Most homes in Ireland are sold by private treaty: the agent sets an asking price, buyers make offers, and the seller picks one. It's an open process, run mostly by phone and email, and it moves fast when a house is good.
Before you bid
Agents won't take a bid seriously without two things:
- Mortgage approval in principle (AIP) from your lender, or proof of cash if you're not borrowing. See approval in principle and proof of funds.
- A viewing. Most agents won't accept a bid from someone who hasn't seen the house.
Know what similar houses nearby actually sold for, not what they were listed at. In most of Dublin the sold price is well above the asking price: see asking vs sold by area.
Making a bid
- Send your bid to the agent by email, even if you've said it on the phone. Say the amount, that you have AIP, and whether you're chain-free.
- The agent must pass every offer to the seller. They'll usually tell you if you've been outbid and what the highest bid is, but not who made it.
- Bids go up in steps, often €5,000 or €10,000 at a time. There's rarely a deadline until the seller decides.
- When the seller accepts, the house is sale agreed.
Nothing is binding until contracts are signed
A bid, an accepted bid and a booking deposit are not a contract. Until both sides sign contracts, either one can walk away. The seller can accept a higher bid from someone else (gazumping), and you can withdraw and get your booking deposit back.
Tips that help
- Keep every bid in writing. If there's a dispute about who bid what, the email thread is your record.
- Ask the agent how and when the seller will decide, so you're not waiting for a call that never comes.
- Decide your limit before the bidding starts, using what similar houses sold for.
- After sale agreed, move quickly: see what happens after sale agreed.