i saw a property in the weekend, which going for auction in a couple of weeks time. But the REA told me that offer before auction will be considered, also REA said that there is one offer for 255K for asking price 260K+.
my question is what makes your offer more competitive amongst others besides the quick settlement (if i offer 3 weeks, is it a bit too quick), plus how do you knoe that the REA is not playing some numbers?
greatly appreciate all ya experiences. ThanksI would think that the agent maybe playing games, I know in QLD the Law is that the agents can not disclose offer amounts because you could than gazump the other offer. I would think other state would have some laws regarding this. Find out if the states for propertiesis in an area if they sell higher at private treaty or Auction. If they sell higher at an auction go for the offer, However if auctions in the area are sold lower that the market value, I would wait go for the auction.
Just a personal opinon.
Thanks
Aslam Sargeant
0408 730 295yeah its a real gamble.
the local MPRE in my area recently took 2 offers in sealed letters for the vendor (jenman REA), and the one that won was HIGHER than the asking price!
you may be right sargeant, i gave my offer to the agent this morning for 257K and straight away the agent told me that someone offer 260K already. when i mention quick settlement, then he started to get more excited.
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Anyone knows how long normally this kind of negotiation last, do the REA come back to you the next day or…? considering the auction is in a couple of weeks time.
again, any feedback is greatly appreciated. CheersMentee
Forget about listening to the REA and do your “Due Diligence” . You should be the one to work out what YOU want to pay and what the property is worth, and weather you are getting good deal.
Dont enter into bargaining wars, you will only end up paying too much.
Work out your walk away price and stick with it. There is always another property!
Hi mentee,
I totally agree with queengucci. It happened to me and from there on I learned a lesson. Don’t believe a cent what REA tells you. Work out bottom line price based on your own research and stick to it. Try pressuring REA advising that this offer is valid for so many day/s only.
regards,
Thanks for the support guys,
An update today is the agent rang me and letting me knoe that quick settlement is good, but price is not good. and he said that at this point, auction will be happening in a coouple of weeks.Munno, how many days have you offer your agent? providing this one will go to auction is acouple of weeks.
Cheersmentee,
Offer valid days should be decided by you depending on the situation. If you know that the owner is keen to sell quick then shorter term works better. The more info you can get about owner from REA, the better for you.
Regards,
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