I went too low on an offer - should I wait ?

[blaster]

Hi guys

I put an offer in well accidentally timing wise last week and I think I went too low . Since I haven't heard back as yet , 8 days , I don't know whether I should just wait a bit longer now before more moves and some feedback first if any or what .

You see I wound up just chatting to the RE and I said well I wouldn't go past 170 bla bla and before I knew it he'd said well I'll just put that to them and see what they have to say . So it didn't get to the written version but I thought at the time well that'll be handy if you did before any woo haa so let it go .

But he did say at the time they didn't plan on selling unless they got 200 for it, whether just a line or what I couldn't tell.

Point is and especially seems as I haven't heard back as yet and then the 200 thing , really if I want a shot for the area I probably should have gone 180 - 185 anyway because that's still the cheapest for miles by far.

I'm not sure what to do now just wait, ring him for a chat and some vibes or what . I mean they may well be considering 170 for all I know . .


Cheers

 

[Sunfish]

Why should they respond to a low-ball non-offer? I would ignore such a low offer unless it was written, unconditional. At least then it would be worthy of a "No thank you!"

 

[fatboy4]

The agent might have been using you to "condition" the seller.

The agent should get back to you regarding the success (or otherwise) of the offer.

The agent is legally bound to convey the offer (in Qld anyway) unless they have written instructions from the seller to the contrary.

If you still want it and would go to 180 or wahtever then I'd be proactive and call the agent- ask for the response to the former offer and the offer more, if appropriate.

 

[Sunfish]

The agent should get back to you regarding the success (or otherwise) of the offer.

The agent is legally bound to convey the offer (

Hang on: Is You see I wound up just chatting to the RE and I said well I wouldn't go past 170 bla bla an offer? That is the point I wish to make. The vendor is entitled to wait for an "offer" before responding.

 

[grossreal]

hi blaster
I would send a very nice letter to the re saying as per my offer dated --- I would like to confirm that the offer was submitted to the vendor and I would like you to come back to me within 3 days as the offer did have a sunset clause of 10 business days.
you should always follow up with a written offer and have a sunset clause in the offer 10 days is fine for me and then wait.
no point going to them until you send thru that offer
now this is only for nsw qld and vic do not do that in wa.
as an offer there can atatch you to purchase i fthe offer is accepted so you have to be very carefull wit putting in offer unless you can buy
so my posts are under nsw rules.
but I always put in offers in writing
verbal is not alot of good

 

[blaster]

Why should they respond to a low-ball non-offer? I would ignore such a low offer unless it was written, unconditional. At least then it would be worthy of a "No thank you!"

You might be able to right now Sunfish but come back and see us in 12 mths time mate , got a feeling your attitude may've softened some .
Actually any numbers were just a discussion , it was the RE's suggestion to talk to owners as is .

 

[blaster]

Thanks for the advice and tips guys .

I actually heard from the agent today and the owner is considering so , I may just leave it as is for now and sit tight for a bit longer.


Cheers

 

[sash]

Looks like they are contemplating your offer of 170k....if they counter offer with say 190k....offer 175k. Slow the process down....but be reasonable.

It may also be an idea to decide on a figure you want to stop at - i.e. 185K....only you will know that based on your research.

Looks like you are on to a good thing!

Thanks for the advice and tips guys .

I actually heard from the agent today and the owner is considering so , I may just leave it as is for now and sit tight for a bit longer.


Cheers

 

[Joe D]

In WA, the purchase system is by Offer and Acceptance (in writing) and is pretty cut and dry.

Personally I don't know how any Vendor could accept a verbal offer when the full terms of the offer are not covered (eg, finance, special conditions , settlement etc)

Verbal Offer = Vague Offer (and non enforceable even if verbally accepted by the vendor as they can never cover all aspects of the deal)

Good Luck anyway

 

[Perp]

I don't think you've made an "offer". I think you provided some price feedback which the agent is using to condition the vendor.

If you want this property, I agree with grossreal: submit a written offer with a sunset clause - provided you're sure that you're willing to proceed on that basis. In other words, if you want any "subject to"s, include those in the offer, too.

I guess the flavour of your chat with the agent may have been different than I perceive, but "the vendor is considering" just sounds like code for "maybe if we haven't had an offer in 6 months we'd consider it".

Good luck.

 

[blaster]

Too weird how the whole countries realestate environment have in only a few short boom years, forgotten how things use to be and become so spoilt .

Only 5 or 10 yrs ago it was usually a starting line discussing price with an RE and sounding sellers out before anything official .
My mistake for making it sound "the" official here , that's next obviously.

Don't worry if you think that's a big deal, buyers will be back to doing anything they damn well please and treated like royalty, again, for the privilege fairly soon. The new found industry arrogance is about to return to reality with a thud I suspect .

You know it was only 12 years ago my dad was playing golf interstate after looking at a new holiday house. Bumps into the local bank manager on the green and says can you do me that house up on , where ever it was ?

I forget the word for word thing but pretty well yep no worries , I know the seller too by the way, I'll get you in by the w/e if you like we can sort the rest out later .

How we have changed eh .

Cheers

 

[josko]

hi blaster
I would send a very nice letter to the re saying as per my offer dated --- I would like to confirm that the offer was submitted to the vendor and I would like you to come back to me within 3 days as the offer did have a sunset clause of 10 business days.
you should always follow up with a written offer and have a sunset clause in the offer 10 days is fine for me and then wait.
no point going to them until you send thru that offer
now this is only for nsw qld and vic do not do that in wa.
as an offer there can atatch you to purchase i fthe offer is accepted so you have to be very carefull wit putting in offer unless you can buy
so my posts are under nsw rules.
but I always put in offers in writing
verbal is not alot of good

GR is right, chase it up.

I think the R/E Agent is negligent not following you up to see if you could higher.

Regards Jo

 

[blaster]

Looks like they are contemplating your offer of 170k....if they counter offer with say 190k....offer 175k. Slow the process down....but be reasonable.

It may also be an idea to decide on a figure you want to stop at - i.e. 185K....only you will know that based on your research.

Looks like you are on to a good thing!

Thanks Sash, Yep that's the way I'm reading it.
It sounds like a maybe and I think he will come back just trying for a bit more.

So I'll do a Grossreal if it does , thanks Gross , and put in a nice and polite formal offer on paper and try for 175 . We decided we'll go 185 if have to but only if we have to .

It's common sense right now to bargain as hard as you can , anytime actually but crucial this year .
Case of have to in my case anyway but in worst case even a 185 house could well wind up only worth 120 in 12 mths , you just don't know so you have no choice unless your loaded.

Cheers