Hi,
I was looking at an apartment on Saturday that I was extremely keen on purchasing listed at $359,000.
I went to the inspections and made an offer of $340,000 based on an apartment nearby that sold for this approximately this amount. I was then told by the REA that another party had made an offer of $340,000 however was tentative. I stuck with my offer, adamant that I was willing to put a deposit down if everything went well in which the REA said for me to email the offer in writing immediately.
On the way home from the inspection, the REA called me to say that he had spoken to his director and was told that the property was to sell today according to the vendor. Now there are 3 other parties involved, 1 party who has submitted their offer already, another who is tentative and myself. I was then told that in a private sale, the interested parties are to submit their offers and the highest bidder was to win. He wanted me to drive out to meet him and sign papers for a formal offer by COB (5.30) that day (saturday).
Now how I saw this was that the REA probably noticed that I was extremely interested in the property during inspection and trying to milk whatever amount he could out of me. In calling out a bluff regarding the property being off the market today straight after the inspections have closed, I decided to simply call back and tell the REA that my highest bid will be 5k more than what I had said earlier ($345,000) and that I wouldn't be interested if it was to be any more than that. He then told me he would call me back after speaking with vendor/director.
Moments later he calls me telling me to submit the formal offer via email with conditions etc
I do so and 2 hours later I get a call with news that I have been unsuccessful.
In all honesty, I was willing to pay the asking price ($359,000) for the apartment. In reading through my experience and process, I ask, was wrong to have thought the REA was simply bluffing or was it all 'general practice' of how a private sale works.
I have taken my first offer on a property down to a positive learning experience, however cannot help but think of the missed opportunity... Are there any tips anyone can provide with in such a situation if this was to occur again in the near future?
Thanks!
I was looking at an apartment on Saturday that I was extremely keen on purchasing listed at $359,000.
I went to the inspections and made an offer of $340,000 based on an apartment nearby that sold for this approximately this amount. I was then told by the REA that another party had made an offer of $340,000 however was tentative. I stuck with my offer, adamant that I was willing to put a deposit down if everything went well in which the REA said for me to email the offer in writing immediately.
On the way home from the inspection, the REA called me to say that he had spoken to his director and was told that the property was to sell today according to the vendor. Now there are 3 other parties involved, 1 party who has submitted their offer already, another who is tentative and myself. I was then told that in a private sale, the interested parties are to submit their offers and the highest bidder was to win. He wanted me to drive out to meet him and sign papers for a formal offer by COB (5.30) that day (saturday).
Now how I saw this was that the REA probably noticed that I was extremely interested in the property during inspection and trying to milk whatever amount he could out of me. In calling out a bluff regarding the property being off the market today straight after the inspections have closed, I decided to simply call back and tell the REA that my highest bid will be 5k more than what I had said earlier ($345,000) and that I wouldn't be interested if it was to be any more than that. He then told me he would call me back after speaking with vendor/director.
Moments later he calls me telling me to submit the formal offer via email with conditions etc
I do so and 2 hours later I get a call with news that I have been unsuccessful.
In all honesty, I was willing to pay the asking price ($359,000) for the apartment. In reading through my experience and process, I ask, was wrong to have thought the REA was simply bluffing or was it all 'general practice' of how a private sale works.
I have taken my first offer on a property down to a positive learning experience, however cannot help but think of the missed opportunity... Are there any tips anyone can provide with in such a situation if this was to occur again in the near future?
Thanks!