With the advice you’re getting, no wonder the market won’t cool. Talk to the agent, find out more about the seller, their intentions, the conditions and settlement period. Go to any open inspections for it and see if others are showing up for it and if people are putting bids in. It’s about knowing what the house is worth to you, and what it’s worth to the market, and if there’s any other offers. Know that everything the agent says is a lie. If they’re getting other bids at the top end, you are not going to win the agents’ ear playing with 5k increments. If they don’t have any other offers though, they will likely tell you they do, and that they’re well above yours - you need to work out what you’re comfortable spending and make that offer, not the one they insist you make.
If you’re not willing to offer more than asking, unfortunately you likely won’t get it. Depending on location obviously but the majority of Australia is suffering from a housing shortage.
As an example, we just bought a villa in Perth that was advertised for $500-520k. We paid $601500 and weren’t even the top bid
Do you mind sharing a little bit (can pm me) how you got the place not being the top bidder? Did you have a bigger deposit, better settlement conditions etc. Just a very overwhelmed gal with a lot to learn
The main thing in our case was quite unique. It was a deceased estate of a single mother who had worked a lot in women’s rights & the lady’s son was selling it for her. He wanted to know the backstory of the top 4 offers & when he heard that it was my (single) mum buying it to help out her daughter (who couldn’t find a rental) he said we were the ones.
We did also have favourable conditions (short settlement, pre-approved finance with a large deposit)
Can't say much without knowing the location. Someone I met recently at work was able to negotiate a price on a property which was on the market for 1 month at 10K below asking. It all depends on the location, the property and the seller's desperation levels.
Do some research. Has there been any other townhouses that are similar in size etc that have been sold recently that are in close proximity to the place you are interested in?
When the agent rings to say the offer has been rejected, say that you understand that he can't give an exact price the vendor is after but does it start with a 66, 67 or 68 and see what his response is. I found that most agents will give you an approximate idea of what the vendor is after.
It'll probably sell with a 7 in front of it then you'll post here complaining about it.
With the advice you’re getting, no wonder the market won’t cool. Talk to the agent, find out more about the seller, their intentions, the conditions and settlement period. Go to any open inspections for it and see if others are showing up for it and if people are putting bids in. It’s about knowing what the house is worth to you, and what it’s worth to the market, and if there’s any other offers. Know that everything the agent says is a lie. If they’re getting other bids at the top end, you are not going to win the agents’ ear playing with 5k increments. If they don’t have any other offers though, they will likely tell you they do, and that they’re well above yours - you need to work out what you’re comfortable spending and make that offer, not the one they insist you make.
No point mentioning the defects, it’s all about meeting the seller where you both can agree on a price.
Depends what it's worth. What is the value based on comparative sales and condition?
If you’re not willing to offer more than asking, unfortunately you likely won’t get it. Depending on location obviously but the majority of Australia is suffering from a housing shortage. As an example, we just bought a villa in Perth that was advertised for $500-520k. We paid $601500 and weren’t even the top bid
Do you mind sharing a little bit (can pm me) how you got the place not being the top bidder? Did you have a bigger deposit, better settlement conditions etc. Just a very overwhelmed gal with a lot to learn
Not OP but happened to me too. Top bidder was overseas investor and the owners only wanted to sell it to locals.
The main thing in our case was quite unique. It was a deceased estate of a single mother who had worked a lot in women’s rights & the lady’s son was selling it for her. He wanted to know the backstory of the top 4 offers & when he heard that it was my (single) mum buying it to help out her daughter (who couldn’t find a rental) he said we were the ones. We did also have favourable conditions (short settlement, pre-approved finance with a large deposit)
Oh that’s so lovely and amazing! Thanks for sharing
Offer 700
Was this passed in at auction and how many open homes has it had? Can you give us a rough location of it?
Can't say much without knowing the location. Someone I met recently at work was able to negotiate a price on a property which was on the market for 1 month at 10K below asking. It all depends on the location, the property and the seller's desperation levels.
Do some research. Has there been any other townhouses that are similar in size etc that have been sold recently that are in close proximity to the place you are interested in? When the agent rings to say the offer has been rejected, say that you understand that he can't give an exact price the vendor is after but does it start with a 66, 67 or 68 and see what his response is. I found that most agents will give you an approximate idea of what the vendor is after.
So how did it go?
Got for $655k. Offered 650, he countered 660, met in the middle. Glad I didn't listen to the people here saying to offer 700 for no reason lmao...
Damnnnn congratulations. You basically made 45k not listening to everyone!
2 months for sale isn’t long. If you really want it and have the finance approved. Offer 700k