Help URGENT Offer - Waiting to hear from RA
- Thread starter Alex P Keaton
- Start date
Kim you are getting too worked up. forget what the agent says or whatever as they are full of it, just put down what you want to pay. You don't need to write down a deadline, your written offer can be withdrawn verbally at any time up until the agent tells you it has been accepted. So just tell the agent...mate I have seen 5 places that I like the look of, here is an offer, one of several I have made, I will go with whichever is accepted first. and my offer is $207k.... I have written it up for you so here it is, feel free to write your agency name at the top if you want a commission
Thanks
So really what your saying is to bluff. I'm not bad at that!
So in Perth you can actually have a couple of written offers at the same time. How does that work? If vendor #1 accepts your offer then you buy that property. But what happens if the vendor #2 agrees to your offer and signs?
After vendor # 1 accepts my offer do I then immediately ring vendor # 2 and tell him verbally that the deal is off because I have accepted on another property? Confirmation please
I think this is a very good strategy because it puts pressure on the vendor!
So if the agent thinks that I have made offers on a few properties and that I will accept the first one then he knows he will lose me for good if he doesnt make his decision soon. He already had 1 sale that didnt work out due to finance problems he might not want to have this situation again.
Thanks for your help
So let's see you rip up or burn 3K in cash on video.
Ok, I'll rip them all in half, then in 10 years time I'll have twice as many.
I only meant pay the extra $3K if the place is worth it and it satisfies everything you want, if it's the difference between securing the deal or not.
We all knew what you were meaning Leikela, and I wondered the same. If it ticked all the boxes, then I would also have gone in with the asking price too, although it now seems that this asking price is now moving upwards, so who knows if even the extra $3K would have clinched the deal.
It could be that vendors sign virtually simultaneously, and by the time you phone the agent to cancel the contract it could be already signed. You could even finish up with more than 2 signed contracts with resultant legal obligations.
Better check with leglislation in your state.
Marg
Thanks
So really what your saying is to bluff. I'm not bad at that!
So in Perth you can actually have a couple of written offers at the same time. How does that work? If vendor #1 accepts your offer then you buy that property. But what happens if the vendor #2 agrees to your offer and signs?
After vendor # 1 accepts my offer do I then immediately ring vendor # 2 and tell him verbally that the deal is off because I have accepted on another property? Confirmation please
I think this is a very good strategy because it puts pressure on the vendor!
So if the agent thinks that I have made offers on a few properties and that I will accept the first one then he knows he will lose me for good if he doesnt make his decision soon. He already had 1 sale that didnt work out due to finance problems he might not want to have this situation again.
Thanks for your help
l know someone who actually had 2 offers in place and both were accepted. Both 1 mil + he was beside himself. I told him to explain to his bank manager and ask them to refuse finance on the property he no longer wanted. Bank manager said no worries and all went through with no penalties.
good luck Kim5
cheers
yadreamin
Marg, I don't think credit refusals go on your credit file, only credit applications.
in WA it doesn't matter when the contract is signed, it is not a deal until the agent has communicated acceptance to the buyer. you obvioulsy can't talk to 2 agents at once so you are ok there... but best be straight on thhe phone once you have an accdeptance. and you are probably going SFA anyway, the banks will possibly knock your 2nd deal over even if yu wanted to run with it. also at this point you havent even paid a deposit
So let's see you rip up or burn 3K in cash on video.
I done many times and hardly ever does'nt.
When it does'nt, your are more motivated than then other party.
I like to conduct negotiations with the reverse situation.
I wouldn't rip up $3k, but I'd gladly pay interest on an extra $3k borrowed from the bank to buy an asset. Big difference.
It was me trying to play hard ball(ish). Wouldn't have bothered me paying the extra $3k he sold it to the next bloke for, but he never came back for a counter. Just pointing out it can go both ways.
I went to the agent this afternoon and put in a written offer for $210 K. Subject to 21 days finance, pest and building report.
I offered $210 K and said I believed this was a fair and reasonable amount based on recent sales in the area and the other unit in the complex sold for $210 K.
The agent agreed with me and added that the first offer which the vendor accepted was for $210 K. This one fell through due to finance. I'm thinking that if he accepted $210 K the first time around then there is a good chance he will accept this amount again. ? He says he is meeting him tomorrow to discuss marketing and will present the offer to him. He will ring me at lunch time tomorrow to tell me if he has accepted or not.
All throughout this I was pretty cool the way I acted. Did'nt give out too much info. The less the better! I didn't look too keen. At the end when he said I will find out tomorrow if its been accepted I said ok and then commented that there are a few other properties I am looking at as well so if this one does not work out and doesnt get accepted I am interested in other properties. I hope this was the right thing to say? This way he doesnt think im keen just on this one ip and that there are others im seriously thinking about too.
Oh yeah and he also blabbed on about how he was showing in people on Wednesday, Friday and Saturday and that it was good I got in when I did. I said thats fine and I reiterated the point that if my offer isnt accepted I have other properties to look into.
I am trying to remember all of the conversation. I think I have remembered everything.
- He mentioned that if it doesnt sell within the/a month then he is going to rent it out or thinking about renting it out
- He thinks that when I put it on the rental market I should start off by trying to get $230 per week. He reckons $210 is a conservative amount.
- He also thought it was a waste of my money buying the building report and pest report. I stood firm here and made it a condition. Annexure A and B. He repeated it a few times he thought i would be wasting my money and didnt like to see youngsters wasting their money when it wasnt necessary. Again I said I believe its important and would like that included as a condtion. I'm wandering if there is something wrong with the building. But his body language looked honest to me, although ya never know. These agents are sneaky little things you cant trust. Anyway the reports are essential!!Hmmmm perhaps that could be a reason why the first offer fell through not because of finance problems but because of the building report!
Overall I am very happy with how I handled it. I have spent the last couple of years reading a lot and was well prepared for what was to come. I did not walk into this lightly at all.
I will now wait till lunch time tomorrow to find out if its been accepted.
lol if it is then I will need help with the next step in the process.
If its accepted then it will be settled end of November approx 13 months since I bought my first property which was my ppor.
I'm excited.
Hope you enjoyed my story
I offered $210 K and said I believed this was a fair and reasonable amount based on recent sales in the area and the other unit in the complex sold for $210 K.
The agent agreed with me and added that the first offer which the vendor accepted was for $210 K. This one fell through due to finance. I'm thinking that if he accepted $210 K the first time around then there is a good chance he will accept this amount again. ? He says he is meeting him tomorrow to discuss marketing and will present the offer to him. He will ring me at lunch time tomorrow to tell me if he has accepted or not.
All throughout this I was pretty cool the way I acted. Did'nt give out too much info. The less the better! I didn't look too keen. At the end when he said I will find out tomorrow if its been accepted I said ok and then commented that there are a few other properties I am looking at as well so if this one does not work out and doesnt get accepted I am interested in other properties. I hope this was the right thing to say? This way he doesnt think im keen just on this one ip and that there are others im seriously thinking about too.
Oh yeah and he also blabbed on about how he was showing in people on Wednesday, Friday and Saturday and that it was good I got in when I did. I said thats fine and I reiterated the point that if my offer isnt accepted I have other properties to look into.
I am trying to remember all of the conversation. I think I have remembered everything.
- He mentioned that if it doesnt sell within the/a month then he is going to rent it out or thinking about renting it out
- He thinks that when I put it on the rental market I should start off by trying to get $230 per week. He reckons $210 is a conservative amount.
- He also thought it was a waste of my money buying the building report and pest report. I stood firm here and made it a condition. Annexure A and B. He repeated it a few times he thought i would be wasting my money and didnt like to see youngsters wasting their money when it wasnt necessary. Again I said I believe its important and would like that included as a condtion. I'm wandering if there is something wrong with the building. But his body language looked honest to me, although ya never know.
These agents are sneaky little things you cant trust. Anyway the reports are essential!!Hmmmm perhaps that could be a reason why the first offer fell through not because of finance problems but because of the building report!Overall I am very happy with how I handled it. I have spent the last couple of years reading a lot and was well prepared for what was to come. I did not walk into this lightly at all.
I will now wait till lunch time tomorrow to find out if its been accepted.
lol if it is then I will need help with the next step in the process.
If its accepted then it will be settled end of November approx 13 months since I bought my first property which was my ppor.
I'm excited.
Hope you enjoyed my story
He may have meant that the building (at least the outside) is covered by the BC and a strata report would show up any problems with the yearly pest inspection (presumably the BC have it treated and inspected 12 monthly?), so that these two things in a unit are probably a waste of money?
Might have been better to make it subject to strata report?
Anyhows, I hope it all goes well for you Kim
Easy Innit!? You gotta digg'em outa their rat holes and bring'em out in the open to see what they got.
Sometimes I don't like to overtly repeat too often the "There's plenty places other places" line, but do it on a more subtler level.
Eg as soon as the discussion, including the offer, has finished I'd ask something like:
"Btw do you have any other properties around this price? Do you have any new listings?" or "Can I see that property you showed me the other day again please?".
Which should'nt be a lie (never tell lies, there's no need to) because you are still not sure if the offer is going to be accepted, and no point putting all your hopes in one offer.
And you may even find a better buy.
Of course walking into the REA next door or across the road and asking about IPs just as you exit helps as well.
have fun
He may have meant that the building (at least the outside) is covered by the BC and a strata report would show up any problems with the yearly pest inspection (presumably the BC have it treated and inspected 12 monthly?), so that these two things in a unit are probably a waste of money?
Might have been better to make it subject to strata report?
Anyhows, I hope it all goes well for you Kim
Yeah he talked about the BC, yep and that its all covered by that. I had a look at the latest minutes he had with him, decided not to worry about making it subject to the report.
thanks
Yeah he talked about the BC, yep and that its all covered by that. I had a look at the latest minutes he had with him, decided not to worry about making it subject to the report.
thanks
Be careful here, I'd go back and at least look at the last 12 mths of BC minutes if possible.
Yeah it was the last twelve months.
Was quite lengthy. About 3 or 4 pages from memory. Does that mean someone typed a summary of the last couple of meetings. I dunnoThe strata will continue to be $300 a quarter for the next year. Hopefully this means no major expenses needed.
There was nothing significant in regards to large expenses that need to be carried out.
My offer was accepted
My offer was accepted woooohoooo
I settle in 6 weeks!!
I'm so excited
My offer was accepted woooohoooo
I settle in 6 weeks!!
I'm so excited
