Initial & final best offer strategy

[beachgurl]

Tracy R0berts? I refuse to deal with them anymore as this is a common occurrence.

Sorry to hear you just missed out. I can't see how the vendors benefit from this sort of thing.

 

[WattleIdo]

the bedrooms facing south and lounge facing north

This is the best combination you can get.

Good luck!!

 

[MightyWill]

This is the best combination you can get.

Good luck!!

That is how I feel but I somewhat feel everyone loved the north facing bedrooms and lounge of the one that I missed out on. I think they all get impressed by the natural lighten it creates with all the blinds opened up. In a real world when people are actually living in it, the blinds are usually closed most of the time.

 

[WattleIdo]

You'll need the southerly breeze on those hot summer nights. Quilts, blankets and cats keep you warm - cool and dark for a bedroom.

The lounge facing north will be lovely. Where's the kitchen - east? Perfect for brekkie.

 

[neK]

I think its more important that a unit has multiple aspects as opposed to one for cross flow ventilation.

The unit I lived in before only faced north - while nice there was never a breeze.

Next door neighbour had north and east and that was a lot nicer.

 

[MightyWill]

You'll need the southerly breeze on those hot summer nights. Quilts, blankets and cats keep you warm - cool and dark for a bedroom.

The lounge facing north will be lovely. Where's the kitchen - east? Perfect for brekkie.

The kitchen is open plan with the lounge so bother lounge and kitchen face North; however, the floor to ceiling balcony window is only about 2.5m wide.

 

[WattleIdo]

The kitchen is open plan with the lounge so bother lounge and kitchen face North; however, the floor to ceiling balcony window is only about 2.5m wide.

Wow - a balcony window... sounds good.

 

[MightyWill]

Hi all,

I wanted to let you know that I signed 668k for the second one in block that I was keen on; however , I am now having second thoughts. Feeling stressed out and have cold feet. Is this normal? I signed one in Nov last year and did not go though with it; now I am doing the same. It's going to be my first PPOR. I'm thinking into it too much and stressed out. Anyone else go through this all the time

If the vendor doesn't sign the contract by Monday, can I ask for the .25% back?

Things that stress me out, maybe paying too much but that's the going price in area. The car park lot is the farthest from lift. Second bedroom is only 3.0 x 2.8 when main is 3.8 x 3.4. Is this very small room for 90sqm unit not inc balcony space? If I had an extra 25k, I could buy a corner one on the block with bigger bedrooms and lounge which looks bigger and brighter which makes me feel like I am paying too much. Apparently the south to north flow is suppose to be more expensive but so is a corner. Floor plan attached on my one.

Not sure what to do...

Am I thinking into things too much?

 

[The Fence]

If the vendor doesn't sign the contract by Monday, can I ask for the .25% back?

for starters, the agent cannot list a property for sale without a valid contract for sale drawn up. You mentioned earlier that a contract was still being drawn up?

And, you are only obligated once contracts are exchanged. Not when you sign.

You sound like you need to speak to your solicitir more about this.

deep breaths.....

 

[MightyWill]

for starters, the agent cannot list a property for sale without a valid contract for sale drawn up. You mentioned earlier that a contract was still being drawn up?

And, you are only obligated once contracts are exchanged. Not when you sign.

You sound like you need to speak to your solicitir more about this.

deep breaths.....

I thinkit was my idea to sign away cause I didn't want anyone going ahead with it. It's missing the council paper or something; can't remember what it was. What you are saying is that I could possibly ask for cash back until contract is fully ready.

 

[The Fence]

What Im saying is that I believe that the property cannot be listed for sale without a full and valid contract.

Check with your solicitor, dont take my word for it.

Seems to me you are jumping the gun without thinking things through and checking things have been done properly.

Below is extract from Dept Fair trading website regarding buying property.

The sale contract.
By law, a residential property can not be put on the market until a sale contract has been drawn up. You have the right to examine the contract at any time once a property is on the market. If a particular property interests you, get a copy of the sale contract as soon as possible so you can ask your solicitor or conveyancer to review it. You should have this done before signing a sale contract.

 

[datto]

This system of offers in envelopes, final bids etc is BS. I've missed out several times as a result. It's like an unofficial auction and forces the buyer to pay too much. Fair Trading should stop it.

A lot of agents are pretty arrogant now but they should realise that this boom is a double edged sword. Sure they can sell properties easily but at the same time they need stock to sell

I've already blacklisted some agents due to their attitude.

 

[neK]

This system of offers in envelopes, final bids etc is BS. I've missed out several times as a result. It's like an unofficial auction and forces the buyer to pay too much. Fair Trading should stop it.

A lot of agents are pretty arrogant now but they should realise that this boom is a double edged sword. Sure they can sell properties easily but at the same time they need stock to sell

I've already blacklisted some agents due to their attitude.

There are always going to pros and cons.

For example, the existing system of buyer gives a price, agent claims there's another party (of which he can't disclose due to privacy) who has made $xxx bid and asks if you would like to increase your offer.

That's equally annoying (if not more so).

At least with the envelope, people have the time to think about the price before they submit it and don't have to come up with a decision in the heat of the moment like an auction.

Personally I would like to see property listed with the reserve price and a buy it now price. Its up to people to decide what they want to pay. But i don't see this working really. As humans we all want to pay as little as we can when buying and get as much as we can for selling.

 

[neK]

Hi all,

I wanted to let you know that I signed 668k for the second one in block that I was keen on; however , I am now having second thoughts. Feeling stressed out and have cold feet. Is this normal? I signed one in Nov last year and did not go though with it; now I am doing the same. It's going to be my first PPOR. I'm thinking into it too much and stressed out. Anyone else go through this all the time

Yes this is normal. Everyone wonders if they paid too much.

Have you checked your numbers? Do they stack up? Or has the following just happened?

Thing is, understand what has happened and re-focus yourself. Don't let this cloud your judgement and throw a stupidity high offer on the next property just because you missed out on this on. (I've been in your shoes and lucky I had my wife stop me each time from offering $50k-$100k more than what i should simply because I couldn't think straight).

If the vendor doesn't sign the contract by Monday, can I ask for the .25% back?

If the contract isnt valid you can possibly get your money back (just your solicitor).

Am I thinking into things too much?

Possibly. Relax, have a beer (or 2,3,4,5,6 ), clear your mind. Then come back and think about it.

 

[S.T]

Its your PPOR anyway mate, so it's not that big a deal if you over paid, as long as you love the place and will be happy to live there for some time.

 

[CHAOS]

I think we are about to play this game. I don't mind submitting our best offer by said day and time. It is the honesty of the agent that comes into play. An agent doesn't have to prove that they submitted your offer and they don't have to prove that you were beaten by a better offer.

 

[The Fence]

Must admit I'm enjoying being the seller rather than buyer right now.

 

[random]

Ever think though that agents can actually tell you anything and if they do lose you who's gonna know . They don't even have to mention it to the seller do they .
Or if they do lose you they can easily just make up some bs and get back to you if you don't fall for it .
Tricky business

 

[The Fence]

Ever think though that agents can actually tell you anything and if they do lose you who's gonna know . They don't even have to mention it to the seller do they .
Or if they do lose you they can easily just make up some bs and get back to you if you don't fall for it .
Tricky business

That's why offers should be made in writing.
Can be followed up and verified.

 

[ZachAnSel]

Its your PPOR anyway mate, so it's not that big a deal if you over paid, as long as you love the place and will be happy to live there for some time.

Doubt that simtr, imagine you purchase 700k. Bank val is 650k, then next year market slow down. The same house around 600k. Then agter 4 years, it will reach your purchase price again.
You not only lose the money on paper, but time and opportunity to reinvest the equity

Regardless its ppor or ip, you make money when you buy.