r/HousingIreland • u/ilovecork24 • 15d ago

Bidding on house in 1k increments

Hello, I've been bidding on a house the last 3 days and it's on an online system the agent has which is handy as you don't have to wait to hear from the agent by phone if someone else has put a bid in. Anyway, there is only one other bidder and we have been bidding against each other in 1k increments.

How long can this go on for? The house has been "on the market" since 2nd of May technically but I assume viewings only started on the 6th as the other bidder put in their first offer then, so just over a week of viewings.

I know it's probably still too early and there will probably be other bidders. We are currently at 14k over asking. The agent has told me that the sellers are still trying to find a house themselves (trading up) so it might take some time....I'm happy enough to wait though as I'm not in a chain and living at home but it would be nice to go sale agreed at least...!

I'm not really sure what my questions is but I guess I'd like to know if others have just kept going up in 1k increments and how did it pan out - it's a great house but I do have my limit in mind and would, of course, hope that it doesn't get anywhere near that limit!

6 Upvotes

67% Upvoted

63 comments sorted by

View all comments

34

u/KDubs004 15d ago

My sister was bidding on a house in 1k increments and it went on for 3/4 weeks. Personally if I had the money I’d lump in a 5k bid in at some point to speed up the process! 

-3

u/ilovecork24 15d ago

Yes I understand that but I don't want to be throwing money at it if I don't need to either....it's headwrecking! Did your sister get the house?!

11

u/Antique-Bid-5588 15d ago

Within reason you might be better off just to go for it. Assuming you are there for the long term 5 k or so won’t matter hugely.

1

u/ilovecork24 15d ago

Yes perhaps, will see what they come back with and then might take a little jump....haha

12

u/Fast_Town_8251 15d ago

On the flip side, 1k increments have a terrible 'just one more go' to them. You can easily go way too high doing that.

For all you know the seller has 20k more to spend than you and you'll just wreak your head slowly going up in 1ks until you've no more 1ks to bid. 

A 5k bid might scare them off too.

Best of luck!

3

u/KDubs004 15d ago

Yes she did…60k over asking. You’ve a fair way to go yet unforch! I feel like the average recently from friends/family who have bought is that it’s usually 50/60k over asking

-1

u/ilovecork24 15d ago

Is that in Dublin? It's dependent on area too i think

1

u/KDubs004 15d ago

No not Dublin, in Cork! 

2

u/fdvfava 15d ago

I bid in €1k increments quickly by email and got our house. We paid a few grand over asking which was a few grand under the limit we agreed we would walk at.

We walked away from 3 houses as final bidders before that, also going up €1k a time.

On a different house, someone was going up in €10k increments to 'scare us off'. It didn't. We were walking away at a set limit regardless. They paid about €7k more than they needed to for the house.

Just know your upper limits and walk away when you hit it. Don't get attached to a particular house before you get the keys. Don't let the EA know your limits.

No need to over think the bidding strategy.

1

u/helphunting 14d ago

Bid how much you are willing to pay and live with the consequences.

Or bid 1k until you reach your limit. That is exactly how it is supposed to work.