Bidding on house - unusual behaviour from other bidder

S

Severne19

Registered User
Messages
5
Hi all,

Bidding on a house at the moment and just looking for people's opinions.

There is one other bidder who had an initial offer in before me.
I made a bid that was a small enough increase over their initial bid.
The other bidder then immediately increased their bid by, what seemed to me, a disproportionately large amount (not huge, but proportionately greater than my bid).
I decided to take the weekend to consider my position - only to find out that the other bidder had yet again increased their bid by the same amount again as their initial increase.... before I'd even told the estate agent my new bid.

Seems somewhat unusual to me - maybe someone just getting very emotionally attached to the house....


Estate agent is well-established and would have a name as one of the "better" agents.

Is there anyway of verifying the bids or what are people's thoughts?

Thanks
 
No real way to verify the bids other than accept the bona fides of the auctioneer. The other bidder may be trying the age old poker tactic of betting big to scare you off!!! It would seem that they are very determined to get the house.

Only you can decide what the house is worth to you and if you want to get into a bidding war...
 
Estate agent is well-established and would have a name as one of the "better" agents.
Click to expand...

I wouldn't trust any estate agent. Their job is to get the highest price for their seller and will do what it takes to achieve that.

It sounds unusual ok to be bidding against one's self.

There may not even be another bidder. You have no way of knowing.

If the house has gone too high, move on. If not, bid what you think it's worth.

Brendan
 
Bought a new apartment last year. First place we looked at and were very interested in the bidding went crazy. We had the max we would pay for it. First bid in was was 12% above asking price. We were mortgage approved and i told the estate agent( we do business with estate agents) that i would match the bid and plus 1000. That was our max. He said he would put it to the owner. Came back to me and said there was another bid and it suddenly went 30% above asking price. I said no thanks and proceeded to buy where i am now. Moral of the story is that the first apartment is now back on the market 6 months later:) And we got a better place IMO:)
 
Brendan Burgess said:
I wouldn't trust any estate agent. Their job is to get the highest price for their seller and will do what it takes to achieve that.
Click to expand...
That's a sweeping generalisation Brendan, EA/Auctioneers may have a higher percentage of rogues than most professions but at the same time i'm sure there are many honourable and trustworthy ones too.
 
seantheman said:
That's a sweeping generalisation Brendan, EA/Auctioneers may have a higher percentage of rouges than most professions but at the same time i'm sure there are many honourable and trustworthy ones too.
Click to expand...

Would have more dealings with E/As than most and I have yet to meet anything other than chancers dressed in a half decent suit...male and female.would not trust them to tell me the time.
 
Severne19 said:
I decided to take the weekend to consider my position - only to find out that the other bidder had yet again increased their bid by the same amount again as their initial increase.... before I'd even told the estate agent my new bid.
Click to expand...

Absolutely nonsense that someone has increased on their own bid.

Your only option is to put your bid directly to the owner. In writing. And see what happens. Otherwise you just walk away.
 
+1

Sounds like pure twaffle .... Follow Bronte's advice .... and be prepared to walk away.

Too much messing going on here me thinks.
 
Not two big bids in one week though - sounds suspect. Any EA's I've dealt with always had other bidders going at me... ironically enough I was settled into my new home and the rest were still on the market.
 
It can happen. It does not see wise but then one should not expect buyers to always behave wisely. The generalisations about estate agents are, of course, foolish as most such generalisations tend to be. In any case i do not see how this behaviour would logically point to a dishonest estate agent. I'm a great believer in Hanlon's Razor: "Never attribute to malevolence that which can be easily explained by stupidity".
 
Rockflake said:
. The generalisations about estate agents are, of course, foolish as most such generalisations tend to be.
Click to expand...

Really do you think so, wonder than that the experience of Burgess point 3, Mercman post 6 Knuttell post 7 should be discounted?
 
You must log in or register to reply here.
Back
Top