Lane Cove North info
- Thread starter wayward
- Start date
Depends on the property and how that asking price stacks up against comparables.
Only a month or two ago you could add 10-20% to some in that general area. Things "seem" to be not as hot though.
Only a month or two ago you could add 10-20% to some in that general area. Things "seem" to be not as hot though.
It depends on the agent - there's some around here that 20% is the minimum buffer.
Don't rely on RPData generated spitouts- they're next to useless in determining value. You need to know the latest local sales, which ones the agent used to price this property (ask them) and what the market is doing at a micro level, in order to determine current value. $1.2m is pretty much entry level buying for KDR houses in Lane Cove, even on Mowbray Rd now. Without knowing which property we can't really assist much more here. Best of luck with it all though 
and yes it's still a pretty active market in this price bracket. It will have buyers crawling all over it if it's in a quiet street and is livable.
and yes it's still a pretty active market in this price bracket. It will have buyers crawling all over it if it's in a quiet street and is livable.Thanks, put in an offer with expiration of 24hrs. Agent has come back and said there are number of contracts out and bit of interest but at 1st home open only counted 5 people...bit lacklustre. Agent rang yesterday to ask for more time so owners can consider. Suspect trying to delay out to home open today and drum up more interest. I really want to get to a point they reply and what will buy it so i can reoffer or walk away quickly but assuming this isnt going to happen quickly. suspect trying to drag it out for a couple of weeks.
Should I play hardball and then be prepared to walk away or what and see what develops.
Should I play hardball and then be prepared to walk away or what and see what develops.
Well it sounds as though there aren't any other offers, as they would be quick to tell you if it were the case. Having "interest" and "contracts out" both mean nothing.
They are just stalling as they hope, or believe, that other offers may come shortly and then they can play you against each other for a higher price.
I would call them up and tell them that you like the place, but have other properties that you will put an offer on if they can't give you a decision.
It also all depends on how close your offer is to what the agent told the owner they would get. Just because it was offers over $1.1m (or whatever the number is) doesn't mean that the agent hasn't told the owner than $1.3 is likely.
An update, ended up offering 1.31m Agent said this will likely close deal but need to confirm with owners, suggested I get everything ready to exchange tonight. Rang back this afternoon and they said they are struggling to contact owner and will get back to me.
Could be legit but suspect a Gazumping coming
Could be legit but suspect a Gazumping coming
Just regarding the words you used, "Exchange tonight".
Just be aware that if they ask you to sign a 66w form that will waive your rights to a cooling off period, meaning that you will lose your deposit if you try and pull out if building/pest or finance doesn't come through as expected.
If you just meant sign a contract and kick off your 5 days cooling off period then you can ignore my comment
