hey guys, i found myself arguing with yet another agent about this crap "make your best offer, and whose ever is highest wins" no chance to bounce back and forth. its absolute pathetic, escpecially as i am a student and cannot bid at auctions, due to finance..
the property is advertised as 245,000 PLUS and from what ive heard, from a lawyer, it is also illegal to put that PLUS preceeding the advertised price, is this correct.
i made an offer today of 245,500, but now think i should up it to 263,700, as its for development purposes and the latter figure will return a % i want at minimum..
what can you guys tell me, i have till 10am tomorrow to submit a bid.
just keep in mind that its not just the highest offer that wins, but its the one most suitable in terms of price AND conditions.
if you were selling and were offered either $245,000 only subject to finance, where your buyer had preapproved finance letter, settlement in 6 weeks and paid a 15% cash deposit, compared to a $255,000 offer requesting various clauses and a longer settlement and onyl 5% deposit, perhaps the vendor will choose to negotiate with just the first offer…
personally i've never really understood giving a price "from $245k" or "$245k plus" or even "$245 – 265k". the buyer in me says if they'll accept from $245 why would i offer $265? i think its just to give the agents an extra angle to try and push the offers up.
well buddy thanks for the info but im the guy with a 5% deposit ,14 days subject to finance and a 60 day settlement. So i cant create any angles except pushing the price 5-10k higher.
If an agent doesn't come back to you an negotiate he's not doing the right thing by the vendor.
Its been a while since I bought my last property, but I had an agent do this to me and in the end I think he took back 3-4 different offers to them after negotiating per normal. I had a friend get the same spiel about 2 buyers interested so just put in best offer and they'll pick that, I told him BS put in the offer you want and if its not the best they'll let you know and negotiate. Exactly what happened.
As far as I'm aware its just a negotiating ploy. Maybe theres some agents who really do that, but it seems pretty lazy and I cant see how they're doing their job right if thats how they operate.
I guess you have to think about how much the property’s value is to you. Someone may pay a higher price because they want to live in it and are emotionally attached. Doesn’t mean that it’s actually worth what they paid. There will always be people like this and is what makes it hard in buying property.
its ok, i bought the property today and paid a fair value..
Cheers guys
Good stuff
how much did you pay at the end?
wisepearl wrote:just keep in mind that its not just the highest offer that wins, but its the one most suitable in terms of price AND conditions.if you were selling and were offered either $245,000 only subject to finance, where your buyer had preapproved finance letter, settlement in 6 weeks and paid a 15% cash deposit, compared to a $255,000 offer requesting various clauses and a longer settlement and onyl 5% deposit, perhaps the vendor will choose to negotiate with just the first offer…
personally i've never really understood giving a price "from $245k" or "$245k plus" or even "$245 – 265k". the buyer in me says if they'll accept from $245 why would i offer $265? i think its just to give the agents an extra angle to try and push the offers up.
It depends on the agent really. I've been tossed this "make me your best offer. Whoever puts in the highest offer wins" crap a few times already and each time the agent has refused to tell me what the highest offer so far is so I can't even try to outbid the last highest within bounds. I've even told the agent I'm paying in full cash and am willing to settle earlier but they didn't even bother to take that offer to the seller, just brushed me off.
Grr…WSY, why would the agent recommend your offer if it is less than the best offer? He makes commission on the highest price, why recommend a low one?
Grr…
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