When a property is listed saying "Offers over $X" or "Neg over $X" what do others do with this? Do you still make offers under? I am guessing so, but how do you go about it and what is the result? Any success stories out there?
Personally, I think "offers over" and "neg over" is just "Agent Speak" for my vendor has over-priced this house and not listened to me or the market, OR, the agent has no clue what price it should be at to sell. Maybe the vendor is just testing the market to see if someone will bite at a ridiculous price.
If a property is that over priced, wait until the vendor has had a few reality checks (low offers) and/or got a bit more motivated.
In NZ, legally the agent has to present ALL written offers, so if I rock up to my local REA with a totally silly offer they must present it to the vendor. BTW, I always write my own offers.
You must remember, and feel free to quote this to your general idiot agent …. "IT'S NOT MY PROPERTY, IT'S NOT YOUR PROPERTY MR. AGENT, IT'S THE VENDOR'S HOUSE AND THEY ARE THE ONLY PERSON ABLE TO MAKE A DECISION ABOUT WHAT THEY ARE WILLING TO SELL IT FOR"
another tack….
"IF THEY'RE NOT HAPPY WITH THE PRICE I'VE PUT ON THE OFFER, ASK THEM TO COUNTER OFFER MY FIGURE".
If it's an investment property being advertised like this, the best thing you can do is ignore it. There are a lot better deals to be found than wasting your time and energy (and paper) on people like this.
Have fun
VickyThanks Vicky, appreciate your thoughts. I am not the type to let agents boss me around but did wonder how others handle it. Kerrie.
There is no harm to offer 'under'. in this current property climate, it is prudent to offer low figures… as possibility of falling equity price. Look at Wesfield and GPT… their share price got hammered…. they are blue chips holding many excellent properties across AUS and overseas. If their equities are overprice… I would probably go 'under' when bidding for property price. Too much inflated price…
RubberduckyAU
Just offer what you think is good value for you, put it in writting and give it to the agent with a deposit ( you will get it back if not accepted ). Remember , you should offer fair value, compared with other properties in simialar area and condition. You do not need to insult someone trying to sell or rip anyone off, as long as you think you are getting a good deal then be happy with a fair offer..Let us know how you get on with your offer Rubberducky.
Vicky
Not currently looking to make one, just noticed a number of ads with this on it, and figured I'd ask the question before I needed to know the answer!!
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