How to make a bid on a property?

[Mayo1969]

I am hoping to make a bid on a house in the coming weeks. I've been informed by the auctioneer rightly or wrongly that two other parties have already bid in increasing amounts of €5k. I intend making a bid of possibly €1-2k in excess of highest bid although I am ultimately prepared to go another €10k in total if a responding bid comes back at me.

Would appreciate any advise anyone has on this procedure and also what format such an offer/bid letter to the auctioneer should take, i.e. what should be included in it apart from the bid

Should it include the following for example?

Assuarance that finance is in place, has been agreed from bank (should I attach a letter from bank to this effect)?

Assurance that a lump sum deposit (10%) is available instantly?

Time scale for how long my offer remains open (1 month?)

Expectation of performance from auctioneer/seller?

Assuarance of engagement of or details of solicitors/conveyancer?

I am assuming that this bid letter can be a personal letter from myself and doesn't need to be sent on my behalf from a solicitor?

Any suggestions or drafts of a suitable letter covering all bases would be greatly appreciated?

 

[PM1234]

All you really need to do is ring the estate agent to make your bid. The agent will ask you if your finance is in place and if you are in a chain etc.

Of course you can give your expectations re time limits, but when you make your bid, it is in the agents interests on behalf of his/her client, to revert to you when/if further bids are made.

Further details such as solicitor details are required after your offer has been accepted.