Hi all
I'm looking for a PPOR in sydney (lower north shore) and have inspected 2 properties I'm interested in
1. First property asking price is $1.55mill or more. I viewed it 7 weeks ago when they were asking for $1.7-1.8 mill and had no interest. The agent seems desperate to sell and told me that the vendors are selling because of 'losses on the stock market' and need to sell as soon as possible. My feeling is that it is worth around $1.5mill as I believe I have developed a fairly good feel for the local market over the past 3 months.
Its a beautiful property but not ideal for me because it is a bit smaller than I want, but I would be happy to pay $1.3mill for it.
Is it reasonable for me to offer $1.3mill or should i offer lower with a view to settling at $1.3mill or is this offer derisory?
Is the agent likely to be telling the truth about the vendors reason for selling or is this a common agents line to increase buyer interest?
If the vendor is genuinely selling to meet a margin call, does this mean they really must dump the property quickly at any cost (i imagine that they must also be getting worried about property prices falling further)? – perhaps i should offer $1.1mill instead??2. Second property is asking for $1.5-1.6mill. It went to auction 2 months ago with a reserve of $1.7mill with no interest at all. It has a slightly unusual floorplan which I suspect puts a proportion of people off, but it suits my needs well. The agent seemed to be desperate to sell and said the vendors now work from home and so wiant to move up to the northern beaches for lifestyle reasons. What would you offer? i was thinking of offering $1.4mill – is that a good idea?
thanks for any help
If it was me i would be offering $1.1 and try get it for $1.2 that way if the market falls further which it will you have a good buffer and you will not loose out. theres plenty out there for sale.
as for prop 2, same deal, you never no what deal you mite strike, alot of agents talk shxt not all but alot. go and see the agents in person and ask if they have the sale and purchase agreement papers on hand if the agent says yes then say you would like to put an offer on paper, more than likely the agent will ask what the offer is before pulling the paper work out. when you say $1.1 they will probaly say no thats to low they have had an offer for more than this (yea yea why didn't they take it then if they were so desperate) just say you would like the offer presented anyway and they can do a counter offer if they like. by law the agent cant say no but they do.
if the agent wants to make some money this week they will take that offer to the vendor. some agents are not keen on making money they just want to run round town selling nothing and just collecting cobwebs on the vendors listings. dont ask me why
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