Does this offer letter sound reasonable to you?

[Property Meister]

sorry to hijack the thread,

I made an offer for a property that i missed out about 2 weeks ago for $330k, ended up selling for $335k (asking price $355k)
anyway, that aside,

another one has popped up, its roughly the same, its weatherboard as compared to brick for the other one, a few 100m away

however, asking price is $390k-$400k, locationwise, I think this one might be slightly worse, just slightly.... but some could argue otherwise

so based on this, is the property only worth $330k, so is making an offer of around $330k a completely waste of time, (i know I have nothing to lose), but it is 15% below market , and in todays market, seems impossible......

or should i get realistic and accept the fact that more near the asking price or at least half way is the market price now???

 

[Gools]

Your post is a bit confusing. Is the latest one, advertised at $390k to $400k brick or weatherboard?

If the original one that sold for $335k is just as good then isn't that the market price? Asking price is totally irrelevant, it is not related to the market value or what you should pay at all.

Offer what your homework says it is worth. If they wont sell it for that then move on to the next one......

 

[Property Meister]

Your post is a bit confusing. Is the latest one, advertised at $390k to $400k brick or weatherboard?

If the original one that sold for $335k is just as good then isn't that the market price? Asking price is totally irrelevant, it is not related to the market value or what you should pay at all.

Offer what your homework says it is worth. If they wont sell it for that then move on to the next one......

sorry, the latest one advertised is a whehter board one, the one that I missed out for at $335k was a concrete one, yes asking price is irrelevant, i do agree,

but I feel that there must be some justification for such a high asking price, and the scary thing is, in this market, some idiot might pay it since its under the melbourne median, ideally I would love to get it at $335k but that is approx 15% below the addvertised price.

 

[Gools]

Offer what you think it is worth. If some 'idiot' pays 15% more than that figure then it's their mistake. Don't get caught up in paying that much more for a similar house to that which only sold 2 weeks ago for way less.

If at the end of the day it sells for $350k and you look back on it and kick yuorself for missing out on it for $350k then offer it but don't look back on it thinking you offered too much for it just because the asking price was high. Forget the asking price and use your research to your advantage to stop yourself paying too much. If the price isn't right then move on.

 

[Property Meister]

Just briging back up an old thread,

Im about to put in an offer in the next few hours, the last time I put in a offer, I was chatting with the agent on the phone, trying to find out as much as I can to see what the vendor wanted, eg quick settlement or not

so the agent sent me the RE contract with all of my details and the conditions of the offer on there and I faxed it back. I ended up not getting it.

however, learning from that, should I use a letter that was mentioned here? it almost seems like an unecessary formality or is just using a fax and contract sufficient, with no real benefit of using a formal letter?