Best offer over [BOO]

[balwoges]

It's been a while since I bought a house and after looking at the real estate ads am wondering how you deal with a house advertised as BOO, is this the new guessing game and how do you deal with it.

My inclination would be to walk away and tell the agent I dont play guessing games but if its a house I want ... well

 

[andrew_de_a]

It's been a while since I bought a house and after looking at the real estate ads am wondering how you deal with a house advertised as BOO, is this the new guessing game and how do you deal with it.

My inclination would be to walk away and tell the agent I dont play guessing games but if its a house I want ... well

Just offer what you feel comfortable offering

 

[Propertunity]

My inclination would be to walk away and tell the agent I dont play guessing games but if its a house I want ... well

Well you won't buy many houses that way. You have to play the game and get some "guidance" from the agent

 

[balwoges]

Well you won't buy many houses that way. You have to play the game and get some "guidance" from the agent

Its the 'guidance' from the agent that worries me

 

[Xenia IM]

Why would you not Treat it as any other negotiation and put your walk away offer forward?

 

[Propertunity]

Its the 'guidance' from the agent that worries me

You need to have a decent enough relationship with the agent to get the real answer. It takes time.

 

[Brady]

You need to have a decent enough relationship with the agent to get the real answer. It takes time.

I don't think it takes that long, a face2face conversation with the agent, asking the right questions usually will result in finding out what needs to be offered.

 

[travelbug]

I have never been keen on this strategy but after talking to an agent I decided to sell my unit this way.
My unit was in a very desirable block where units don't come up often. It was last year in Sydney (buyers galore).

Other agents told me I should be happy to get $490K. I thought I should get at least $500K.
My agent never told anyone what to offer. He gave them listings of others that had sold in the area. In the end I got 2 offers at $510K and a couple just under. The agent rang both and told them there were 2 offers at $510K and to make one final offer. Both went to $15 and I sold to one with ready cash.

So in a competitive market it can work.

From a buyers perspective, you need to know what it's worth. I admit it can be a turnoff when buying. But then again you still need to know your prices. Some vendors expect ridiculous prices. You don't just pay asking. Or even ask for a set % off. You really need to do your research so you know when something is a good buy.

 

[Blacky]

Its interesting when they put it on the market at BOO - get no bites after a few weeks and drop the price...

Sooo its not best offer over...

I usually treat "from $xxx" BOO $xxx and a range in the same manner. Its a guide/wishlist for what they want.

Blacky

 

[Big Will]

I ignore the advertised price and put what I feel the property is worth.

 

[S.T]

I don't think it takes that long, a face2face conversation with the agent, asking the right questions usually will result in finding out what needs to be offered.

Something like : "So what price do I have to pay for you to make your fat juicy commission?"

 

[beachgurl]

I've sold three properties recently using "offers over". In each area, the buyers knew the market well and prices were starting to lift, so it kept the possibility open for higher offers than anticipated. In a rising market I didn't want to limit myself to a maximum price point.

One of the 3 sold for the offers over price, so it doesn't mean you have to pay a lot over that figure if the market isn't pushing it. As others have said, just offer what you feel comfortable. Unless it is a "best and final" where you do have to give your best and cross your fingers that someone else hasn't offer $50 more and gets the property.

 

[balwoges]

Thanks for all the advice, have been closely following the RE ads for the area between Speers Point & Valentine for 2 months as well as sold price.Will have to begin attending 'opens' shortly to further my knowledge.

 

[nww]

Example of BOO phrase
http://www.realestate.com.au/property-unit-nsw-belmont-118362251

 

[serendip]

As a buyer I really hate BOO or OO listings but from a seller's perspective I can understand why they do it. Looked at a house yesterday, the range they're after is $20-$35K higher than listed price. Looking at one tomorrow, based on recent sales I reckon it will go $20-$30K over asking, haven't see it yet of course. 2nd agent is notorious for low listings. 1st agent wanted it listed higher but the owner set the price....so the agent says.

Bought current PPOR almost 4 years ago at $8K over BOO listing, house was on the market for 2 days.

Quite a big market range between Speers Point & Valentine Balwagoes.....i looked out there for a couple of weeks but have headed back into town