Hi guys,
I came across a particular property which caught my interest in melbourne.
It will be going to auction and had a quoted price of $390 to $420k and is in need of a good reno.
good potential after the reno.
I spoke to the agent and she mentioned that the vendor's reserve was somewhere in the middle of that range.
I inspected the property at open for inspection 2 days ago and rang the agent today to put in a formal offer of $470k which I thought was a reasonable offer for both parties.However, the agent has come back to me and told me that it will be going to auction.
They have since amended the quoted price to $400 to $430k.what is the general rule when it comes to quoting prices and offers?
I suspect that the vendor's will be chasing the 5's for this one.
Any advice would be appreciatedHi Domain
I think agents often under-quote in a hope to get more people to attend the auction (certainly very common in Sydney!).
By law agents have to communicate all offers to the vendor, so I am assuming in your case the vendor has rejected your offer…. Did you get a formal reply from the agent? Was your offer conditional on anything (eg. finance, building inspection, etc)? I am just trying to understand why an offer significantly above what is being quoted as the price guide would be rejected. Maybe speak to the agent to see if there is anyway you can do make your offer more attractive to the vendor (for example, shorter settlement).
Just my 2c worth….
You must be logged in to reply to this topic. If you don't have an account, you can register here.
