Hi guys
Just want to ask your advice in what you'd do in my situation.
Hubby and I saw a 3brm place yesterday at 5.30pm. Advertised PS was $530-$570k. We both liked it, did some figures and came up with the offer price of $551,800. Reasonable and fair price for the area. Not a bargain, but it's OK and we don't mind not getting a bargain because this one will initially be our PPOR and then an IP a few years down the track.
REA told us an earlier offer of $530k had been rejected. There was a young couple there who seemed really interested and I even overheard them telling the REA they will make an offer in the morning.
We came back to the REA's office at 7.00pm and put an offer down in writing, subject to finance and building and pest inspections. I told him offer will expires by 10am the next morning (today). He said he will see the vendors tonight and see what they think.
9.30am: REA called me and told that I need to put in $5K more and it's mine. I said, "no, that's the final price". He said he'll get back to me.
9:45am: REA said I've lost it as another party offered more. This was the first time that I've heard that there was another party. I asked how much? He said more than $3K more.
We still really wanted the property, so we called back and said, "Ok, our offer is now $555,000" (ie, $3100 more). He said that's not enough. I increased it by $100. He said he's not about to play "dutch auction" with me and that he's at the dentist surgery and have to go.
Should I increase my initial offer by $5K as he wanted? ie, taking it to $566,800? I'm thinking if he didn't take $3100 more, he is really not acting in the best interests of the vendor, as it is actually more than the other party's offer (albeit by only $100) (if there is another party).
What should I do? Any help appreciated.
Just want to ask your advice in what you'd do in my situation.
Hubby and I saw a 3brm place yesterday at 5.30pm. Advertised PS was $530-$570k. We both liked it, did some figures and came up with the offer price of $551,800. Reasonable and fair price for the area. Not a bargain, but it's OK and we don't mind not getting a bargain because this one will initially be our PPOR and then an IP a few years down the track.
REA told us an earlier offer of $530k had been rejected. There was a young couple there who seemed really interested and I even overheard them telling the REA they will make an offer in the morning.
We came back to the REA's office at 7.00pm and put an offer down in writing, subject to finance and building and pest inspections. I told him offer will expires by 10am the next morning (today). He said he will see the vendors tonight and see what they think.
9.30am: REA called me and told that I need to put in $5K more and it's mine. I said, "no, that's the final price". He said he'll get back to me.
9:45am: REA said I've lost it as another party offered more. This was the first time that I've heard that there was another party. I asked how much? He said more than $3K more.
We still really wanted the property, so we called back and said, "Ok, our offer is now $555,000" (ie, $3100 more). He said that's not enough. I increased it by $100. He said he's not about to play "dutch auction" with me and that he's at the dentist surgery and have to go.
Should I increase my initial offer by $5K as he wanted? ie, taking it to $566,800? I'm thinking if he didn't take $3100 more, he is really not acting in the best interests of the vendor, as it is actually more than the other party's offer (albeit by only $100) (if there is another party).
What should I do? Any help appreciated.