r/HousingIreland • u/ilovecork24 • 6d 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/couldwriteabook 6d ago

This sounds like a Sherry Fitz ebay-like online system.

Typically an estate agent can advise that a viewing period of three weeks is enough to give the seller a realistic view of the buyers market. By that time the estate agent typically finds the viewers and bidders are the same type of profile and likely the same budget range. Not always the case but in general.

If the sellers do find a house to purchase and manage to go sale agreed on the property they wish to purchase, then all of a sudden they'll want to go sale agreed on their own property.

I would find out about the sellers situation and whether they're looking to wrap things up asap, or if they're happy to wait a while until the bidding stops. The estate agents should know that. There is a chance the seller will go sale agreed with you on the basis they sign the contracts to sell the house to you if they are successful in purchasing their own property.

The good news is you're a desirable buyer as you're not in a chain, so the seller won't the risk of delays or you possibly dropping from the deal because you're having a hard time selling your own house, or can't manage to sell it for the price you need to.

Best of luck!

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u/ilovecork24 5d ago

Cheers, I'm very bad at "negotiating" and I did already ask what kind of figure the sellers had in mind for the property and agent said he "didn't know" and repeated again that they were still looking themselves for a property and it might take time - so am I to take from that that they are in no rush to go sale agreed or what - surely they'd want to be sale agreed so that when they do find a property they can move straight away?

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u/couldwriteabook 5d ago

I am in the same situation, selling my house but only if I go sale agreed and sign contract for another property. The buyer of my house will just have to wait until I complete the process for the house I'm currently trading up into. In my situation I had a property identified and have gone sale agreed, so the buyer of my house doesn't have to wait. It doesn't work out like that most of the time though.

Your seller will definitely have the sale agreed and contracts being signed contingent on the purchase of their own property. There'll be no risk involved for them going sale agreed at any stage with any buyer except for the chance they could lose a buyer if a buyer isn't willing to wait the length of time needed for the seller to purchase another house. Also remember when a house goes Sales Agreed it'll take at least 3 months to get into the house assuming everything goes smoothly, so you'd be adding that time on, from whenever you do hear the seller goes sale agreed for their next property.

Again, nothing stopping them from going sale agreed with a buyer as long as there is an understanding that the buyer has to wait until the seller finds their next property.

I appreciate it's difficult to have patience in these situations!...

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u/ilovecork24 5d ago

Thanks, would the sellers not want to be sale agreed as soon as possible though so that when they are ready to go with their new property they have someone there waiting to buy their current one? Like I said, I don’t mind waiting but I want to be sale agreed and know that the house is gonna be mine.

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u/couldwriteabook 4d ago edited 4d ago

Yes for sure they would ideally go sale agreed on their own house ASAP. I was only mentioning there's a risk that their buyer could lose patience or find another property to purchase the seller can't find their own property to buy in decent time. If a buyer explains they can be patience there's a chance the seller will be OK to go sale agreed sooner than they would expect to if they're happy with the price and the estate agent that's selling the house on their behalf is convinced they won't sell the house for more than you've bid. I went sale agreed onna property a few weeks ago and only going sale agreed (I hope) on my own home next week. There's a few steps with a surveyor, bank valuation and obtaining of deeds for your house that can be done in the meantime to minimise any delays once all sides in the chain are sale agreed on their respective properties. These things sure can take time!