- EjKimParticipant@ejkimJoin Date: 2019Post Count: 5
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?
ThanksStevenParticipant@steven1982Join Date: 2017Post 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.EjKimParticipant@ejkimJoin Date: 2019Post Count: 5