query re: bidding

B

BK2

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I just put a bid on a house that I saw two months ago. The reason I am only putting a bid on now is because my own property is just gone sale agreed. The property is on the market for three months and there are no offers on it. I put in an offer of 10K under the asking price. The auctioneer dealing with it was out of the office. So I dealt with someone else who just said "okay I will put that on the file and when another bid comes through I will give you a call". I then said was she not going to come back to me and let me know if the Vendor will accept my bid or is it a definite no and she said that she would contact him but don't be surprised if I don't hear from her today. Is this the normal practice for bidding, you just put in a bid and they don't accept/reject it, it just sits there? If my offer is not accepted I am also interested in another house but don't want to be putting in bids on several different houses or is that what is normally done?
 
BK2 said:
I just put a bid on a house that I saw two months ago. The reason I am only putting a bid on now is because my own property is just gone sale agreed. The property is on the market for three months and there are no offers on it. I put in an offer of 10K under the asking price. The auctioneer dealing with it was out of the office. So I dealt with someone else who just said "okay I will put that on the file and when another bid comes through I will give you a call". I then said was she not going to come back to me and let me know if the Vendor will accept my bid or is it a definite no and she said that she would contact him but don't be surprised if I don't hear from her today. Is this the normal practice for bidding, you just put in a bid and they don't accept/reject it, it just sits there? If my offer is not accepted I am also interested in another house but don't want to be putting in bids on several different houses or is that what is normally done?
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Yes buyers can in offers on multiple properties. Remember that its an offer and not a bid.

Try not to sound anxious or the EA may see you as being a soft target!
 
The Irish property market is just great, isn't it :)

This is normal OP. As is him ringing you back in a week with another bid that he made up, trying to extract every last penny out of you!!

Best of luck!
 
As mentioned in other posts on here they need to have their hand forced, to prevent possible phantom bidding. Phone them back, reconfirm the offer and give them a deadline (within a few days) and state that after that day the offer is withdrawn.

IMO it is unacceptable for them to state that you offer will wait there until they get another one - Unless the owner has specifally said they will not accept less - but then again the agent should have told you this.

Out of interest how much is the property worth?. If it has been on the market for 3 months with no other offers i'd be going in 10% less. Although obviously the market paused in run up to the buget in anticipation of stamp reduction, so wouldn't expect it to drop but no harm in testing the waters.
 
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