Hi Guys,
Well, we've finally found a place that meets our requirements. It is due to go to auction on the 7th of November. We are wanting to put in a solid pre auction offer.
I'm wondering how I should approach this offer. The S32 was only made available today, which to me seemed strange, given Auction day is only a little more than a week away and the property has been listed for approx. 3 weeks.
Anyway, I've found out via the Agent that the Vendor's motivation is due to them wanting to upgrade their PPOR as they have just had an addition to the family. I understand they are currently looking around the Highett area but have not yet found anything.
When the advertising campaign started, they were wanting a 120 day settlement. Last week the agent advised that they would consider 60 or 90 days now to open up the property to a wider market. I'm thinking interest hasn't been has 'hot' as perhaps they maybe first anticipated. My offer will be based on flexible settlement, minimum 60 days but up to 6 months if required. Davidmc recently had some success with this. Rob has also provided me another option being shorter settlement but with an option to 'lease back' the property at favorable terms.
In regards to the offer itself, the Agent has not mentioned they would consider a pre auction offer, nor have I indicated to him that we were wanting to make one. How should I approach this? I'm thinking of just making an appointment to meet with him and have with me a fully signed, initialed unconditional contract and a cheque for 10% deposit. Would I need a cover letter attaching? Alternatively, should I have a friend call and try ascertain this information for me first?
I'm wondering which option would have the most impact?
Lastly, when is the best time to present an offer? I've read that submitting an offer at 3pm with a 7pm deadline can be useful because this is a difficult time for an agent to contact other potential buyers who are on their way home from work, picking up kids from school, or preparing dinner etc. (Source: http://www.jamesbuyeradvocates.com.au/agents.html)
I'm thinking submitting at 3/4pm in the afternoon on Thursday and having a deadline of 10am Friday. Needs to be wrapped up prior to the OFI on Saturday if acceptable by the Vendors.
Looking forward to any feedback.
Well, we've finally found a place that meets our requirements. It is due to go to auction on the 7th of November. We are wanting to put in a solid pre auction offer.
I'm wondering how I should approach this offer. The S32 was only made available today, which to me seemed strange, given Auction day is only a little more than a week away and the property has been listed for approx. 3 weeks.
Anyway, I've found out via the Agent that the Vendor's motivation is due to them wanting to upgrade their PPOR as they have just had an addition to the family. I understand they are currently looking around the Highett area but have not yet found anything.
When the advertising campaign started, they were wanting a 120 day settlement. Last week the agent advised that they would consider 60 or 90 days now to open up the property to a wider market. I'm thinking interest hasn't been has 'hot' as perhaps they maybe first anticipated. My offer will be based on flexible settlement, minimum 60 days but up to 6 months if required. Davidmc recently had some success with this. Rob has also provided me another option being shorter settlement but with an option to 'lease back' the property at favorable terms.
In regards to the offer itself, the Agent has not mentioned they would consider a pre auction offer, nor have I indicated to him that we were wanting to make one. How should I approach this? I'm thinking of just making an appointment to meet with him and have with me a fully signed, initialed unconditional contract and a cheque for 10% deposit. Would I need a cover letter attaching? Alternatively, should I have a friend call and try ascertain this information for me first?
I'm wondering which option would have the most impact?
Lastly, when is the best time to present an offer? I've read that submitting an offer at 3pm with a 7pm deadline can be useful because this is a difficult time for an agent to contact other potential buyers who are on their way home from work, picking up kids from school, or preparing dinner etc. (Source: http://www.jamesbuyeradvocates.com.au/agents.html)
I'm thinking submitting at 3/4pm in the afternoon on Thursday and having a deadline of 10am Friday. Needs to be wrapped up prior to the OFI on Saturday if acceptable by the Vendors.
Looking forward to any feedback.