Hi all,
Wanted to know what people generally do to get the agent at the negotiation table ie. what offer do you make!
I have heard that adverts in paper are usually lower than what the seller wants so when you go to make an offer you need to be at the higher end to even be in the sellers price range. On the other hand I have heared that you should always offer between 10-30% less of the asking price and see how they respond and take it from there. What do you guys think is a good way to produce win/win and get a “bargain” property[?]I’m new to all this, so correct me if I’m wrong [
], but I’d firstly get stats for sales in the area over the last year.I got the sales report from homepriceguide.com.au which cost $50 per postcode.
This won’t guarantee a bargain, but it will stop me getting ripped off. If a property is way over what recent sales for similar properties have been, I’d want to ask why and get the price way down. I’d probably show the estate agent how I got my figure to prove I’m being fair and insist on it, or to demonstrate how I’m wrong.
If the figures are good (eg $180pw rent for a $100k offer price), and that price fair compared to my sales stats, I’d rather get in quick, buy at the asked price (or a couple $k under), rather than risk someone else getting the property for peanuts more.
Even if it was bought slightly too dear, a sound property returning excellent positive cashflow is better than none at all.
Does this all make sense, or am I too soft?
Peter
Hey Dave, [
]A good site to go to, that will answer most of your question is the link below. [
]http://sites.ninemsn.com.au/minisite/property/research/propertyinvesting/story4.asp
I’m currently about to purchase a house myself and wanted know more information on what offer to make and how to get a win/win offer. Found this site which has help me answer few questions on what to do.
Hope this has help and good luck []John
AKA Newbie [
]Hi Dave
Ive just put in my first two offers ever!
I taked to the agents about the vendor and their needs, eg how motivated they were. then from the info gathered submitted offers in writting.
one was close to asking price with a low deposit and long terms, because the owner is in no hurry to sell. the other was a fair way below asking price with standard terms, because it needs a fair bit of work.
the first offer has been tentitively accepted(i will know on monday). the other is likely to be rejeceted according to the agent but well see on monday, i have a little bit of room in that one but my gut feeling is that the vendor wants out so will move on price.
hope that this gives you some insight , its a better way than insulting people by lowballing their properties.
best of luck
Scott S“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon
], but I’d firstly get stats for sales in the area over the last year.
]
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