Advice when to make an offer

[eks883]

Hello. Am about to go inspect a property this afternoon and did some preliminary research about numbers and stuff. So naturally last thing to do is inspect personally to verify my research

Anyway just want advice as to when to make an offer. What i mean is if i like the property, typically do ypu make an offer there and then? Wait a day or whats the best way to make offer so you don't look eager but at same time you want to take it off market before more competing offers come in.

 

[Richard Feynman]

This is a question with a million answers and no right one*

Some things to consider:

• Why is the vendor selling?
• How long has it been on market?
• How many contracts have been issued?
• What ranges are existing offers around?
• How many reports/inspections have been undertaken?
• What do you think others may have offered/will offer?

There's a bit of food for thought. Answers to any/all of these (many of which the agent will happily provide) can be invaluable in formulating a strategy for offering.

I'm sure others will be happy to share their two cents as well.

Disclaimer: I've only ever made offers on two properties ? both of which I now own.

 

[james start]

Hello. Am about to go inspect a property this afternoon and did some preliminary research about numbers and stuff. So naturally last thing to do is inspect personally to verify my research

Anyway just want advice as to when to make an offer. What i mean is if i like the property, typically do ypu make an offer there and then? Wait a day or whats the best way to make offer so you don't look eager but at same time you want to take it off market before more competing offers come in.

Consider everything a rea says as BS, therefore preferably disregard all communication

So.... Purchase latest comparable sales, establish market value, or pref under market price value

Submit offer under[/B] where u want to arrive, w attached sunset clause prefer 24 hrs

Do not over pay, do not believe anything a agent says, hold your ground

Then either settle or move on

 

[eks883]

Thanks for the responses. Just curious what people usually do.

End of the day, no matter what agent says, value of house is what someone is willing to pay

 

[Colin Rice]

Offer needs to be accepted first before the property comes off the market.

Start low and go up from there if required via a counter offer.

 

[churchado]

Consider everything a rea says as BS, therefore preferably disregard all communication

So.... Purchase latest comparable sales, establish market value, or pref under market price value

Submit offer under[/B] where u want to arrive, w attached sunset clause prefer 24 hrs

Do not over pay, do not believe anything a agent says, hold your ground

Then either settle or move on

So, when you say disregard anything an REA says - this includes offers they reckon they have received which have been rejected - I'm assuming this is just a ploy by them to raise the price?

 

[JamesGG]

So, when you say disregard anything an REA says - this includes offers they reckon they have received which have been rejected - I'm assuming this is just a ploy by them to raise the price?

Sometimes a ploy and sometimes legit. In any case, you should have a good idea in your own mind on what the property is worth to you and any prior offers are fairly irrelevant.

 

[chilliblue]

Remember to place your offer in writing and have a short sunset clause as to when a reply is required.

Best of luck.