what selling price will it go at???

hey all,
find my self in somewhat of a biding war at the moment after finding a property we want. Property has already gone 15k over the made up price or should that be asking price... i think that this could go on for a bit. Is there any point in asking the EA what price the owners are willing to let the property go to 'sale agreed' so we will know if we are in with a chance or wasting our time. I'm presuming that EA will not disclose the info... but has anyone experienced different?
Another question is that if you make a bid is it the EA responsibility to let you know that the bid has been bettered?

thanks as always

The job of the EA is to maximise the price for the seller. With that in mind, I would not expect them to show you their hand, so to speak. I would also expect them to let you know if your bid has been bettered (so that you can bid higher...). I believe the EA is obliged to pass all bids on to the seller (this is how gazumping can happen). The seller isn't obliged to accept the highest bid.

so has anyone ever heard of people approaching the seller personally to see how much they were will to let the property go for?

Depends on the EA though. We were waiting a couple of weeks as the only bidder. We upped our own bid twice as we knew they were waiting for more (they had plenty of viewings and no additional bids).

In the end, after a little "phantom" bidding, I figured that maybe they had a price in mind. I asked the EA and she said yes, they were looking for XXX. So we upped our bid and went sale agreed.

I'm not advocating it as always the way to go. I knew this EA and knew she was fairly straight down the line. I also knew that the sellers were in no rush and would wait.

As soon as we offered the desired amount, it went sale agreed.

Yes, I am aware that this can drive up the market prices for property. And yes, we could have played hardball and held out. HOWEVER, I do think that had someone else come in and wanted that property we could then have faced a bidding war that went even higher than what we'd agreed. In the end, I still think we got it at a fair price that reflected the general market value.

No, and I think that this is rather unusual. I think any vendor wants to get as much as possible. From what I have observed, EAs usually show the property 2-3 times and then it goes sale agreed quite quickly. As to the bidding, everything I have looked at recently sold approximately for 40K more....

In a lot of circumstances, the amount that the seller is hoping for is irrelevant.
If two people bid above that amount , and a bidding war ensues, the seller is going
to sit it out and wait to see the result and is not going to stop it, because
they have already achieved their goal.

this is true... role reversal and youd proberbly do the same.

I did to this, and was offered a huge price for the house. Spent three weeks delighted with myself until the buyers realised that they could not afford the price and pulled out. The underbidders had already found something else
and we had to put the house back on the market and got a fair price 4 weeks later. Such is life.

Hi , Went to view a house in Lucan yesterday evening. It was totally undervalued in the quoting price. As viewing was only in the evening there was seven viewing before us at 8.15 and another batch of 10 or 15 tomorrow and more on Sat. I wonder if the very low price had generated such interest. Anyway, when asked re. approx. final price ,he quoted €40K over the asking price. (so much for the Advised Minimun Value) as I sure he advised the owners on this. What bothers me is this agent (independent ) is going to run an auction as he got everone to write their names and address on a sheet . Yes , my friends, times have changed.

frando said:

Hi , Went to view a house in Lucan yesterday evening. It was totally undervalued in the quoting price. As viewing was only in the evening there was seven viewing before us at 8.15 and another batch of 10 or 15 tomorrow and more on Sat. I wonder if the very low price had generated such interest. Anyway, when asked re. approx. final price ,he quoted €40K over the asking price. (so much for the Advised Minimun Value) as I sure he advised the owners on this. What bothers me is this agent (independent ) is going to run an auction as he got everone to write their names and address on a sheet . Yes , my friends, times have changed.

Click to expand...

What was the asking price?

SteelBlue05 said:

What was the asking price?

Click to expand...

Hi Steelblue ,The asking price in this case is immaterial as the point of the post was to high-light what's going on. For me, anyway, it's all new

A apparently low guide price is the most basic EA practice of reeling in interest.

okay EA has qouted us a certain value that the sellers would be willing to go sale agreed at. The problem is that EA has told me that two other parties have been bidding with us and he would have to see how they reacted to the property meeting the sellers asking price, whether they will improve the offer... as a result i underbid it by X amount and am know waiting for him to let me know if either of them will improve on my offer. If they both pull out and the property is still on view and available is the EA expected to let us know that we are currently the only bidders? and if so should we go to the asking price to get it sale agreed?

all advice is relevant and appreciated as always

frando said:

Hi Steelblue ,The asking price in this case is immaterial as the point of the post was to high-light what's going on. For me, anyway, it's all new

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I asked of out interest, if you dont want to say then fair enough.