Timing an offer

Discussion in 'Innovative Techniques' started by jackbak, 7th Mar, 2013.

  1. jackbak

    jackbak Member

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    As some of you know I'm getting married in a couple of weeks and it's the same day that a house goes to auction that we want to buy as our PPOR. Clearly we don't want the stress of buying (or missing out on) a property on our wedding day so we are looking at putting in an offer to buy before auction.

    Just wondering when would be the best time of the campaign to put in the offer? The offers usually seem to come in a couple of days before the auction, would that be right?

    Thanks all
    jackbak
     
  2. ok180

    ok180 zip zip zip

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    Where is the property?

    If it's in a hot area don't bother putting in an offer unless it's above what the market price would be.
     
  3. jackbak

    jackbak Member

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    Yeah as per my post I'm not putting in the offer to try and get a cheap purchase, Im putting in the offer to avoid going to auction so my offer would be what I believe is market price.
     
  4. Propertunity

    Propertunity Real Estate Buyers Agent

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    The time frame before the auction does not really matter (as long as no-one beats you to it). Of more importance is the fact that you don't make any offers unless you know it is going to be accepted. This takes a lot of skill in doing the negotiations with the agent to get to this poiint.

    If you fail to do this - your offer will be an "also ran" and will only be used to help set the reserve for the auction.
     
  5. jackbak

    jackbak Member

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    I don't see how anyone could ever know for a fact their offer would be accepted by a vendor...

    But I think I've got a very good idea of what the property is worth, I own another property in the area and I've grown up there.
     
  6. Propertunity

    Propertunity Real Estate Buyers Agent

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    I know you don't. But I've purchased 100's of properties before auction that way. You have to ask a LOT of questions and set it up right. Its a fine balancing act of coming across as keen but not desperate, of offering a fair amount but not the top price. Anyhows I suspect you are going to miss out doing it your way.

    That's only useful to help you set the price you want to pay and if you know the agent.

    All the best with the wedding. :)
     
  7. nhg

    nhg Member

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  8. jackbak

    jackbak Member

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    Haha, I'm interested to know how you know I'm going to miss out! All I've told you is I know the area well and I'm prepared to pay a fair price!
     
  9. vaughan

    vaughan Member

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    You'll miss out to anybody else who is prepared to pay everything they can afford, or whatever they've got (whichever is the greater).

    IMHO authorise somebody to bid on your behalf at the auction, give them an absolute maximum amount to bid, then forget it an enjoy your wedding. If the house sells for less than your max then it's yours, otherwise it's not.