For Sale - but no price

[neK]

How do you guys deal with these scenarios:

Property is listed as "For Sale" but without a price.
Call up agent and agent says Price guide is mid to high 7's.

I ask what that means, they say make and offer and they'll submit it to the owner. If someone else submits a "higher" offer during that process, they'll call you back and give you a chance to counter offer.

To me it sounds like a long drawn out auction style except the purchasers can't see each other and have to take the agent's word that there is a supposedly higher offer.

Whats the best way to deal with this? Make offers towards the end of the campaign or 2-3 weeks after the property is listed?

 

[neeko]

ask the 3 questions

1. how long has the house been on the market for
2. how much interest is in the property
3. has there been any offers

that's what id be asking before id be making any offer...

Nick

 

[Ace in the Hole]

Could you also work out a true value on the property, what you are willing to pay, and submit an offer with a deadline.
Then it shouldn't be a long drawn out prices and you'll get the property for the price you're willing to pay if the vendor agrees.

 

[neeko]

Could you also work out a true value on the property, what you are willing to pay, and submit an offer with a deadline.
Then it shouldn't be a long drawn out prices and you'll get the property for the price you're willing to pay if the vendor agrees.

look at the house prices in the area also too. but id seriously wait cause it could be overpriced for all you know....

 

[strongy1986]

Well all you can do is work out what the property means to you. What yield do you require , is the land worth decreasing your yield for. Set your limit, you'll probably go up another 10k and that's it

If your bidding in Sydney you may well be outbid. Maybe find another market where you can be more sure of yourself

If you want it as a ppor then bad luck, you will pay more than you have to. Odds are anyway

 

[KGB]

ask the 3 questions

1. how long has the house been on the market for
2. how much interest is in the property
3. has there been any offers

that's what id be asking before id be making any offer...

Nick

In regards to the first questions, are agents obligated to tell you the truth? Is there some way of checking how long its been advertised?

 

[CHAOS]

I had one of these no price listed

The response from the agent on inquiry was "I can't tell you because we haven't had any buyer feedback yet?"
My reply "You are selling a property that you have no idea what it is worth and you have no idea how much the vendor wants for the property? Surely you can give me a guide so I can see if it is in my price range"
Response: "I can't tell you because we haven't had any buyer feedback yet. Tell me your budget and I can give you some direction".

 

[neeko]

In regards to the first questions, are agents obligated to tell you the truth? Is there some way of checking how long its been advertised?

they should be! if not they should be loosing their license.

and yes there is. myrpdata, house.ksou.cn, apm, plus zillions more

just got to do your "research" and be smarter than the average bear.

Nick

 

[CHAOS]

Telling the truth?

In doing DD on a townhouse I found that same but 2 doors up sold 14mths ago. I contacted selling agent and asked how much it sold for and was told
320k was told it would rent at high 300s. I asked the selling agent of the current townhouse if he could tell me what 2 doors up sold for and he came back to me with 295k, rent advised at 320. Who is telling the truth?
I would have had to pay 340k to beat the other offer which I was told would be passed on to the other party to counter.
There are plenty more fish in the sea!

 

[neeko]

I had one of these no price listed

The response from the agent on inquiry was "I can't tell you because we haven't had any buyer feedback yet?"
My reply "You are selling a property that you have no idea what it is worth and you have no idea how much the vendor wants for the property? Surely you can give me a guide so I can see if it is in my price range"
Response: "I can't tell you because we haven't had any buyer feedback yet. Tell me your budget and I can give you some direction".

in that regards I wouldn't bother, cause the agent should know by using his data figures and go from there, its just a selling strategy.

I remember looking at a house and the agent said to me " if you plan to buy the house you'll be helping my family at the dinner table"

after that I never bought the house cause that made me turn away from the house.

when I closed the door to get into my car I said to my mate "what a ****wit"

 

[neeko]

Telling the truth?

In doing DD on a townhouse I found that same but 2 doors up sold 14mths ago. I contacted selling agent and asked how much it sold for and was told
320k was told it would rent at high 300s. I asked the selling agent of the current townhouse if he could tell me what 2 doors up sold for and he came back to me with 295k, rent advised at 320. Who is telling the truth?
I would have had to pay 340k to beat the other offer which I was told would be passed on to the other party to counter.
There are plenty more fish in the sea!

in that regard, "its not what you know, its WHO you know" must be speaking to the wrong peeps.

 

[CHAOS]

Neeko

Yes I walked. I didn't want to play.

 

[neeko]

smart move.

 

[neK]

Thank you for the replies.

Yes the property is in Sydney.

Property is just listed. Today was the first opening (but no i didnt bother to show up - i showed up several hours after the open to have a look at it (from the outside).

Research on property values has been done, i know what I would pay. But i don't want the agent to use it to push other people into paying higher.

This is exactly the feedback i expect from the agent when i call them on monday

I had one of these no price listed

The response from the agent on inquiry was "I can't tell you because we haven't had any buyer feedback yet?"
My reply "You are selling a property that you have no idea what it is worth and you have no idea how much the vendor wants for the property? Surely you can give me a guide so I can see if it is in my price range"
Response: "I can't tell you because we haven't had any buyer feedback yet. Tell me your budget and I can give you some direction".

The question is how to beat them at the their own game. At least with a listed price you know what the upper limit is. Auctions, i just don't bother with and wait for it to be passed in and negotiate from there (again an upper limit has been established).

 

[neK]

ask the 3 questions

1. how long has the house been on the market for
2. how much interest is in the property
3. has there been any offers

that's what id be asking before id be making any offer...

Nick

Typical agent reply:
1. Just listed to not that long
2. There has been heaps of interest
3. Yes there has been. However the higheset offer is$xxx (artificial number created based on what they think they can get away with), but the owner was considering....

Any agent could BS these to anyone with a straight face and make it convincing.

 

[Colin Rice]

I believe that practice is illegal, its called "bait advertising". Real Estate Industry is due for an overhaul just like ASIC has done with the finance industry.

Good link to find out what properties sold for;

http://house.ksou.cn/index.php

 

[Scott No Mates]

I believe that practice is illegal,

Not bait advertising - you aren't being shown one thing on an advert then told 'oh that is no longer available buy this alternative'.

 

[Jake D]

In regards to the first questions, are agents obligated to tell you the truth? Is there some way of checking how long its been advertised?

oldlistings.com.au can give you a pretty good idea.

 

[jamfc]

Good link to find out what properties sold for;

http://house.ksou.cn/index.php

Thanks for that link

 

[Colin Rice]

Not bait advertising - you aren't being shown one thing on an advert then told 'oh that is no longer available buy this alternative'.

Hence my suggestion that the Real Estate industry is due for an overhaul form the powers that be. This may technically be legal (I doubt it) but is definitley unethical.