During bidding against other bidders are you able to request to see the other bidders written offer?
Wow, what a fantastic idea!!!! But eldredni, how would you like all the other bidders to be able to see your offer?
Nah, no such luck, not in NZ anyway. Legally agents are not allowed to tell you anything about the other offers.
In my experience, I've used this with agents …. "would $XXX buy it?" I've found some crocked enough that they will give me a yay or nay based on what they know at the moment.
If you're using this kind of strategy, it's best to be last in with your offer, afterall you don't want your offer figure bandied about the office or found on the fax machine do you. And it only works if there is one agent collecting and seeing all offers, but I'd say you have to be pretty "in their pocket" to even get that much info out of them.
Personally, I don't like multiple offers as you are NEVER buying at the best price. Find a motivated vendor of a property that has been on the market for months and you'll do WAY better. If the listing isn't over 3 months old, it's probably not worth wasting your time on because the vendor won't be sufficiently conditioned, unless of course they have the bank knocking on their backdoor.
Happy hunting,
VickyI'd say usually a bidding war will be won by over-emotional home buyers who have fallen in love with the home and will pay well over market value to get their hearts desire.
Investors should not ordinarily be involved in this sort of money wasting.
The only exception is if you honestly believe the property has much more value than the bidding price (ie: multi-unit development potential) , in which case you will have done the sums and know exactly how much profit you are going to make and set your highest bid accordingly.
Never pay well above market price just because other suckers are…. TCB.
…oh. and there is no law that prevents you asking…
the property is a multi unit complex on the market for 950k local council value it on the land rates at 1067k, how do u know if there is a genuie buyer out there making bid or if the agents are trying to increase the sale price?????????????
Good question! I don't think there's any way of really knowing if there's a genuine buyer out there.
Have a go at it, if you get it under contract with due diligence then you can determine if it's even a good buy, i.e. how much under a new registered valuation it it.
Local council valuations really mean NOTHING, they really are only a "ballpark" figure. They are simply a rough guess at value, afterall they don't come around and physiclaly inspect the property so they can realistically compare it to recent past sales.
To truly know what the property is worth you need a qualified registered valuer to view the property and research its value, then you'll now if your contract price is sufficiently under value to be worth buying. That said, you could have three registered valuers through the property and you'd get three different figures! But, hopefully they'd all be pretty close.
In the end eldredni, the property is only worth the highest amount someone is willing to pay.
And, as lifeX said … "there is no law that prevents you asking… " however, you'll probably find there is a law preventing the agent from tellilng
Good luck,
Vicky
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