A good house in Dublin often has several bidders. You can't control what others bid, but you can control your position, your speed and your limit.
Set your limit from sold prices, not the asking price
The asking price is where bidding starts. Look at what similar homes nearby actually sold for, and how far over asking they went: see asking vs sold by area, or check the house you're bidding on. Decide your limit before the first bid, and write it down.
Make your position obvious
Agents tell sellers about the buyers as well as the bids. With every bid, say:
- You have mortgage approval in principle, and for how much
- You're not in a chain (nothing to sell first), if that's true
- Your solicitor is ready to go
A slightly lower bid from a buyer who is ready can win.
Be quick, and be in writing
- Answer the agent the same day. Bidding often closes when the seller gets tired of waiting.
- Put every bid in an email, even after a phone call, so there's no confusion about who bid what.
- Ask the agent how and when the seller will decide.
Don't bid against yourself
Bid only after you've been told you've been outbid, and ask what the current highest bid is. Raise in sensible steps rather than jumping.
Know when to stop
If the bidding goes past your limit, let it go. Another house will come up, and the one you overpaid for would still have needed a valuation your lender agreed with. Read how bidding works in Ireland for the basics.