Bidding on House - asked to match highest offer?

C

citybaker

Guest
Hi

I have been bidding on a house and it has been going up in small increments.

This morning, I was asked to match the latest bid and to provide proof of mortgage facilities on the basis that the executor selling the house is going to decide tomorrow between the two matching bids. I matched the bid and provided copies of the mortgage offer (approval figure redacted).

However, I am starting to feel uneasy about this. No one I have talked to has ever heard of this happening. I asked the estate agent how the executor would differentiate between the two offers. Apparently the other bidder is in the same position as I am (first time buyer and has provided proof of mortgage approval). He said he didn't know but that was what the executor wanted.

Would appreciate any input/comments on this proposal? The EA has said that the executor will be making their decision tomorrow.
 
And if they want a higher offer, tell them that after tomorrow your price goes down. There will be plenty more houses on the market very soon.
 
I have to agree with Jim2007. If you were selling a house yourself would it not be great to see two buyers bidding against each other. There is a degree of panic to purchase before the end of the year. In the new year I think you will find better offers, good luck.
 
If you were selling a house you would want to know that the purchaser actually has funds in place, and not let it drag out after going sale agreed. Once you agree price both parties should want it closed in 3-4 weeks.
 
@citybaker
I know our main sponsor (B Burgess FCA TV panellist to annoy D McWilliams) has banned speculation about property market - so I am unable to tell you that this type of story happens with a shortage of property so I will stop there.

If you want the house and you are not dependent on any sale and you have mortgage approval here is what I would do:

1. This is my absolutely FINAL Offer €X (even make it lower if you want)
2. Tell EA if its true that you have nothing you completing the sale (have you had engineer or somebody look at it?)
3. If I do not hear from you by XX Forget it.
4. By the way 60% of apparent sales fall through

You may well 'lose' the property but miracolously there is a substantial chance that the alleged other(s) wont complete and they will be back to you.

Revenge is a dish best served cold becuase you name your price and a later closing data and you tell them then take it or leave it.

These executor sales are infected with folk who just want the money. And when you stand up to them and spell it out - its a great buzz.
 
Could it be something as simple as that the seller wants a quick sale and doesn't want to be messed around.

What I mean is that the winning bidder is in the best position to close as quickly as possible, and not be reliant on mortgage approval etc. which can take a very loooong time in the current environment.

I signed contracts on my new home yesterday- the seller wanted proof of my finances, and that of another bidder.
 
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