Deadline offers

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From: Martin .


Question regarding the method of selling where the price is given as "a figure +++" and the bids are to be put in by a certain date with no hints as to where the bids get up to.

Met an agent who started off implying they would help at the last minute with where the bids were up to for the property.

Now the tune is that as there are so many other bidders it's best just to go as high as possible for the best chance.

Arranged a quick out of hours visit with agent who brought spouse, and spent the time commenting the spouse how if they bought it, they could bla bla bla...

Is there any tricks or advantages to be achieved though talking with agent or is it just as likely to be biased "help" with the seller in mind?


ML.
 
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Sim

Administrator
Reply: 1
From: Sim' Hampel


Is this a "set sale" type of sale ? Or do they call it something different ?

 
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Reply: 1.1
From: DB Bear


If it was me, I would act as if it was a private sale. I would find out what similar properties in the area went for, figure out how much I could borrow then tell them the price that I was happy and comfortable with. Ignore the sales talk and pressure, they're just trying to give you "fear of loss" and talking up the property. I keep getting told by the old hands on this site to "fall in love with the deal and not the property" so if you keep this advice in mind you should be OK.

I also recommend that you read "Confessions of A Real Estate Agent" by Terry Ryder (ISBN 1875857 59 1). Once you've read this book, you'll be ready for all their sales talk and will be less swayed by it.

Deb
 
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Reply: 1.1.1
From: Mark Pardi


Hi

Martin

A question

Is this a "tender" method of sale.

In that no price or price range has been given, but a date for completion has been set.

or has a price or price range been nominated.

If a price range has been nominated

example.....suit buyers between $300 000 to $365 000

then this is a set sale.....either way please let me know

as the strategy is different for you as a buyer.

mark p
 
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Reply: 1.1.1.1
From: Martin .


The outline of the price range is one ended only -
as in $300 000 +

One agent a while back said that the "+" meant +16% so that would become around $348 000.

I bounced the concept off another agent after that and they came up with the same figure.

Compared to the "given range" that some advertising shows, the outcome would probably be similar-
given the closing time/date for offers and several interested parties.

ML.
 
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Sim

Administrator
Reply: 1.1.1.1.1
From: Sim' Hampel


I'm currently negotiating (negotiating ? hah ! yeah right) on a place for sale by "set sale". Price range $160K - $205K, deadline 3 and a half weeks from now.

Spoke to the agent today... after one open he already has 5 offers which he will be taking to the vendor tomorrow. He said that if I want to make an offer, do it tonight and I only get one go, so make it a good one... there will be no counter offers or second chances.

I think this is more like a "blind auction"... I may hate regular auctions, but at least you get to know exactly what you are bidding against unlike this !

 
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Subject: Deadline offers

Reply: 1.1.1.1.1.2
From: Ross Sondergeld


Hi Sim,



Subject: Deadline offers

<Sim said, "I'm currently negotiating (negotiating ? hah ! yeah right) on a
place for sale by "set sale". Price range $160K - $205K, deadline 3 and a
half weeks from now. Spoke to the agent today... after one open he already
has 5 offers which he will be taking to the vendor tomorrow. He said that if
I want to make an offer, do it tonight and I only get one go, so make it a
good one... there will be no counter offers or second chances. I think this
is more like a "blind auction"... I may hate regular auctions, but at least
you get to know exactly what you are bidding against unlike this !"


Personally, if I was in your situation... I'd take it straight to the
seller.

Deal direct? That way... you really know what's happening...


P.S. Price range selling... The real asking price is normally in teh middle
then up almost a quarter. (*Source: Franchise manual.)

i.e. asking $300 to $360,000. Means $345,000 asking price!



Ross Sondergeld ~ Buyer Agent

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
" Imagine buying real estate the easy way...
...with a Buyer Agent on your side!!! "

Buyerside Real Estate Mobile 0412 289 464
Office 9b, 34 Glenferrie Drive Office (07) 5562 1555
East Quay Corporate Park Fax (07) 5562 1248
Robina QLD 4226, Gold Coast Buyerside@hotmail.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


_________________________________________________________________
MSN Photos is the easiest way to share and print your photos:
http://photos.msn.com/support/worldwide.aspx
 
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Subject: Deadline offers

Reply: 1.1.1.1.1.2.1
From: Mark Pardi


If you really want that property at whatever price you think meets your criteria.

Sign a contract and a 66w certificate

Draw a cheque for 10%

Contact the vendors solicitor

And deliver it.

Then sit back and have fun !!


also

using buyer price range method......they use the range of 15% below asking price and 5% above.

$350 000 property range is $300 0000 to $365 500



mark pardi
 
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Subject: Deadline offers

Reply: 1.1.1.1.1.2.1.1
From: Felicity W.


Well, my most recent experiences with this are that:
150-200k means under 150k
and 170k+++ means 170k.
Keep smiling
Felicity :cool:
 
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Sim

Administrator
Subject: Deadline offers

Reply: 1.1.1.1.1.2.1.1.1
From: Sim' Hampel


Well... my $160K - $205K set sale that is due to complete in 3 weeks time was decided last night, with the winning "bid" going to an owner occupier who is willing to pay in excess of $208K on an unconditional cash offer ... my $198K bid (more than I think it's worth) was second best it seems. I also offered to settle early and lease back to them on a periodic basis as the vendors are moving to the country and want to buy there. Not good enough.

If the agent does indeed get a bonus commission for sales over the $190K mark, I bet he's happy right now ! Quick sale and a nice bonus to boot.

Damned owner occupiers ! *sigh*

I was expecting this to happen anyway, the house had been done up really nicely with fashionable colour schemes, spa bath and such. There would have been people who simply fell in love and had to buy no matter what the cost.

Oh well, on to the next deal.

 
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Subject: Deadline offers

Reply: 1.1.1.1.1.2.1.1.1.1
From: Mark Pardi


Emotional buyers !! damm !!

sorry to hear sim

my guess is the agent got 2% to 200 000 and 30% of everydollar over 200 000


mark
 
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