Property Passed In

Viewing 8 posts - 1 through 8 (of 8 total)

destined_for_millions
Member
@destined_for_millions
Join Date: 2004
Post Count: 38
December 16, 2004 - 7:46 am
Hi guys,
I have been keenly watching the property market in my home town and am looking at purchasing a PPOR.
There is a couple of places i have in mind… wanting to know people’s thoughts. The property market seems to have slowed recently compared to the past six months where they went on the market and were snapped up. Now they are hanging around. I have been keeping track of one house that has been on the market for a couple of months. It went up for auction about 3 weeks ago and was passed in for a vendor’s bid of $110,000. They now have it on the market for $138,000. What do you guys think is a reasonable offer. I was thinking of starting at $115,000 and go in to bat with that. Any thoughts?
Michael Whyte
Member
@michael-whyte
Join Date: 2004
Post Count: 269
December 16, 2004 - 7:48 am
Reasonable offer?
$100,000. If it was passed in at $110,000 then that buyer has gone and its all headed south at the moment. Give it a week and you’ll be able to offer them $90,000 and get away with it.
IMHO,
Michael.
Robbie B
Member
@robbie-b
Join Date: 2004
Post Count: 2,493
December 16, 2004 - 7:49 am
I would start at 100,000 seeing the 110 bid was a vendor’s bid. The value of a property is the price someone ELSE is willing to pay, not what the vendor thinks it is worth. There is no sentimental value to a purchaser.
Robert Bou-Hamdan
Mortgage Adviser
M: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.au
FREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
Â© 2004 Mortgage Packaging Pty Ltd
Michael Whyte
Member
@michael-whyte
Join Date: 2004
Post Count: 269
December 16, 2004 - 7:50 am
Robert,
He he, beat you by 6 seconds…
Michael.
Robbie B
Member
@robbie-b
Join Date: 2004
Post Count: 2,493
December 16, 2004 - 7:53 am
In addition to my previous comment, 100,000 if you think it is worth that of course!
Robert Bou-Hamdan
Mortgage Adviser
M: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.au
FREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
Â© 2004 Mortgage Packaging Pty Ltd
Robbie B
Member
@robbie-b
Join Date: 2004
Post Count: 2,493
December 16, 2004 - 7:55 am
Michael, those damn customers… always interrupting!!!
Robert Bou-Hamdan
Mortgage Adviser
M: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.au
FREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
Â© 2004 Mortgage Packaging Pty Ltd
Spanky
Member
@spanky
Join Date: 2004
Post Count: 102
December 16, 2004 - 8:25 am
I would offer $100k too. If you have read Peter Spann’s latest book, he says how he has seen many properties sell for much less than they were passed in at auction for. Staple a deposit cheque to the offer as well – just tempts the vendor a little more. If they say no, who cares? You’ve got nothing to lose and everything to gain.
Cheers,
Spank
Age doesn’t negate effort – you can never be too young or too old.
marsden
Member
@marsden
Join Date: 2004
Post Count: 112
December 17, 2004 - 11:29 pm
Wait at least 3 months, research the area to determine the ‘Current’ value, make an offer based on your research. My guess is that there will be many more good buys available in 2005.