I've made an offer on a unit in the block i am currently renting in. this unit had its first open house today – my offer was placed prior to the open house and has immediately been beaten by an offer at the asking price, by a buyer at the open house.
where do i now stand?
do i provide a counter offer that is higher than the asking price?
or can i also offer the asking price and then in effect have a race to sign on monday morning?can someone provide advice on how i should move? am obviously keen on this property…
Provide a higher counter offer on the asking price.
Or offer better terms? Can you go unconditional? Do you need to get finance approval? Can you find someone who has also bought a unit in the complex recently that you can get building, pest etc inspections from and therefore not have your contract subject to various inspections?
Terms are often just as important as the price.
Cheers
K
mupps
Rule No 1: Dont panic.
The last thing you want is an auction on you hands. There is always another offer or another interested buyer of the same property. They know you are interested as you make an offer before it was open. Was your offer real, I mean in writing with sect 32. If so you should have given them 2 days to accept it (as you have others to look at and make offers on and they may miss out on the sale) Also have you got pre approval. If you are 100% sure you want the place put in a reasonable offer 30 -60 days subject to B&P. Be polite but firm let them know you mean business but have others to consider.
Find out if sect 32s are at the office if not, there is no other legally binding offer on the place. Find out if the other offer was in writing? Find out what agent took the offer? You will have more luck if you go with the listing agent as they hold the file and get the sales and listing commission if they sell it. So make your offer to them only. Most of the time there is more competition among the agents then in the market.
Mate, if you can offer better terms than the other offer great. But don't be pushed into acting too fast. Do some research as to the current value of the place. Then ask yourself what is the max you are willing to pay, and dont pay anymore. Forget it and move on, believe me you will have plenty to choose from in the coming year. Are you going to get the FHOG?
mupps it is also very unusual that an offer is made at the asking price on the first open day, would you do it, no. Even if there was an offer they may not get finance then its back to you. My point is you are focusing on the other offer too much, if someone really wants a property more than you they will always pay more than you. Focus on your offer & what you can comfortably afford.
Good luck with it all.
Cheers
T…………….Thanks for the responses.
Well i've managed to ride it out thus far. Have the distinct impression the other party has pulled out from the race.
I've also come across some further issues with the building itself and have since adjusted my asking price to factor in required repairs.
The ball is now in the vendor's court – they appear like they won't move down.
But i'm much more comfortable with the situation now. Guess i got caught up in it all. At least this last week has been a big learning curve and i've gained a wealth of knowledge!
Time to play the waiting game…
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