waiting to go sale agreed

P

positivenote

Registered User
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hey guys,
have a bid on a property that went on show last week thats 5k under the asking price... got a friend to enquire what the higfhest bid on the property is yesterday and we are still the highest bidders. Should we ask the EA if the bid has even been offered to the seller or should we sit and wait to see if any other bidders come along? personally i dont want to get involved in another bidding war and am thinking of asking the EA what they will let it go sale agreed for and offering that.
advice would be great as i think my impatience may get the better of me and give the EA what he claims will close the deal
 
Re: how long should we wait

As advised already, do not increase your bid until (and if) you hear back from the EA saying he has had a higher bid in. Seriously, try to stay patient - he is only playing you at the moment, hoping your impatience will get the better of you and that you will come back and bid against yourself.

EA's in the current market will always leave a house on for at least 2 weeks - short of making an absolutely ludicrous bid, they will not, repeat not, sell it in the first few days/week of it being on sale.

The only course of action is patience - he will not sell the house without coming back to you if he gets a higher bid in. End of story!

In this situation, no news is good news - just relax! I know its hard, but you'll thank yourself in the end!!
 
Re: how long should we wait

im going for a second viewing tonite and am bringing a builder mate who will let me know what can be done to it safely, as we want to make a few refurbishments. I presume that it would be a good idea to have all discussions with him out of sight and ear shot of the EA. Im also going to bring a camera and take a few snaps of how it looks... good idea or are we just indicating/ showing our hand to the EA too much...

thanks for the advice so far
 
Re: how long should we wait

The only advise I'd give is to imagine that you are the vendor.
 
Re: Bidding on house - how long to wait before upping bid?

I bid on a house a couple of years go . bid on the Thursday rang on the Tuesday and told vendors were stil considering it _Got a message to call the EA on the thursday afternoon -called friday mrning to be told they had already gone sale agreed .
The only downside in contacting the ea is that they know you are eager but I think that in my experience hounding them is the way to go -they will not kill themselves to get back to you-Played it cool a couple of times and have lost out
 
hi all,
we've had a bid on a property for almost a week that is 5k over the asking price and we have been the highest bidder since then. The EA is still showing the house and wont give us an amount that the seller is willing to go sale agreed at. Im getting a bit impatient as we want to go sale agreed and get the ball rolling, i just feel that the EA is waiting untill another party suddenly shows an interest which has yet to happen. we want this property but what are we meant to do if he wont tell us what figure they are willing to go sale agreed on... im afraid if we give him an ultimatium that he will call our bluff and we will have to go back a day or two later with an increased bid and we will be back where we started.
jasus this is frustrating....
 
positivenote said:
im afraid if we give him an ultimatium that he will call our bluff and we will have to go back a day or two later with an increased bid and we will be back where we started...
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It rather sounds like he's stringing you along, and you may have to bid higher anyway, if another bidder (genuinely) materialises. I'd say call his 'bluff', as you describe it.
 
Look, your bid has only been on a week, as has the property been on the market.

As pointed out before, no EA is going to sell after a property has only been on a week.

You really need to have some patience on this, and get all thoughts of bidding against yourself out of the way.

Don't ask him again what price the vendor will go sale agreed at - all you've done is indicated to him that you can/are willing to go higher than your current bid. Golden rule with these jokers is never let them see your hand!
 
why did it feel like i,ve just been given out to by that post...
i take it i'll update you all when we go sale agreed so...
 
I would ring them up and tell them that another house is on the market that you're interested in and they have until Monday to decide on the offer otherwise you will take the offer off the table. You can always decide not to take it off the table on Monday anyway!!
 
I agree with what Sherman said.

Why are you asking what price they would go sale agreed at if there are no other bidders? If your bid is 350k and they say theyll go sale agreed at 360k would you just bid 360k just because its what they want? Fair enough if you really really want the house, but I think its pure mad cos at the moment the market (only you so far) is indicating its worth e.g. 350k. If they want more let them wait till someone else increases the bid, and then you can increase if you want to (but dont appear too eager in doing so). If noone else comes in with a bid in the next week or so they will probably have to settle for your first bid (unless they are just testing the market and have no real intention of selling). So be patient, in a couple of days tell the agent you have found another house you like and will be bidding on it if they dont accept your offer soon. That way they are much more likely to settle on a lower price as they will fear losing their only bidder. Play it cool and only up it when you are convinced there really is another bidder, or if they will close on only a slightly increased figure.
 
This happened a friend of mine, they offered 15k less than asking. The EA tried to pressure them to up their bid, when they refused a "mystery bidder" came along giving the asking price. They didn't go above and in the end got the EA came back to them red faced and offered it to them for their original bid! In all this went for almost a month but their patience paid off! Hang in there - its in their interest to get as much as possible for the house but its also in their interest to sell!
 
positivenote said:
why did it feel like i,ve just been given out to by that post...
i take it i'll update you all when we go sale agreed so...
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I don't think Sherman was giving out to you, I think he was trying to re-emphasise that you should consider taking the advice you have looked for on here and several people have taken the time to offer. Judging on your first post on this thread it really does seem that you're trying to get them to tell you what price they'd go sale agreed at and you are implying that you are prepared to match that even in the absence of any other bidders. This flies in the face of most of the advice you have been offered here.

Obviously its your choice what to do with your money, but don't expect people that offer you advice to be ecstatic when you ignore it. Buying a house requires patience so you need to show some restraint - of course the EA is holding out to see if another interested party comes along, thats the way it works. By asking seeking to go sale agreed at a higher price the EA now knows he has you as a banker and can get more out of you either when another bidder comes along, he uses a phantom bidder on you, or you just simply agree to up your bid even in the absence of any competition.

Its a stressful time but dont let the fear of losing 'your dream house' stop you from playing it smart. That said, if you want it at any cost bid away. Good luck with it and I hope it works out for you.
 
Hi PN,
I'd say hang in there too. I realise that you really want this particular house but it is a slow time of year and the vendor wants the most money they can get. Keep an eye out for other properites, because the market will be getting busier with people selling now that it's spring and an easier time of year to move house. Keep your cards close to your chest too.
Stay positive!
Sal
 
why did it feel like i,ve just been given out to by that post...
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Ah no, I wasn't giving out to you, honest . It's just that I and other people have replied in the several similar threads you've started on the same topic, and the advice given is always the same.

You really need to try and get some patience.

Look, as OhPinchy said, if it's your dream house, fair enough. However, I'm sure I'm not putting anyone's choice of house down when I say that €350k ain't gonna buy anyone in Dublin their dream house - there are thousands of identical houses all over the city in that price range. This is just one of them, and, unless you've unearthed an absolute gem, is not worth getting into a tiz over.

Seriously, I would have been like you at the beginning too, only that an EA pal told me that no EA will ever, ever sell after a house has been on the market for only 1 week, no matter what offers he's had during that week.

Repeat after me: Patience is a virtue. Patience is a virtue. Patience is a virtue (and could also end up saving me a packet ).
 
Patience is a virtue. Patience is a virtue. Patience is a virtue ....
no offence was taken guys and your advice is always apreciated....
 
update on our biding progress..

hey all,
as most proberbly know by now we are bidding on a particular property thats been on the market nearly 2 weeks. We were highest bidder last friday or so we thought. A friend rang us yesterday and told us that they were told that the property was not what our highest bid was, but an extra few grand. They proceeded to slightly increase the highest offer as they were also interested in the property. Rand EA and had to chase him down to find out what the highest bid is and eventually he told us that it was our friends bid. We uped this offer by another grand and a half. We rang the EA this morning and were told that we were still the highest offer and that we were one of two parties bidding for the property... presumably us and our friend. We rang him and he told us how high he would be willing to go we said that we were expecting to go higher so he has now pulled out as he doesnt want us bidding against one another.
If the scenario arrises that we get told that there are still two people bidding on the property should we let the estate agent know that we know who the second bidder was and that we think that they are using a phantom bidder?
 
Wow, bad luck coming against someone you know, thats bound to complicate things.

I wouldn't come out and tell the EA that you know just yet, but obviously act like you know - i.e. steadfastly refuse to increase your bid until you are convinced a genuine 3rd party has entered the contest this late in the day. Saying it now might cause them to think you were setting them up (somehow?) and they may just think it all sounds dodgy. If he pushes you to increase, hold your ground, and only let on you know there is no other bidder as a last resort - e.g. "listen, it turns out I actually know the people who were the other bidders and I know they've pulled out leaving us as the last bidders. We're not going to increase it so you can take it or leave it"

....it actually might work out that you get it for less than bidding against a stranger, so fingers crossed!
 
gone sale agreed... thanks 1 and all

hey folkes... as most proberbly already know we've been out bid a few times but thanks to patience (as instructed and advised on AAM) we have just gone sale agreed on a property. just really a thank you post to one and all in helping us get this far...
i know that its still along way to go, but the relief in getting sale agreed is huge.
I take it the next step is to:
Get property surveyed (do we organise this ourselves?)
Get property Valued (Broker said they can organise this)
Life/Mortage and home insurance (Broker said they can organise this)

sign contracts and put down another deposit

sign last contract and get keys

am i leaving anything out or am i nearly there???
 
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