First time buyer looking for bidding advice

Hello,

I have spent the evening reading through the forums here trying to figure this out. I am no closer to my answer so I said I would join and start a new thread. I have never bid on a house before so feel like I am making one of the biggest decisions of my life with absolutely no clue of what I am at so any help and tips are really appreciated. Hello to everyone on here, I’m Collette and I’m from Mayo.

I looked at a house about a month ago that is being sold by the estate agent on behalf of the bank. It had a guide price of 130000, I was told by the estate agent that they reckoned it would go for the asking. On the day of looking at it I put in a low bid of 110000. The bid had to be emailed in as they told me they wanted a paper trail. A week later they emailed me saying 130 000 had been offered.

I did nothing and a few days later they emailed me asking me did I want to up my bid. I found this suspicious. Again I did nothing, then rang a few days later and was told the price was now 132 000. I left it another week and then put on a bid of 134 000.

Now two weeks have passed and there has been no new bids, I am the highest bidder. Again I find it weird that the two bidders against me seem to have disappeared.

My questions are:

  1. Is it likely the other bids are phantom bids?

  2. If they are phantom bids is there any way to get rid of them?

  3. How should I proceed. Wait it out and do nothing, or withdraw my bid and see what happens?

  4. Can I ask the EA what bank is selling it and talk directly to the bank?

  5. Can I tell the estate agent to bring my offer to the bank and look for a written reply?

I feel the house is worth the 134 000 I have offered, but if I could get it for 2000-4000 less it would go a long way towards buying furniture. There is another house for sale across the road for 135 000 so maybe I could use that as leverage. Thanks for any replys as I have though about this for a couple of days and really can’t figure out what to do.

Thanks
Collette

Go see the other house, if it’s not a bank sale and it’s as good make an offer say the same.

Then ring the EA tell them you’ve put an offer on the other house, tell them you’ve heard there is hassle buying off a bank (which there can be) and he has till the other house come back to you.

If you have to email in your bids ask the EA for evidence of the other bids? If they say no then tell them you don’t believe there were other bidders give them a chance to prove it. Say get their professional self regulatory body to verify the bids.

I don’t have any advice specific to your bidding process, but one thing I would say is that this forum is frequented by Estate Agents or someone else from your area may stumble across this thread through a Google search or god knows what.

Don’t put anything specific in this thread which could give away your specific situation to anyone who would know about it.

For example, I would not use a real name (Colette?), I would not use my actual county, I would not use actual amounts etc. Change it all so it’s fake but tells the same story.

My advice would be to sit tight and get a feel for how things work. You could merely leave things lie on the house you’ve bid on and see does the EA come chasing. If so, then cool off saying you’re considering other properties and what’s the best they’ll settle for.

The idea isn’t to buy this house (whatever they offer it for) but to see what happens so as to add to your experience. Your original offer of 110K might well be enough to get it but the only way you’d know is to find your feet, view houses, get to know what constitutes value and what doesn’t.

Have you made yourself familiar with the Property Price Register for houses in the areas you’re interested in, for example…

If you’re from Mayo, I can’t imagine property is zipping up so fast in price as to make waiting a while to familiarize yourself with the process. An informed choice will obtain much by way of purchase price, amenities, resale value, expansion potential, walk in condition, etc. All stuff that costs significant amounts of your disposable income.

Patience.

Hello, and thanks to everyone for their replies and advice.

The house for sale across the road is not as nice a house so I would prefer to get this one, but if it came to it we would take the other. Regards spending time and waiting to get to know the market, we have been looking at houses locally for the past 2 1/2 years so think we have a good feel for what houses are worth. We do feel this house is worth the €134 000 we have on it now maybe even a little more. Our main problem is we are not familiar with the house bidding process so are not sure whether to sit back and do nothing or try to pressure the EA into accepting our bid. I think the advice above about putting a bid on the other house is a good idea.

Would it also be a good idea to tell them to take our bid to the client (the bank) and look for written proof back from them as to whether they will accept/reject our offer of €134 000?

Any advice is really appreciated as this process can be daunting when you feel you don’t know what you are doing.
Thanks

In a buyers market (which I assume Mayo is) you just need to give the impression that you’ve lots of other options and they need to move quickly if they want you. Start off by saying you are looking at other stuff- if that doesn’t work, you’ll have to either up your offer or time limit.
Be careful not to act too inconsistently though.

If its practical, put a time limit on the offer, though I believe bank sales can be painfully slow to make decisions, whether to accept or reject a bid.

Put in a reasonable offer, stick to it, and if they come back saying there has been another bid, just say “wow thats spooooooky!”. Tell them you have gone “pale as a ghost” at that news, but it sounds like you dont have a ghost of a chance with all these sudden new bidders, and good luck to them, they have your number the other bidder “gives up the ghost”.

Best to do this in person and actually make air quotes while saying this.