Gazumped by FHBuyers

[wally]

I made an offer on a house (PPOR) on saturday, i was amazed on the number of people walking through on the open for inspection, asking price was $512,000 in south west sydney.
I offered $490,000, the property sold for full asking price 4 hours later.

It sold to a first home buyer, and most of the people walking through were young couples...

Very close to express station and no work needed so i guess it had a large appeal. I might start looking at properties that need a bit of work.

Ok, maybe not actually gazumped. ;p

 

[Propertunity]

I made an offer on a house (PPOR) on saturday, i was amazed on the number of people walking through on the open for inspection, asking price was $512,000 in south west sydney.
I offered $490,000, the property sold for full asking price 4 hours later.

It sold to a first home buyer, and most of the people walking through were young couples...

Wally, I suspect in the sub $500K range you will be in competition with FHB's until 30 June this year (unless the Fed's extend the grant).
One of the things FHB's are not particularly good at is negotiation so they often end up paying full tilt. It is also a bit hard for them because they are competing with all the other FHB's doing the same thing.

The other thing FHB's want is 'the perfect place' with 'nothing to do' - so perhaps you are right to look at properties that need a reno - less competition for you

 

[jrc]

You were only gazumped if your offer had been accepted.

 

[wally]

Maybe not actually gazumped, the offer wasnt accepted as the buyer had seen the turnout and was happy to wait for other offers. I wasnt prepared to pay any more for that particular one.

 

[Collector]

Lot of first home buyers about atm...

I thought the market was going to pick up in February, so i started looking for an investment in Parramatta/Merrylands area.

Properties that have been on the market for months are getting 15 groups through at the inspection.

Inspected a nice unit at Parramatta last week (open house) where the agent said that there had been an offer and acceptance, i was interested in the unit so I put in an offer - very close to the asking price - he said that he was unable to accept the offer even though it was higher than what he already had - he advised me that the purchaser had signed the contract the day before and was on a 5 day cooling off -(this property has been on the market for 3 months) i asked him why then was the property open for inspection - he could not answer. There were 30 groups there - all young.


May need to look in a different area or wait till it all dies down.

 

[Jacque]

... I put in an offer - very close to the asking price - he said that he was unable to accept the offer even though it was higher than what he already had - he advised me that the purchaser had signed the contract the day before and was on a 5 day cooling off -(this property has been on the market for 3 months) i asked him why then was the property open for inspection - he could not answer.

The purchaser may well have signed but contracts not yet officially exchanged. In this case, then the property is still on the market and still able to be shown to prospective buyers.
However, if it had exchanged and the cooling off had already commenced (which sounds like the story the REA gave you) then it should have been taken off the market and not shown to anyone. Someone's obviously telling porkies in this case or the REA wasn't sure himself...

 

[Strannik]

did it go unconditional?
a lot of contracts fall through nowadays