"Offers Over"

What does this mean to you? How would you personally negotiate? We left the inner Sydney PPOR search to move into a rental and settle down for a while. Rental property is now on the market (unfortunately out of our budget), so we have resumed our search. Saw a great property today that is inviting offers over.

DD puts this property at under the price they are asking. Hits on the real estate websites are quite low, and only 10 or so people through the open.

Yield is 4.59% so pretty nice for investors.

It pretty much ticks all our boxes and we are keen.

What would you do? ( and many thanks for any answers )
 
Put in an offer that you think is either a) what its worth b) what you are willing to pay for it c) what you are willing to 'lose' it for.

A lot of people use advertise what they 'hope' to get. Not necessarily what they are willing to accept.

Our last purchase was "from" $550k (from memory). We got it for $480k.

Blacky
 
Offers Over, What does this mean to you? How would you personally negotiate?
It means that the vendor would like something more than the Offers Over figure. In a hot market like Sydney or even the Central Coast at present, where just last week an "Offers Over $495K" property sold for $550K :eek: it is not a good indicator.

As the previous poster said - offer what you think it is worth and are prepared to pay. It is very difficult to do an estimate of market worth in a fast rising market - as invariably the previous comparable sale prices are exceeded frequently.
 
In a hot market like Sydney or even the Central Coast at present, where just last week an "Offers Over $495K" property sold for $550K :eek: it is not a good indicator.
Open I went to down the road last weekend was Offers over $649k, sold 730 :eek:

Good for my reval :D
 
As previously mentioned, thanks for the replies.

We're ready to go, and like the place so are going to offer 5% over the asking with another 5% room to move.

Will update on progress.

Arghhhhh!
 
REA pphhhppppt, Offers over, is a hope to get some fhb to offer 50% over to secure their dream home

Can't repeat enough, the prior advice, its the best you could find
Offer your offer, and goodluck
 
Offer what you are willing to pay, if you offer less than what you are willing to offer be prepared to lose it.

Regarding the offers under $699k, should also contact the agent and say but I want to offer $700k haha :D
 
In my limited experience it means ~10% over+. (can be as much as 20% though in the examples above). But it is pointless really, they might has well not even put a price on it, cause it is effectively an auction.

I am tempted to do that when I sell my car. 1996 mitsubishi lancer... offers over $2000.
 
Surprising that people will spend next to no time researching about a property and value but will spend 2 weeks researching and comparing TVs and their price to save $100.
 
Surprising that people will spend next to no time researching about a property and value but will spend 2 weeks researching and comparing TVs and their price to save $100.
LOL so true in some cases most certainly :D

MJeffrey

I can't add much here except to reiterate what others have said already- you need to know your market and values on a micro level in order to know what to offer. Every agency is different in their marketing techniques and where one might add anything up to 20% on top of their "Offers over" for an end price another will make it 5%. Much like auction price guides, it will vary and unless you are familiar with the agency in question and their past results (as well as the current market) you're flying blind.

As Alan has pointed out, comps are only useful if they are really fresh. What has constituted your DD to date?
 
I looked at a nice one bed flat on the weekend that was listed for sale for 'offers over $420K'.
I said to the agent, 'So you'd be wanting around $450K'. He agreed.
 
Thank you so much for all your replies. Very helpful indeed.

We ended up having a few back and forth counter offers and settled on an acceptance of slightly less than 5% more than the original asking price. I think everyone was happy with that.

We have entered cooling off now, so we are crossing fingers and toes it goes smoothly. We had a pretty disastrous year last year with our property search, so it would be nice for the momentum to change!
 
I seen a house that I liked with offers over 369k. It hadn't hit open home yet but in Sydney in the area it was in it wouldve gone for 420-430. I called the agent and said i'm coming in to put my offer down and take the house off the market before tomorrows open home. The owner said she wouldnt do it for anything under 380k so I said 379k and its a deal lol put my money down and got the pest inspector in the next day. I ended up bailing cos the place was destroyed by termites but relating it to the offers over, you would have to offer something half decent before open home to get it off the market. If the open home wasn't the next day for me I reckon I would've got it down to 360k
 
I seen a house that I liked with offers over 369k. It hadn't hit open home yet but in Sydney in the area it was in it wouldve gone for 420-430. I called the agent and said i'm coming in to put my offer down and take the house off the market before tomorrows open home. The owner said she wouldnt do it for anything under 380k so I said 379k and its a deal lol put my money down and got the pest inspector in the next day. I ended up bailing cos the place was destroyed by termites but relating it to the offers over, you would have to offer something half decent before open home to get it off the market. If the open home wasn't the next day for me I reckon I would've got it down to 360k
Surprised the agent didn't say we will need to run at least one open house to gauge interest.
 
Surprising that people will spend next to no time researching about a property and value but will spend 2 weeks researching and comparing TVs and their price to save $100.
LOL!

That applies to everyone and in every walk of life, for everything.

Over my lifetime in retail sales and general customer service, the amount of work (and travel) folks go to in order to save a few bucks is astounding.

Not only astounding, but really sad that they have to be so frackin' tight and miserable about every dollar in their lives.

One particular event I remember was when I was a trainee Golf Pro at a really busy public golf course, and we had a particular golf buggy for sale for $44 (circa (1980)..

This pain in the @rse kept coming in saying he could get the same buggy for $40 over in another suburb - easily 20 mins or more drive away.

We said; "Great deal; go and get one". (of course; either he didn't want to drive there, or was basically talking through his rectum).

He kept at us every week for about 2 months about this frickin' $4 discount, and we kept saying frack off. He was endless.

Keep in mind this was back in the days of cash only, and no "Off Course" golf shops to compete with - it was virtually a captive market, and we sold mountains of stuff. We could care less whether he bought one or not, basically.

Eventually he ponied up the $44. Jeesus H.
 
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