Help URGENT Offer - Waiting to hear from RA

hi

I put in a verbal offer yesterday on a property at 9am. The ra said he didnt think the vendor would accept it as he wanted $3 K more. He said he would talk to the vendor.

It is now 1.15pm, (the next day) and still havent heard from him. I forgot to put a deadline to my offer. I should've put 24 hours.

Anyway I dont want to ring up and look desperate. But I need to know whats happening. I was thinking about ringing him today at 4.30 pm and just saying something like. "Have you spoken to the vendor about my offer? I need an answer because there are other properties I am interested in"

Please help.

Hope someone replies in the next few hours


I have to go back to work now. My lunch break is over but I will check this thread out a bit later.
 
And don't make verbal offers!

IME they are worth the paper they are written on. The REA is in a much stronger negotiation position with the vendor holding a piece of paper saying "just sign this and all your worries will go away". The attractiveness of an offer depends on all the conditions (or lack thereof) that go with it.

Put it all in writing! This gives them something to counter offer with as well if required. You can put your deadline in it if you want one...

I would just call the REA and say there is no point making a verbal offer and you want to put it in writing. I'm sure they will be happy to oblige! :rolleyes:
 
If you're making a point that you want to keep your options open and potentially make offers on other properties, your current verbal offer isn't stopping you doing this.

My vote is wait for him to call you.. sounds like relationship advice :p
 
The most formidable weapon for a professional negotiator is silence.

Hang in there, it also requires an element of brinksmanship!:)
 
Last one we bought I think we did a verbal initially, the agent got back to us within the day with a counteroffer (he DID say they wouldn't take our initial offer - that's the thing about mortgagee sales, they do want to pay the debt off) and then we put in a written one the next day with wriggling 6 month old in hand.

I've put written ones in on every other place I've bought, not verbal. And when I sold, the agent came to me with a stack of written offers to pick and choose from, all nicely signed and initialled. Never verbal. Verbals are worth the paper they're written on.

I swear I've done this too many times or something ... I'm getting old ...
 
It sounds to me like they're just trying to hold off on replying to see if they get a better offer, especially with the weekend coming up, which means another OFI. The fact your offer hasn't been rejected, or they haven't come back to you to try and negotiate a higher price and that you're only $3K short of what the vendor wants sounds like if they don't get a better offer, then yours will be accepted. Unless this is a $50K property, then $3K is nothing, or was that a typo on your part, and supposed to be $30K? If it's $30K then maybe they just think you're wasting their time if you gave the impression you definately wouldn't go higher and the vendor definately won't budge that $30K.

But as someone pointed out, your offer means stuff all unless it's in writing. I know this is how some agents just do it to save time. I told an agent I wanted to make an offer, and I was ready to drop everything at work and drive to the office and he told me not to, and just asked what my offer is and he did it all verbally until we came to an agreement and then signed it up.
 
Hi guys,

Sorry to hijack your thread Kim, but when you say an offer is worth nothing unless in writing, do you mean in the form of a letter or on a signed Contract of Sale?
 
Hi guys,

Sorry to hijack your thread Kim, but when you say an offer is worth nothing unless in writing, do you mean in the form of a letter or on a signed Contract of Sale?

In Victoria, a signed contract, ready to be countersigned by vendor.

Cheers,

the Y-man
 
Much the same in SA too.

The signing isn't the bad part, its the initialling Every. Single. Page. that makes it hit home that this is a serious offer.
 
Thanks everyone for the quick replies! I really appreciate it! :)

I read your comments and decided to ring the agent at 4pm. Had to leave a message with the message service. I will wait now for him to come to me.


It sounds to me like they're just trying to hold off on replying to see if they get a better offer, especially with the weekend coming up, which means another OFI. The fact your offer hasn't been rejected, or they haven't come back to you to try and negotiate a higher price and that you're only $3K short of what the vendor wants sounds like if they don't get a better offer, then yours will be accepted. Unless this is a $50K property, then $3K is nothing, or was that a typo on your part, and supposed to be $30K? If it's $30K then maybe they just think you're wasting their time if you gave the impression you definately wouldn't go higher and the vendor definately won't budge that $30K.

No wasnt a typo, it was 3 K.

Yes i think these units have had a lot of interest in the past. I have been keeping a close eye on them. They have been selling quickly.

The agent told me there has been a lot of interest in it. He could be bluffing but he could also be telling the truth which I think he was (from closely reading his body language)

On this occasion and in this suburb D.ianella if I have to i'll put in the extra $3 k. Like I said in other Perth related threads anything under $400 K in Perth 7 km or closer to the cbd is getting snapped up fast! Values are definately rising and Perth is on the turn now.

These units were selling for $15 K less last year. The market has moved. Difficult to find bargains these days in this suburb. Anyway I will still be doing well getting it just below the asking price. Values are doing well in the area and they will go up in a few years with the gorgon. Also there are only about 2 or 3 unit complexes in this suburb of that size and price and this one is in a nice quite street with bus 3 minutes walk away, bunch of shops 10 minutes walk away near Corner g.rand prom w.alter rd.

My fear is though that he is bringing through people to look at the property this morning and that someone will beat me to it by writing up an offer then and there.

I guess I will just have to wait and see and play it cool. If i do miss out on it there will be another one in the complex that comes up for sale. And other properties. I do want this one though, but wont be doing anything silly to get it. I have a top I will go to. He asked for a set amount I will give him that amount if i oooonly have to but no more.

I'm sure the agent smells inexperience all over me. Oh well im a newbie who cares. Its all a learning process. You can have all the theory behind you but until you actually get out there and get some practical experience.......

I love you guys. I dont know what i'd do without you. Cos no-one else I know can help. lol they have no idea. And to answer so quickly when i needed it most. I have great support here!

thanks :)


I will wait now till I get his phone call
 
I'm confused...

You like the property, it ticks all the boxes, it's a good buy, there's a lot of interest in it, you're worried someone else will make an offer, but you wouldn't increase your offer the $3K on Thursday to possibly secure it before the next OFI this weekend? I'd have just paid the extra $3K (and put the offer in writing). As I said in my earlier post, if it was a $50K property we're talking about, ok that's a lot, but by the sounds of it, this is about a $300K property, $3K is nothing if it's really such a great place. :confused:

Good luck though, if you don't get it, as you said, there's plenty more out there, and it's a learning experience.
 
Another piece of advice (that I've learnt from this forum, not from experience), if making a mid week offer, I would put an expiry on the offer of say 5pm Friday. That way if your offer is something that the vendor would consider, it may prevent what you're worried about now. The weekend OFI where more interest in the property may be gained (and he's probably telling those who do seem to show some interest that an offer has been made to pressure them into signing something up today).
 
In Victoria, a signed contract, ready to be countersigned by vendor.

Cheers,

the Y-man

Y-Man,

So really, an offer should only be made when a Section 32 is available?

What if, you go to an OFI, like the place, want to move quickly to put in an offer, but no Section 32 is available at the time?
 
Y-Man,

So really, an offer should only be made when a Section 32 is available?

What if, you go to an OFI, like the place, want to move quickly to put in an offer, but no Section 32 is available at the time?

You can't make an offer until the section 32 is available.
 
The agent rang me this afternoon. He says he is away on a conference for the weekend.

He said the vendor isn't interested in my offer of $207 K but now the agent has changed his story a bit! He is saying the agent is wanting to start negotiations at $210 K.

1 week ago he told me that the vendor wanted what the other property sold for and that was $210K. Anyway I will be putting in a written offer of $210 K on Monday and will make it very clear that this is my final offer! I will put a 48 hour deadline to my written offer.

Oh yeah and the agent said the other deal that fell through the person paid around the $210 mark.

I will walk away if it doesnt get accepted at $210.
 
hi

I put in a verbal offer yesterday on a property at 9am. The ra said he didnt think the vendor would accept it as he wanted $3 K more. He said he would talk to the vendor.


I am so glad that i keep good notes about the conversations I have.

Yep the agent defanately said "vendor wanted $210 K.

So he said it twice that the vendor wanted $210K:

- Once a week ago when i viewed the property

and

- Once on the phone on thursday.


Now he's changed the story to vendor wants to start negotitations at $210 K.

Nope im not going over $210 K. Thats my limit.

I walk away if he doesnt accept it!
 
Top