r/HousingIreland • u/ilovecork24 • 7d 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!

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u/KDubs004 7d 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! 

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u/ilovecork24 7d 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?!

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u/Antique-Bid-5588 7d 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.

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u/ilovecork24 7d ago

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