Bidding on two houses with same EA

I’m interested in two houses being sold by the same EA. I’ve put an offer in of 5% under asking on house A but after a second viewing I decided house B was the better house. I haven’t put an offer in on house B yet but bidding is already 5% over asking and that amount is quite a bit more than my offer on house A.

If I start bidding on B and don’t get it the EA will know my exact upper limit and have me over a barrel if I go back to bidding on house A.

Any thoughts/guidance on this situation? Am I right to be concerned? Are there any guidelines/policies around having a third party bid on your behalf? Or do I simply have to bend over and smile…

why are you bidding on two houses?

I’m only bidding on one at the moment. Just considering a bid on the other.

Can your partner bid for the other one?

You are right to be concerned, but there’s not a lot you can do about it.
A friend of mine was in this situation about 6 months ago - bidding on an apartment at Asking Price of say 350k and say a house of Asking Price 400k.

After a few bids on both, the EA eventually called the person and essentially said,
“You need to bid on just one (!!!). Which one do you really want?”

My friend’s response was the best response practical at the time, I thought. They said,
“I am interested in either property. Each hold a different value for me, so if I feel the bidding exceeds that specific value on either - then I’ll continue my search.”

The downside of this is that the EA knows you have more money than your limit on the lesser priced property. The upside is that the EA also knows you are not a bidder totally governed by your emotions and have planned to walk-away above certain limits - money available or not.

The other downside which is more significant and happened to my friend (I wrote about it on a thread here before Christmas) is that the young, and to be fair thick as dogsh1t, EA began telling the seller of the cheaper property A that the bidder had already exceeded that bid on property B… essentially giving property A’s seller a blow-by-blow account of the specific bids on property B. Shocking stuff - but not unexpected by the EA. Friend wrote a complaint to EA office and the “regulator” *.

Long and short of it - young EA called to pressure bidder in to higher bid on property A. Bidder said “I’m at my max - take it or leave it.” EA still wanted higher bid (knowing there was higher bid on property B by bidder). EA got flustered, got bolshie, disclosed in error that he’d been telling the seller of A about the bids on B. Bidder explained they were shocked, and would not deal with him again. A few crawling phonecalls & emails followed by EA which my friend ignored.

Outcome- bidder requested to deal with another agent from office, and bought property B for the Asking Price. Property A remains unsold apparently.

Now I know posters will complain on here about - bidding on more than one property just bids up the prices. Well, only if you are bidding high in first place. Which is also true if bidding high on just one property. I was bidding on houses at the time myself, and to be honest was a bit uncertain about it when my friend (work colleague) told me they were bidding on two. But the more I thought about it, if the bids are reasonable it makes no difference. You can’t stop somebody putting in an unrealistic non-committed batsh1t crazy bid on two properties no more than you can on one.

Final word - be prepared for the EA to share absolutely everything with both vendors. Just assume it.
If possible use a “proxy bidder”. Get your partner/brother to bid on the other property. This way the EAs won’t know you are connected until the end, or ever.

  • Or whatever that joke of an oversight body is!

EA’s want bids.
They won’t really mind if you’re chasing two houses.

That’s been my experience too.
Just that in my friend’s case they were shocked that the EAs would be so unethical.
:angry:
I directed my friend (work colleague) to the Pin - that hardened them up!
8)

Thanks all. Not too concerned about the EA knowing I’m bidding on two houses, more concerned about them knowing my upper limit if I get outbid on the more expensive property.

They have both my name and my partner’s already. A family member would have the same surname so might get a friend to bid.

If my friend bids on my behalf and the offer is accepted there definitely wouldn’t be any issue with him turning around and telling the EA “oh by the way I was bidding on behalf of x”?

ps. trust no one :laughing:

The only sane way to approach bidding is to:

(a) don’t get fixated on any one property, there will be others
(b) decide on a max for each property based on what you feel comfortable paying for it, bid only up to that amount and then let it go.
© assume that everyone else is doing the same (even though they are not)
(d) fully internalise the logical consequence that for you to close on a property you must be prepared to pay more than anyone else is prepared to, and that they will unanimously agree that you have overpaid.

This final point is absolutely critical. You can convince yourself that you’ve outbid everyone through sheer spending power, but that’s only true for the other involved bidders - the reality is that there are a bunch of people who could afford your final price but don’t consider it good value for them. This also extends to properties where you are the only bidder (e.g. country mansions in Tipperary).

Once you create a mental feedback loop in which the price you are prepared to pay is dependent on the price other people are prepared to pay, you risk descending into a pit of insanity.

Good posts FTBer and Eschatalogist.

This is a great observation.

You have to take into account your particular circumstances versus other people’s. I’ve just come from viewing a nice enough house with a lovely garden. You could cut the garden in half and I’d still pay the same price for it - however I’m willing to bet that the young families that were there would place quite a premium on the garden and they’re likely to bid higher than I would, relative to other houses.

Some people pay a premium for walk in condition, other people think they can ‘add value’

The fact that we all have different tastes and somewhat different requirements is what gives me hope of finding decent value some day.

Never done it myself, but have heard others on here recommend getting your solicitor to bid on your behalf - the solicitor’s bids will be taken seriously but EA will have no idea who real bidder is.

Just tell the EA you are an investor :slight_smile:

I am sure an EA would also bid on your behalf.

They also have the advantage of knowing all the tricks :slight_smile:

You can get a solicitor or EA to bid for you but the vendor’s EA might want to see mortgage approvals etc which will give them your identity. I have only bid via an agent but the EAs knew my identity (no reason to hide it).

You could always use a buyer’s agent.

I think I remember Carol Tallon writing a few weeks ago that there would be almost no more family homes coming to market in Dublin in the next couple of years, so she clearly has her finger on the pulse.

I was in a different boat but similar issue, I had a bid on a property in the upper 400K mark, then pulled out due to my willingness to pay what I though the property was worth, three months down the line I began bidding on another property in the lower 300K mark with the the same agent. Assuming they keep all your information of file, (which I am sure they do)… They would of had an idea of my budget.

Put me in a difficult situation.

I had the ‘winning’ bid on a house late last year.

EA insisted on seeing non-redacted mortgage approval letter.

I argued that this would compromise my position with her and her agency if sale fell through and I ever had any other dealings with her.

She convinced me that it was irrelevant as “just because you have x amount of money doesn’t mean a particular house is worth x to you. I know that, you know that, so if it were to fall through you just bid what you think it’s worth.” She made it sound so simple.

She also accused me of having a very low opinion of EAs :angry:

House was pulled from the market a week later XX

In that situation it’s probably worth having your bank reissue the letter with the exact amount of your bid on it. If they’ll do that.

I wouldn’t show an EA a mortgage approval letter. I’d send a copy of it to the vendor solicitor, but not an EA.

I also have no problem telling an EA that a house is within budget, but above what I’m willing to pay.

I have to applaud the fact that the EA wanted proof of funds. Too many people out there bidding up houses that they can’t actually afford. However you certainly don’t want to show the EA your real number.