Hi everyone,
I have been following up a property (of the plan, 20% completion) for about three weeks.
There are two unit on the block and the first one was sold quite quickly (at $520K as the agent told me?!). Asking price 490K plus.
I have reviewed all docs and quite happy with everything.
Submitted for finance last week and expect the preapproval this Wednesday. The agent believe I have genuine interest in the property. She is aware that I would get finance done mid this week.
I have been to inspection every Sat and no one shown up excepted last Sat when I secretly watched from the distance. There was obviously a keen one.
The agent called at 8pm this evening telling me there had been one good offer over the weekend and the vendor wanted to make a quick decision. She told me the vendor wanted to know my offer otherwise they would sell it tomorrow. He had counter-offered $530K to the other bidder based on her words. The agent also mentioned the first one was sold for $520k.
She tried to get a number from me and I said we were thinking around the asking price or less which she said well below the other bid.
I said I am not prepared to bid up until I make either an offer subject to finance or an unconditional offer later this week.
Until that point she said the house could be sold tomorrow as the other offer is not too low from expectation.
After a pause, I told her I would get back by lunch time tomorrow.
I think they are seriously want to sell tomorrow as they would not risk loosing me over this game.
Should I make a verbal bid tomorrow until I give up or get the house at or below what I am willing to pay for it.
Then follow up with an offer subjects to finances?
The other bidder subjects to finance as well.
Thanks for any suggestion.
walk away. you're being bid up. serious investors never buy this way.
Do your sums and offer what you're prepared to pay and what stacks up from a numbers perspective.
Don't be bullied into making an offer above what you've previously determined you wish to pay and don't let the agent play the emotion game of "make an offer or you'll miss out". There's always another property around the corner. Always.
Wendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
As the above two posters said. Be prepared to spend whatever you feel it is worth and terms you are comfortable with.
Don't get involved in a bidding war. There will always be another opportunity around the corner.
Cheers
Tom
If you are at this point and you are uncertain, then you need to walk away. You need the truly understand what it is worth before you walk through it. Look at more properties until you really get what you are looking at. Remember "good deals" come along every day.
Thanks for all comments everyone. We let it go for a higher (crazy) bidder but two weeks after, we got it as the other guy could not get finance approval. All done. Cheers!
1) The first unit proberly sold to themselves for them to keep
2) Put your offer in at the asking price or less. Why would you pay more just because the agent told you how much the other house sold for.
3) Take anything the agent says with a grain of salt. If they said the other house sold for $520k, go into the office and ask to see the contract.
4) If your going to offer, put your offer in once and then leave it. don't move on your price unless you are gaining something significant. Upgrades to kitchen, bathroom, decking etc.
Its always better to lose a bluff because you'll always, always find something again.
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