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MarketplaceBidding on a House / Apartment
Looking for advice when bidding on a house or apartment? If you’re in the market to buy a property, it’s important to be prepared as bidding will be something you will need to be comfortable with throughout any property sale in Ireland. Auctioneera promotes open and transparent bidding and anyone can check our website for the current offer on a property when looking to make a bid.
What’s the Best Way to Bid on a House or Apartment?
The best way to bid on a house or apartment is online! Making an offer online means you can log it yourself at any time of the day or night. With Auctioneera properties, it is possible to phone the office with your bid but for the ongoing sale, it’s best that you’re familiar and comfortable with making a bid yourself. Each one of our properties has a unique code or ID associated with it. You need this ID or code in order to make an offer on the property you’re interested in. You can only get this ID number by attending a viewing of the house or apartment. When we register you for a viewing, we send you a confirmation email and in that email also are the logins for your new Auctioneera account. With these logins and after attending a viewing of the property and securing the relevant property ID number, you will then be able to make a bid on the house or apartment that is listed on our website.
Do Sellers Always Pick the Highest Offer?
No, sellers do not necessarily pick the highest offer. With private treaty sales, the vendor/seller is under no obligation to select the highest bidder; it’s entirely their prerogative as to who they choose although usually they tend to go with the highest offer unless there are specific circumstances. This differs from an auction sale; bids are binding with auction sales and so the seller must go with the highest bidder. You can read more about the difference of auction versus private treaty in our guide.
What Does a Deadline for Offers Mean When Bidding on a Property on Auctioneera?
When someone makes an offer / bid equal to or exceeding the guide price then an immediate and instant deadline for offers is set in place for that property. The deadline for offers is usually 15 days from that point and the time for the deadline is usually at 8pm. If it differs from that, it will be indicated on the property listing itself.
How Much Should You Bid / How Much Should You Increase a House Bid?
Estate agents in Ireland differ on this but at Auctioneera, our system accepts increments in offers or bids of €1,000. As explained, with Auctioneera properties, you can offer the guide price and an immediate 15 days “deadline for offers” will be put into place and will count down until its expiry date and time. During those 15 days, you can make a bid at any point, right up until the deadline time. If you make an offer on an Auctioneera property under the guide price, the vendor will be aware as they’re notified immediately of any activity. However, the likelihood is that they will leave it sitting there and continue to host viewings until they achieve the guide price. The main bit of advice in terms of making a bid is that if you are seriously interested in a property, make an offer to reflect that.
Bidding on an Auctioneera House or Apartment
Estate agents exist to assist sellers to bring their property to the market and then the market ultimately values the property. Most sellers wish to move swiftly and they will likely go with a buyer who can demonstrate that they’re a serious party. You can convey this by of course registering your interest on the property and attending a viewing. Telling the agent handling the sale when you meet them at the property what you like about the property can help but of course the best way to indicate your serious interest in a house or apartment is to make an offer of the guide price. With Auctioneera properties, there is another way you can get your message across while making an offer by adding a comment to supplement your bid.
When you get the property ID for the house or apartment you’re interested in, then you have everything you need to make a bid. Just log in to your Auctioneera account (if you’re having trouble accessing it see more in the images below).
When you login to your buyer dashboard, you will see “private treaty registration”. You will need to update your financial status and buyer type before you can make a bid on a house or apartment. The proof of funds section is where you will upload your mortgage letter of approval or your letter from a solicitor indicating that you have sufficient funds to progress the purchase. You need to do this with urgency if you have bid on one of pur properties that has expired.
Once all of the necessary details have been updated in terms of your buyer status, proceed to find the property you wish to bid on. Click the green “make offer” button on the property and you will see a pop-up box appear. Here you will be asked for your offer along with the box to input the relevant ID number that you received at the viewing. You will only be asked for that ID once in that if you make further bids in the future on the same property, you won’t repeatedly be asked for the ID.
Underneath the offer details and property ID box you will see another box; this section allows you to add a comment to supplement your offer. This might be used for information you’d like to communicate to the agent / vendor. Examples might be:
- "I am a cash buyer and want to move quickly on the purchase of this house; I have a solicitor already engaged to expedite the process."
- "We’re first time buyers with all our documentation ready to go and we’re very interested in the apartment and can move quickly."
- "I’m from the area originally and love the house; I have a young family and want to bring them up in the area I grew up in. I have my finance in place supplemented with a gift letter from family."
Example Above of Typical Comments Made to Supplement Offers
Bidding on an Auctioneera Property - Watch the Deadline Countdown
Here at Auctioneera, we list new properties every day of the week and as a result, there are deadlines expiring quite regularly. Most deadlines close out at 8pm in the evenings and anyone can watch proceedings. Of course, you can only make an offer as already outlined if you are logged in and have the relevant property ID. If someone submits an offer on our website within two minutes of the deadline, we will automatically extend the deadline by a further two minutes to give any interested party an opportunity to make a counter-offer. Once two minutes has expired during which no counter-offer has been made, we will close the property to further offers. The top three offers will then be presented to the vendor for consideration.
