All Topics / Help Needed! / Pre-auction offer for this sat auction

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  • Profile photo of EjKimEjKim
    Participant
    @ejkim
    Join Date: 2019
    Post Count: 5

    Hi,

    I have an auction this sat which I really want to win for this property because I have been looking for a while and this is the one that ticked most my boxes also I really want to finish this looking for a property journey that occupied most my weekend and day.

    The auction is this Sat and not sure if I should make an offer or shall I just wait?

    According to domain.com, this property has mid-range of 690k with high confidence so I’m thinking to make an offer of 670k or shall I just wait?

    it’s like a gamble. But if I’m the owner of the house I probably wait till auction because the owner will have nothing to lose even he/she rejected my offer at this point in time.

    Shall I just stay calm and hope the luck?

    Thanks

    Profile photo of StevenSteven
    Participant
    @steven1982
    Join Date: 2017
    Post Count: 189

    If you want to make an offer for a house that will be auctioned, then my suggestion is:

    1. Express your desire to make offer early. It is probably a bit too late now.

    2. Try to negotiate if you can make conditional offers, so you have time to do due diligence during conditional period.

    3. If you are only allowed to make unconditional offer before auction date, then you need to do proper inspections, etc.. get your math worked out before the auction date.

    4. Price isn’t everything. Find out from agent why is the vendor selling? If vendor needs quick settlement (so they can get money) in a hurry, then an offer with quick settlement may beat an offer with higher price but longer settlement.

    5. If you are buying it as an IP then I strongly recommend you get your math worked out before making any offers. If you make (unconditional) offer first and do the math later than be prepared for some possible nasty surprises.

    Profile photo of EjKimEjKim
    Participant
    @ejkim
    Join Date: 2019
    Post Count: 5

    THANK YOU SO MUCH STEVEN.

    • This reply was modified 6 months, 3 weeks ago by Profile photo of EjKim EjKim.
    Profile photo of InvestJon1InvestJon1
    Participant
    @investjon1
    Join Date: 2020
    Post Count: 3

    Use time to your advantage by making your offer at the last possible minute.

    Never be too hasty or impatient as this will work against you

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

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