any real estate that can help with price ranges??
Posted 20 September 2010 - 06:43 PM
We need help urgently..we're about to put an offer in for a property that has a range of $410-$460K. All interested parties have to put in an offer in tomorrow. The estate agent says he'll put forward the offer by 6pm to the vendor..question do i go on the high side or the low side or in the middle....I was thinking of $410 plus 10%? He reckons that there are about 4ppl interested. We can afford more but we don't want to put too much in case it drives the price too high?? no copy of the rates so i can't tell how much the council values the land..they pay council rate of $1031
greatful for anyone that can help me asap!!!
Posted 20 September 2010 - 07:47 PM
Posted 20 September 2010 - 08:01 PM
What other value can you put on your offer - do you have finance approval already? If so, you don't need that conditional clause which can be far more attractive to a vendor than a $460K offer subject to financial approval.
Re the council valuation - will that change your offer at all? Can you ring the local council in the morning and see if you can ascertain what its value is? Is that really important to you?
Posted 20 September 2010 - 08:10 PM
Posted 20 September 2010 - 08:28 PM
We asked the advice of a friend who used to be MD of a big national real estate company. His advice: Offer what you would be willing to go to in auction. He said don't think about what you could possibly maybe get it for, but more what you are happy to pay. Tell them that it is your highest offer so they know not to bother coming back to you with increases, or to go to other people to try to get them to bump it up.
If you are happy doing this, you have nothing to lose. If it goes for more than you can afford, or are willing to spend, then that's that.
Interestingly, this advice was completely the opposite of what a lot of buying guides said, but it worked for us and our offer was accepted that day.
In regards to the biggish price range, I definitely know a year or two ago, the lower advertised price range couldn't be more than 10% below the seller's reserve price. Since then everything is advertised with a range instead of a 'from $xxxxxx' price so I'm not sure how that works.
Posted 20 September 2010 - 08:37 PM
Our buyer range was $80k from low to high end.
We were very lucky as someone offered $1 over the highest end of our buyer range, one offer was the minimum and the other four offers bumped up a little bit and ended up right in the middle. So we were delighted
Posted 20 September 2010 - 08:52 PM
From a vendor's point of view I would be much more sympathetic towards offers which were not subject to sale of the buyer's present property. We have been looking to move for a while and have seen quite a few chains breaking down and so properties coming back on the market.
Posted 20 September 2010 - 09:18 PM
if we don't get i'm sure there's a reason and will just try again!!!!
Posted 21 September 2010 - 02:30 PM
Posted 21 September 2010 - 08:01 PM
we we're going off the mid range offer obviously wasn't enough...it if i had some indication i might've thought about it a bit more!! never mind..
oh well it's not meant to be....back to the drawing board!!
Posted 21 September 2010 - 08:04 PM
If you are really keen on the place, perhaps you could let the agent know to contact you if the contract falls through ... ?
Posted 22 September 2010 - 07:34 PM
i still don't get it though...the fact that you can't make a counter offer...??
Posted 22 September 2010 - 08:01 PM
Posted 22 September 2010 - 10:42 PM
We bought a house last year and missed out because the agent didn't call us to see if we would offer more. A week later though the buyers finance was delayed so the vendor accepted our offer.
Posted 24 October 2010 - 09:19 AM
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