too early to make an offer??

[Pixie]

I am wanting to make an offer to a property which has been on the market for about 1 week. The place is private sale...

I now recieved the S32 and would like to make an offer. Given it just listed on market , should I wait for a week or 2 before making it....?


I don't want the agent taking my offer and waving it around...

Thx so much....

 

[spludgey]

Make an offer today then that expires in 48 hours.
You tend to get better prices if you wait a bit longer, but then there's the chance that someone else will get it. It really depends on how hot the market is where you're trying to buy.

 

[vaughan]

... I don't want the agent taking my offer and waving it around...

They are going to do that anyway, even if the offer expires in 30 minutes. If you were an agent would you be telling other potential buyers that you already have an offer? If it was your house being sold, would you accept the first offer or wait for something more?

As others have said, it depends on how the market is. If it's slow and there are few buyers then there is time to offer low and work up. If the market is hot and other buyers are interested then there may not be time to play around, you've got to get in and secure the deal or risk missing out.

 

[HotRod]

Make an offer today then that expires in 48 hours.
You tend to get better prices if you wait a bit longer, but then there's the chance that someone else will get it. It really depends on how hot the market is where you're trying to buy.

Yup, 48 hour clause.

Also, think about two offers.

Either offer them their price with your conditions (lots of "weasel" terms, IF their asking price is FMV) or offer them your price (what you are willing to pay less a discount to go into your pocket to do what you might want to do on the property) with no conditions (except the 48 hour clause).

People sometimes do strange things when they they get a cash offer with a really short settlement, no strings attached.

 

[Pixie]

Update

guys, update...

apparently in the 48 hrs i given the agent for my offer, at the same time, there was about 12 contestants... (according to agent)

i recieved the agents email saying the vendor has now considered one offer and will be signing contract.

I called him up and asked why i didnt get a call as i m sure i was one of the first to send the offer (i offered within 5 hours of recieving the S32). The agent claims that he didnt recieve my email and never saw, which was total utter crap.

I cc'ed my sister into it, in the response to his orginal email he sent me and my sister replied on the reciept of mine.

long story short, he claimed he never "saw" my offer.

 

[willair]

guys, update...

apparently in the 48 hrs i given the agent for my offer, at the same time, there was about 12 contestants... (according to agent)

i recieved the agents email saying the vendor has now considered one offer and will be signing contract.

I called him up and asked why i didnt get a call as i m sure i was one of the first to send the offer (i offered within 5 hours of recieving the S32). The agent claims that he didnt recieve my email and never saw, which was total utter crap.

I cc'ed my sister into it, in the response to his orginal email he sent me and my sister replied on the reciept of mine.

long story short, he claimed he never "saw" my offer.

Welcome to the game of real estate chess,throw it all in the bin and start again,most re agents can't even lie straight in bed..

 

[vaughan]

I am wanting to make an offer to a property which has been on the market for about 1 week... Given it just listed on market , should I wait for a week or 2 before making it....?

You've answered the question: there were 12 other people interested.

Did you go in with your best offer? If not you may have missed out.

 

[Pixie]

You've answered the question: there were 12 other people interested.

Did you go in with your best offer? If not you may have missed out.

vendor asked for offers above $470k - ($470k is so-so market price)..

but in my inspection, i noticed a gas leak in kitchen and i put in a $460k, unconditional offer with 30 day settlement

"apparently" the winner was slightly above $490k

 

[HotRod]

vendor asked for offers above $470k - ($470k is so-so market price)..

but in my inspection, i noticed a gas leak in kitchen and i put in a $460k, unconditional offer with 30 day settlement

"apparently" the winner was slightly above $490k

You never know.

The high offer might fall over if something goes awry.

You might get a call grovelling for your no strings attached offer.

Turn it around and play his game back at him.

Maybe send the agent an email saying thanks and formally withdrawing your offer and tell him you're off to make an offer on a better property at a lesser price (which is always the "truth" because there's always a better property at a lesser price somewhere, you just haven't found it )

 

[willair]

but in my inspection, i noticed a gas leak in kitchen and i put in a $460k,

So in the end with the gas leak,do you say anything about it because any gas leak that builds up in a sealed building only ends one way ..

 

[Pixie]

So in the end with the gas leak,do you say anything about it because any gas leak that builds up in a sealed building only ends one way ..

yeah i did, i play fair and i mentioned this to him

i do not think anyone live there though.. the elderly lady may have moved away

 

[see_change]

When the market is hot like it is in sydney at the moment I don't wait

If we're interested I will let the agent know at the time of the inspection . I'll have a look at what other opens the agent has that day and ring and make an offer after the last open . The agent won't ring other potential buyers that day . They do that on Monday but they will mention it if they see other people at a later open . I will mention we're interested in other properties and want to move quickly . We then try and sign before the next weekend.

Most people don't expect things to move that quickly and are dubious when agents say they have offers .

The agent often just wants the sale and their commission doesn't increase much with an increased price though in the current market when they know they will get a sale this doesn't always apply . The last place we bought the agent obviously didn't like the owner and just wanted the sale so I'm not sure how diligent they were in chasing up other potential buyers .

Cliff

 

[vaughan]

Most people don't expect things to move that quickly and are dubious when agents say they have offers .

Good observation.

 

[see_change]

The house we bought , we knew others were interested , and one said they're be back with their husband the next weekend . ( we chatted at another house )