How to make a bid

M

Maybrick

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Hi,
I just wanted to ask a couple of questions about the mechanics of making a bid.

First, should you ring the estate agent and make your bid verbally before formalising it in an email? Or should you just send the email and wait for a response?

Second, is it generally a good idea to put a time limit on your bid? If so, how long would be regarded as standard? A week seems about right to me, but I would be interested to hear others' experiences.

Thanks in advance for any help.
 
From experience, you ring the estate agency, say you are interested in the property, give him/her your offering price. At that stage, they should give you an indication on when they will get back to you... If you have a "final price" in mind, then try to stick to it... Assume that you will have the property checked out by a reliable engineer before signing anything... the mortgage company (if you are going down that road..) will need en engineers report aswell. Have you a solicitor sorted out for this to go through legal side of things? I remember a post regarding fees for that work... so if you don't have the solicitor in place as of yet, let me know... I'll dig out that post & send it on to you... best of luck with the bid...
 
Thanks for that - yes, I would appreciate seeing that post on legal fees. I know of one solicitor who charges a flat fee of 2k, but I don't know if that's good or bad?
 
Thanks again. Any more thoughts on the wisdom or otherwise of putting a time limit on a bid? A week seems reasonable to me, but I'd just like to know if there is a standard period within the industry.
 
Off hand, I wouldn't know of standard period... personally, I think a week is too long. If you are opening up discussions on a purchase by offering a bid, I would expect a response within 24 to 48hours, if the auctioneer is busy with many properties on the go, then s/he may take longer to contact the seller & then the availability of the seller & their decision... If / when you are talking to them, ask them when you will be contacted again regarding your bid.

Just to let you know that this is the "fun" period... you might be lucky, a few bids & it's yours.. or other "bidders" may be appearing... so make sure you have your "top price" in mind & try not to go above that... cash is king at the moment, so if you are ready to go, then make sure you state that to the auctioneer... if you have a property to sell first, then there might be less enthusiasm from the auctioneer.
 
That's interesting. What about executor sales? If there are three or four sellers involved, it seems reasonable to give them a few extra days to discuss it?
 
Yes, agree - but I guess once you ask & get a time frame... "setting expectations" - nothing worse that waiting for the phone call.. and waiting.... what part of the country are you buying?
 
South county Dublin, so at the top end of the market. Thanks for your good wishes.
 
HI Maybrick

I would recommend a verbal conversation initally and then confirm in writing. I would include what your terms and conditions are (are you a cash buyer/subject to survey etc). I think it is resonable to expect a formal response within one week.
 
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