advice needed, how much should I offer
May 24th 2006, 12:25 am
#1
Gutter Gob!!
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Joined: Feb 2005
Location: Perth
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advice needed, how much should I offer
finally found a house in our price range in an established area we like. Its on the market for $545k+. How does that work? It only went on the market yesterday and will get snapped up, I want it to be snapped up by me. What should I offer. I don't think its worth more that $555k. Should I offer that or a bit less just in case they counter offer. What have other home buyers done.
PS: Forgot to say I am in Perth
PS: Forgot to say I am in Perth
Last edited by northernbird; May 24th 2006 at 12:28 am.
May 24th 2006, 12:31 am
#2
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Re: advice needed, how much should I offer
Usually, you can offer 5 - 10% under the house price to be taken seriously. If it's only been on the market a day and you think it'll be snapped up, don't offer less than this. If it's going to be sitting there for a few months, then think again and offer lower.
May 24th 2006, 12:32 am
#3
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Joined: Aug 2005
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Re: advice needed, how much should I offer
Originally Posted by northernbird
finally found a house in our price range in an established area we like. Its on the market for $545k+. How does that work? It only went on the market yesterday and will get snapped up, I want it to be snapped up by me. What should I offer. I don't think its worth more that $555k. Should I offer that or a bit less just in case they counter offer. What have other home buyers done.
PS: Forgot to say I am in Perth
PS: Forgot to say I am in Perth
xRachx
May 24th 2006, 2:06 am
#4
Breeding little aussies
Joined: Mar 2005
Location: Perth WA
Posts: 963
Re: advice needed, how much should I offer
Originally Posted by northernbird
finally found a house in our price range in an established area we like. Its on the market for $545k+. How does that work? It only went on the market yesterday and will get snapped up, I want it to be snapped up by me. What should I offer. I don't think its worth more that $555k. Should I offer that or a bit less just in case they counter offer. What have other home buyers done.
PS: Forgot to say I am in Perth
PS: Forgot to say I am in Perth
Lynn
May 24th 2006, 2:11 am
#5
Joined: Dec 2003
Posts: 7,834
Re: advice needed, how much should I offer
put in $10k less than the asking price...they can only refuse then u keep upping it until u reach ur limit. Infact my mates house was up for $595K the first offer came in at $555K she kept turning it down until she got 585 then accepted it
May 24th 2006, 2:19 am
#6
Lost in BE Cyberspace
Joined: Apr 2004
Posts: 10,375
Re: advice needed, how much should I offer
We just made an offer on a property that had been on the market 2 hours. 
A rare sort of property, vacant land in a 20 YO beachside built out area. Thought bugger it still make an offer, and the agent got told to stick it
basically in not so choice words where the sun dont shine.
You need to grit your teeth at this stage, then we went up 10, and still no, in the end he accepted 10 under the asking price, given the rarity of what we bought it shows its worth a try. They can only say no, if so go up if you want it. Dont be too silly tho, if you genuinely think other people are after it.
A rare sort of property, vacant land in a 20 YO beachside built out area. Thought bugger it still make an offer, and the agent got told to stick it
basically in not so choice words where the sun dont shine.You need to grit your teeth at this stage, then we went up 10, and still no, in the end he accepted 10 under the asking price, given the rarity of what we bought it shows its worth a try. They can only say no, if so go up if you want it. Dont be too silly tho, if you genuinely think other people are after it.
May 24th 2006, 2:29 am
#7
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Re: advice needed, how much should I offer
House prices work against gravity in that it is a lot easier to go up than it is to come down with an offer.
Best thing to do is offer 5% less than you are prepared to pay and work up from there.
If they accept your first offer then you have offered too much IMHO.
Best thing to do is offer 5% less than you are prepared to pay and work up from there.
If they accept your first offer then you have offered too much IMHO.
May 24th 2006, 2:30 am
#8
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Joined: Sep 2002
Location: Ilukapool. WA
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Re: advice needed, how much should I offer
Originally Posted by Wife Beater
House prices work against gravity in that it is a lot easier to go up than it is to come down with an offer.
Best thing to do is offer 5% less than you are prepared to pay and work up from there.
If they accept your first offer then you have offered too much IMHO.
Best thing to do is offer 5% less than you are prepared to pay and work up from there.
If they accept your first offer then you have offered too much IMHO.
May 24th 2006, 3:39 am
#9
senior member
Joined: Oct 2004
Location: Woodvale WA
Posts: 29
Re: advice needed, how much should I offer
Originally Posted by northernbird
finally found a house in our price range in an established area we like. Its on the market for $545k+. How does that work? It only went on the market yesterday and will get snapped up, I want it to be snapped up by me. What should I offer. I don't think its worth more that $555k. Should I offer that or a bit less just in case they counter offer. What have other home buyers done.
PS: Forgot to say I am in Perth
PS: Forgot to say I am in Perth
We have been in this situation so many times over the last few months and have been 'outbid' on two properties in Woodvale [one we offered $25 over and Still didn't get a look in!] We have at last just got a house in Woodvale and offered $20k over the asking price. Other areas may not be in such high demand, my advice if it the house you really really want - go 10 -15k over, I know it is such a mental time here in the property market. Good luck!
I would of loved to stay in Sorrento but the prices here are HUGE! we are in a fab rental off Ashmore Way so close to everything and a sea view from the garden [on tip toes!]
Hope you get what you want
Jill
May 24th 2006, 4:12 am
#10
Gutter Gob!!
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Joined: Feb 2005
Location: Perth
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Re: advice needed, how much should I offer
Originally Posted by Smiffy's Lot
Hi there Northernbird,
We have been in this situation so many times over the last few months and have been 'outbid' on two properties in Woodvale [one we offered $25 over and Still didn't get a look in!] We have at last just got a house in Woodvale and offered $20k over the asking price. Other areas may not be in such high demand, my advice if it the house you really really want - go 10 -15k over, I know it is such a mental time here in the property market. Good luck!
I would of loved to stay in Sorrento but the prices here are HUGE! we are in a fab rental off Ashmore Way so close to everything and a sea view from the garden [on tip toes!]
Hope you get what you want
Jill
We have been in this situation so many times over the last few months and have been 'outbid' on two properties in Woodvale [one we offered $25 over and Still didn't get a look in!] We have at last just got a house in Woodvale and offered $20k over the asking price. Other areas may not be in such high demand, my advice if it the house you really really want - go 10 -15k over, I know it is such a mental time here in the property market. Good luck!
I would of loved to stay in Sorrento but the prices here are HUGE! we are in a fab rental off Ashmore Way so close to everything and a sea view from the garden [on tip toes!]
Hope you get what you want
Jill
May 24th 2006, 5:46 am
#11
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Joined: Jan 2006
Posts: 202
Re: advice needed, how much should I offer
Originally Posted by northernbird
finally found a house in our price range in an established area we like. Its on the market for $545k+. How does that work? It only went on the market yesterday and will get snapped up, I want it to be snapped up by me. What should I offer. I don't think its worth more that $555k. Should I offer that or a bit less just in case they counter offer. What have other home buyers done.
PS: Forgot to say I am in Perth
PS: Forgot to say I am in Perth
You have fell in love with property already, the real estate guy knows this straight away.... he is representing the buyer and probably wont budge? if you have gave the signs of this.
Ask this,
how long has it been on the market?
what are similar houses on the street selling for?
do you have to do anything to the property?
can you build cheaper?
is there something else you may like elsewhere that makes you put an offer in for say $480k
What did the seller pay for it?
How desperate are they to sell?
can you afford?
do you think it will gain in 12 months , 2-5 years?
do you think you will stay there for that period?
personally for 545k you can buy land , and build one hell of a property, pool etc etc etc, and have warranty and guaranteee etc,
May 24th 2006, 5:48 am
#12
Living in Perthection
Joined: Mar 2003
Location: Wickedy WA WA...
Posts: 1,868
Re: advice needed, how much should I offer
Originally Posted by renth
Problem is, it's Perth and you've got to make the first offer the best one otherwise family X Y or Z will get the house.
We lost out on the first place we tried to buy as we went in about 25K under thinking this would start of negotiations if they didnt accept.
They just dealt with someone else who had made an offer.
May 24th 2006, 5:59 am
#13
Gutter Gob!!
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Joined: Feb 2005
Location: Perth
Posts: 13,098
Re: advice needed, how much should I offer
Originally Posted by goldcoastblue
You have fell in love with property already, the real estate guy knows this straight away.... he is representing the buyer and probably wont budge? if you have gave the signs of this.
Ask this,
how long has it been on the market? 2 DAYS
what are similar houses on the street selling for? ABOUT THE SAME
do you have to do anything to the property? NOT A THING
can you build cheaper? YES BUT CAN'T BE ARSED, NOT PATIENT ENOUGH
is there something else you may like elsewhere that makes you put an offer in for say $480k NO BUT WE WILL KEEP LOOKING IF WE DON'T GET THIS ONE
What did the seller pay for it? DON'T KNOW
How desperate are they to sell? NEED TO SETTLE END JULY COMPANY TRANS
can you afford? YES ALTHOUGH TOP OF OUR BUDGET
do you think it will gain in 12 months , 2-5 years? YES
do you think you will stay there for that period? YES
personally for 545k you can buy land , and build one hell of a property, pool etc etc etc, and have warranty and guaranteee etc,
Ask this,
how long has it been on the market? 2 DAYS
what are similar houses on the street selling for? ABOUT THE SAME
do you have to do anything to the property? NOT A THING
can you build cheaper? YES BUT CAN'T BE ARSED, NOT PATIENT ENOUGH
is there something else you may like elsewhere that makes you put an offer in for say $480k NO BUT WE WILL KEEP LOOKING IF WE DON'T GET THIS ONE
What did the seller pay for it? DON'T KNOW
How desperate are they to sell? NEED TO SETTLE END JULY COMPANY TRANS
can you afford? YES ALTHOUGH TOP OF OUR BUDGET
do you think it will gain in 12 months , 2-5 years? YES
do you think you will stay there for that period? YES
personally for 545k you can buy land , and build one hell of a property, pool etc etc etc, and have warranty and guaranteee etc,
May 24th 2006, 10:39 am
#14
Gutter Gob!!
Thread Starter
Joined: Feb 2005
Location: Perth
Posts: 13,098
Re: advice needed, how much should I offer
we got the house. we offered 550k which was less than the other couple who offered but they had a house to sell so the vendors chose us - hurray. off to have a few 
May 24th 2006, 11:16 am
#15
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Joined: Sep 2002
Location: Ilukapool. WA
Posts: 12,467
Re: advice needed, how much should I offer
Originally Posted by northernbird
we got the house. we offered 550k which was less than the other couple who offered but they had a house to sell so the vendors chose us - hurray. off to have a few