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 Post subject: Bidding experience
PostPosted: Wed Jul 25, 2012 10:06 pm 
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Private Tenant

Joined: Oct 17, 2010
Posts: 45
Well lads this type of topic has probably been exhausted but just thought I'd give you an insight in to my bidding process.

Not a good experience so far. Have had the usual auctioneer not bothering to return calls etc.

-Asking price was circa 180k and I offered 165k. Auctioneer said owner was holding out for 175k but he'd keep me informed (which he didn't).
-Eventually when I got a hold of him, he said a neighbour 3 doors down had made a bid of 170k. I countered with 171k. Bid was being considered for over a week and I'd been promised calls back and of course didn't get any.
-By the time I spoke to auctioneer this morning, he said the neighbours had bid 173k. I said ok, i'll give you the 175k that you want if the property gets taken off the market and we wrap this up. He said he'd be back by lunchtime. No sign of any call. Tried him this evening and nothing and left a voicemail saying I'd need an answer asap. Finally came back to me at 9 tonight. He said that the neighbours had matched my bid of 175k and that one of us would have to outbid the other. I said given that I had the first bid in, surely the other person should be outbidding me. He said that's not how it works. To be honest I'm totally fed up with the way this has been handled and I told him as much. Really starting to doubt strength of other bid and losing interest big time in the house so i've given them til tomorrow morning to accept or I'm gone.

Would appreciate any views you might have on this.


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 Post subject: Re: Bidding experience
PostPosted: Wed Jul 25, 2012 10:20 pm 
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Back Home with Mammy

Joined: Apr 12, 2012
Posts: 69
Walk away, no question.

All you are doing is showing your hand on the money he knows you can afford when the "neighbour" suddenly vanishes. He's playing cat and mouse too, letting him chase you, showing desperation.

Your phone will start hopping once you tell him you're out.


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 Post subject: Re: Bidding experience
PostPosted: Wed Jul 25, 2012 10:22 pm 
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Private Tenant

Joined: Oct 17, 2010
Posts: 45
quarryman wrote:
Walk away, no question.

All you are doing is showing your hand on the money he knows you can afford when the "neighbour" suddenly vanishes. He's playing cat and mouse too, letting him chase you, showing desperation.

Your phone will start hopping once you tell him you're out.


Glad you said that coz that's my view on it too. I've told him i'm out by 10am tomorrow if they don't accept the bid.


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 Post subject: Re: Bidding experience
PostPosted: Wed Jul 25, 2012 10:28 pm 
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Planning Tribunal Attendee

Joined: Apr 23, 2012
Posts: 1012
Sounds like a very simple case of bull from agent.

I guess its Possible that there is a cautious bidder and agent is trying to move things along by embellishing things

If your a low ltv Maybe just stress that to agent I.e. you are more likely to close

Decide how much you want to pay and be prepared to walk away unless there is something unique about property

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 Post subject: Re: Bidding experience
PostPosted: Wed Jul 25, 2012 10:59 pm 
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Single Home Owner

Joined: Apr 22, 2012
Posts: 167
Diego Murphy wrote:
I said ok, i'll give you the 175k that you want if the property gets taken off the market and we wrap this up. He said he'd be back by lunchtime. No sign of any call. Tried him this evening and nothing and left a voicemail saying I'd need an answer asap. Finally came back to me at 9 tonight. He said that the neighbours had matched my bid of 175k and that one of us would have to outbid the other.



The e/a is a braying donkey,walk away and not not deal with any property he represents in future,life is just too short.


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 Post subject: Re: Bidding experience
PostPosted: Wed Jul 25, 2012 11:03 pm 
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Joined: Jan 1, 1970
Posts: 19347
Walk away, with neighbours like this... sounds like a Stephen King novel and yea and do they even exist. :?

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 Post subject: Re: Bidding experience
PostPosted: Wed Jul 25, 2012 11:10 pm 
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Under CAB Investigation

Joined: Jan 3, 2009
Posts: 1895
I was in a very similar situation a good while back. The EA was taking bids from another bidder and not getting back to me for a counter offer. I was doing all the running on my side, but the EA was doing a lot of running after the other bidder.

I felt the EA was emotionally involved with the other bidder, because he had previously sold his house. I also got the impression the other bidder was laying in on thick and heavy with the emotional blackmail.

It eventually went sale agreed to the other bidder.

Nothing came of the sale agreed and the property was eventually withdrawn from DAFT.

I hunted down the vendor and he told me that he had never been made aware of my last bid and that he had gone sale agreed with the other bidder for considerably less than what I had offered.

The vendor then offered me the property for 30% less than I had been willing to buy it for. By that stage, however, I was being advised against purchasing the place by a broadband expert, so I didn't proceed with a sale.

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 Post subject: Re: Bidding experience
PostPosted: Thu Jul 26, 2012 7:59 am 
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Old Time Landlord

Joined: Sep 26, 2010
Posts: 398
My new rule, having been through 3 failed bidding processes last year, is goin to be to ask what's the minumum the vendor will accept, and if I still want it, offer that amount + a few K, and if they dont take it, walk.

Ive had enough of second guessing EA's.

I'll see how it goes in the autumn no doubt.


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 Post subject: Re: Bidding experience
PostPosted: Thu Jul 26, 2012 8:06 am 
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First Time Buyer

Joined: Apr 9, 2012
Posts: 87
doubleglaze wrote:
I felt the EA was emotionally involved with the other bidder, because he had previously sold his house. I also got the impression the other bidder was laying in on thick and heavy with the emotional blackmail.



Really an EA with emotions :shock:


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 Post subject: Re: Bidding experience
PostPosted: Thu Jul 26, 2012 8:13 am 
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Back Home with Mammy

Joined: Jul 21, 2009
Posts: 65
My number 1 rule of buying a house. Do not believe anything an EA tells you. Decide the amount you are happy to spend, tell the EA it's your final offer and don't call them again. Let them come back to you. Most EAs I have come across have absolutely no hesitation making up bids from P. Hantom.


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 Post subject: Re: Bidding experience
PostPosted: Thu Jul 26, 2012 8:54 am 
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Too Big to Fail

Joined: Feb 21, 2008
Posts: 3643
doubleglaze wrote:
by a broadband expert


A what? Is this a thing? I usually end up googling addressing trying to guess how good connectivity is by people's complaints.


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 Post subject: Re: Bidding experience
PostPosted: Thu Jul 26, 2012 9:04 am 
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Neo Landlord

Joined: Jun 23, 2011
Posts: 232
My wife was told by an auctioneer recently that a bid of €x amount was too low because he was going to be showing the house the following Saturday to someone who would be bidding €15k more. Needless to say, we had nothing more to do with this psychic. We were bidding on another house nearby but that got a bit frenzied too so we're taking a step back for a few months to see how many sale agreeds turn sold.


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 Post subject: Re: Bidding experience
PostPosted: Thu Jul 26, 2012 3:31 pm 
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Planning Tribunal Attendee
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Joined: May 5, 2011
Posts: 1191
Location: Rentsville
sharper wrote:
doubleglaze wrote:
by a broadband expert


A what? Is this a thing? I usually end up googling addressing trying to guess how good connectivity is by people's complaints.

A what?, indeed!

"I was all set to made my bid until my butcher told me I was MAD!"


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 Post subject: Re: Bidding experience
PostPosted: Thu Jul 26, 2012 6:02 pm 
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Neo Landlord

Joined: Mar 22, 2012
Posts: 297
Conor wrote:
sharper wrote:
doubleglaze wrote:
by a broadband expert


A what? Is this a thing? I usually end up googling addressing trying to guess how good connectivity is by people's complaints.

A what?, indeed!

"I was all set to made my bid until my butcher told me I was MAD!"


Some people are highly dependant on internet for work and won't consider a house without decent connectivity. I've not bid on a few for similar reasons.


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 Post subject: Re: Bidding experience
PostPosted: Thu Jul 26, 2012 9:50 pm 
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Holiday Home Owner

Joined: Apr 6, 2008
Posts: 336
I feel it's easier to deal with properties that are overpriced. A well priced property lures in potential buyers and tends to kick off a bidding war whereas overpriced properties scare off the bidders and you can find yourself the only bidder, even with your lowball offer. If you're the only party in the game then things are obviously much easier. Depending on the EA, they may or may not pit you against P. Hantom. If you call their bluff and you're the only one, then they'll be back and you'll know you're in the position of strength. If there are multiple bidders then it's going to get messy and chances are you're better stepping back.


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