Making Multiple Offers

Viewing 4 posts - 1 through 4 (of 4 total)

WASP
Member
@wasp
Join Date: 2005
Post Count: 51
February 19, 2007 - 9:55 am
What would be the best way of making multiple offers in a rising market (or otherwise) if you are only planning a trip to an area for a week or two to ensure that you get a shot at one of your top five properties (for example)?
I mean they could be subject to Finance Approval and by making multiple offers you could see who is willing to negotiate
I’m not talking about making ridicilous lowball offers but starting a negotation process to with several properties?
Wasp
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paulmeese
Member
@paulmeese
Join Date: 2006
Post Count: 26
February 19, 2007 - 10:23 am
Not to state the obvious but you need to make an offer ,any offer so you have a platform to work from.
I would also suggest all offers are to be subject to finance,building and pest etc.
As you generally buy property for the long term does it matter if you pay 5 or 10 % to much now in ten years it will be irrelevant as the property will have normally doubled.
Don’t pass on a property now that you like for the sake of a couple of thousand
cheers
Paul
Paul Meese
Onyx Finance
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Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 19, 2007 - 3:04 pm
Be careful about making written offers, or you could be locked into a binding contract if they accept. you wouldn’t want 10 accepting at the same time or you’d be in trouble. Talk to a lawyer about condition clauses.
Terryw
Discover Home Loans
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Kipper57
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@kipper57
Join Date: 2006
Post Count: 252
February 20, 2007 - 5:04 am
Yes I agree with Terry it could be a bit of a sticky situation, you do have a cooling off period but I believe if the agent chose too, could push for some form of compensation when cooling off. I do not think this occurs very often.
Further if you were easily financed you may have to provide evidence of being rejected and this may get a little dificult to prove.
Wayne
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