Hi Guys/Gals,
I found a prop i like but needs work to which most i could do most myself.3 bedder duplex,no strata fees.It's 1 of 2 3 bedders side by side with street frontage,backyard and garage.
Anyway prop was listed more than 50-70k what i thought it was worth,ie:listed for 360-380k,i think it's worth 305-310k,potentially worth 350-370k after reno.I emailed agent for an inspection,i got an email back asking to call the agent.I emailed agent back and said if vendor is stuck on listed price,i'm not going to waste my time inspecting,as i think the vendor is overly ambitious with a link to another prop as an example.
Agent emailed back and said give him a call to discuss.I called agent to arrange an inspection and mentioned the asking price,the agent agreed the vendor is dreaming.
Yesterday i inspected the prop with the vendor present and i wrote a list of what needed doing and what it would cost as well as over estimating what it would cost.I was there for like an hour as in between and after inspecting was chatting with the vendor on other things,to which we had a good rapport.Talking to the vendor,i sensed maybe money probs for vendor but i could be wrong.
While i was outside checking the prop out,i over heard the agent mention to the vendor a price of 305k(maybe that's what he bought it for,i'll have to check rpdata).I assumed at the time that was an offer the vendor would accept and went back to the agents office and submitted an offer of 25k reno minus 305k,i offered 280k in writing.Agent then says i'm not supposed to do this and showed me on the computer screen that he'd had an offer of 310k,11 days ago and could i match it,i said no,it's not worth it,it needs alot of work etc.
I'm left asking myself why didn't the agent accept that offer?I'm left with several scenarios as to why.Anyhow,as i'm keen on the prop i could probably stretch it to 295k,don't want to stretch my finances further and want to get a good deal as well.
As it's been only 24hrs since i submitted the offer,i first thought of going to the vendor today and seeing if he had received my offer.If vendor received my offer,see what they thought and negotiate with the vendor if offer is unacceptable.Ringing the agent i think,may make me seem keen,so i thought approaching the vendor would be the way to go as we had a good rapport.
I mentioned this to a relative who used to work in r/e and he advised to maybe give it 48hrs,then approach the vendor if i had not heard from the agent and ask vendor if they had received my offer.
Going on the above what do you think i should do?
Or should i sit on my hands and wait for a reply and or counter offer if there is one forthcoming.
PS.Some of you may say,make the offer,you don't get it,walk away,plenty fish in the sea etc BUT this is a suburb i want to live in,has growth and getting into this suburb at this price range is near impossible for me as there is only so much i can offer,finance wise as well as how high i'll go as per being comfortable with the loan.
I calculated online as well as phoning the bank on a loan i can get but have not submitted a pre-approval,which i know means jack compared to loan approval.Should i go to the bank and talk to a lender or do an app over the phone or online?Does it matter or any 1 of these the way to go?
IF successful,my current ppor would become ip and prop i submitted an offer on would become my ppor.Both loans would be seperate with westpac.
I found a prop i like but needs work to which most i could do most myself.3 bedder duplex,no strata fees.It's 1 of 2 3 bedders side by side with street frontage,backyard and garage.
Anyway prop was listed more than 50-70k what i thought it was worth,ie:listed for 360-380k,i think it's worth 305-310k,potentially worth 350-370k after reno.I emailed agent for an inspection,i got an email back asking to call the agent.I emailed agent back and said if vendor is stuck on listed price,i'm not going to waste my time inspecting,as i think the vendor is overly ambitious with a link to another prop as an example.
Agent emailed back and said give him a call to discuss.I called agent to arrange an inspection and mentioned the asking price,the agent agreed the vendor is dreaming.
Yesterday i inspected the prop with the vendor present and i wrote a list of what needed doing and what it would cost as well as over estimating what it would cost.I was there for like an hour as in between and after inspecting was chatting with the vendor on other things,to which we had a good rapport.Talking to the vendor,i sensed maybe money probs for vendor but i could be wrong.
While i was outside checking the prop out,i over heard the agent mention to the vendor a price of 305k(maybe that's what he bought it for,i'll have to check rpdata).I assumed at the time that was an offer the vendor would accept and went back to the agents office and submitted an offer of 25k reno minus 305k,i offered 280k in writing.Agent then says i'm not supposed to do this and showed me on the computer screen that he'd had an offer of 310k,11 days ago and could i match it,i said no,it's not worth it,it needs alot of work etc.
I'm left asking myself why didn't the agent accept that offer?I'm left with several scenarios as to why.Anyhow,as i'm keen on the prop i could probably stretch it to 295k,don't want to stretch my finances further and want to get a good deal as well.
As it's been only 24hrs since i submitted the offer,i first thought of going to the vendor today and seeing if he had received my offer.If vendor received my offer,see what they thought and negotiate with the vendor if offer is unacceptable.Ringing the agent i think,may make me seem keen,so i thought approaching the vendor would be the way to go as we had a good rapport.
I mentioned this to a relative who used to work in r/e and he advised to maybe give it 48hrs,then approach the vendor if i had not heard from the agent and ask vendor if they had received my offer.
Going on the above what do you think i should do?
Or should i sit on my hands and wait for a reply and or counter offer if there is one forthcoming.
PS.Some of you may say,make the offer,you don't get it,walk away,plenty fish in the sea etc BUT this is a suburb i want to live in,has growth and getting into this suburb at this price range is near impossible for me as there is only so much i can offer,finance wise as well as how high i'll go as per being comfortable with the loan.
I calculated online as well as phoning the bank on a loan i can get but have not submitted a pre-approval,which i know means jack compared to loan approval.Should i go to the bank and talk to a lender or do an app over the phone or online?Does it matter or any 1 of these the way to go?
IF successful,my current ppor would become ip and prop i submitted an offer on would become my ppor.Both loans would be seperate with westpac.
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