Believe or Not

[yxy876]

Hi Guys,

Noob Question.

I have been looking around in the area of Revesby, NSW and found a sub-divided newly built free standing house with only the land size of a duplex about 200+ to 300 sqm of land size. I tried to offer mid 900k to the agent but he replied bluntly that he has substantially higher offer over 1.1m after the first inspection.

Based on recent sales I found that the properties sold recently in the same vicinity were either <950k and/or have much larger land size 500-700+ sqm. Comparative newly built duplexes are selling about the range of 800-990k. I have this feeling the REA is blowing smoke. How should I handle this? Should I find a way to bypass the REA to submit an offer? I don't want to waste my solicitor's time.

 

[Brady]

Put your offer in writting and submit it. If it's not accepted and you're not willing to pay more then move on.

 

[Mick C]

Hi Guys,

Noob Question.

I have been looking around in the area of Revesby, NSW and found a sub-divided newly built free standing house with only the land size of a duplex about 200+ to 300 sqm of land size. I tried to offer mid 900k to the agent but he replied bluntly that he has substantially higher offer over 1.1m after the first inspection.

Newly built house on small land in Rebesby at sub 1M sounds about right....yes it's pricy and has gone up around $50-60k in 2 month but that's the market in sydney ( recently anyway)

Based on recent sales I found that the properties sold recently in the same vicinity were either <950k and/or have much larger land size 500-700+ sqm. Comparative newly built duplexes are selling about the range of 800-990k..

How long ago are these sales...prices can move quite quickly in a Sydney market esp after 1-2 month.

/ I have this feeling the REA is blowing smoke. How should I handle this? Should I find a way to bypass the REA to submit an offer? I don't want to waste my solicitor's time.

Most agent just wants to sell....if it's to expensive and outside your budget walk..

Dont know how you plan on "by passing" the agent....end of the day yes agents needs to or should present all offers...but really if his saying 1.1M plus- which is almost $150k diff to your price i would just walk and make a final offer and if agent calls back to neg all good..if not keep looking-almost impossible to bypass the agent in a hot market.

WHy? the contract would have been signed within 1-3 days of inspection IF not the same day...