estate agents, take instruction and get paid by the sellers, so buyers are not in a position of strength especially in a rising market.
 
The following was my situation,

I placed an offer on a house - offer was with the auctioneer for 4 weeks. I soon realized he was stalling and waiting for more interest. So i took the bull by the horns and approached the owner in person and told them that they had 5 days to make their minds up otherwise i would redraw my offer.

The crazy thing was - he was not aware of my offer to the auctioneer. Turns out the auctioneer was staling on both sides - to build up his commission.

End results was 3 days after approaching the owner - they agreed to my offer.

I firmly believe if it is meant for you you will get it
 
I'm not sure I buy the "building up commission" argument ,because say 1.5% of 400k is 6 grand ,is it really worth jeopardising a sale and a 6 grand payday for a couple of hundred extra?
 
vandriver said:
I'm not sure I buy the "building up commission" argument ,because say 1.5% of 400k is 6 grand ,is it really worth jeopardising a sale and a 6 grand payday for a couple of hundred extra?
Click to expand...

I'd agree with that also. Take 6k now or hold out weeks or months for the chance of an extra few hundred?
 
You must log in or register to reply here.
Back
Top