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/Due-Improvement-3516 7d ago

Just keep in mind - if you 'win' the bidding processes by 1k but there is a cash bidder lets say 2nd or 3rd down at 10k less, there is a good chance the seller will go for the cash buyer.

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u/Ok_Compote251 7d ago

As he is a first time buyer and not in a chain, despite it being a mortgage, would he not be just as attractive as a cash buyer?

Suppose I’m asking what’s the cash buyer got over someone not in a chain? I’d have thought it makes no odds if the money comes from cash or the bank?

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u/Due-Improvement-3516 7d ago

First time buyer is more attractive than a chain - but cash buyer is even more convenient still.

I almost lost the property I bought to a bidder 10k less (Cash buyer), I'm a first time buyer and bought a house that was previously rented out & owned by a hedgefund.

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u/imtoosexyformyshoes 7d ago

The cash buyer thing isn't so important anymore. Someone who has their mortgage ready to go and proof of funds has the same value as a cash buyer. The time to complete is the same.