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What percentage less is an acceptable offer on a property?

What percentage less is an acceptable offer on a property?

Old Dec 28th 2009, 2:01 am
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Default What percentage less is an acceptable offer on a property?

We are living on the Gold Coast and are hoping to buy a property soon. Obviously I know if I really want the property to offer the asking price/know to think about how long it has been on the market etc. but what is an acceptable starting point for offers? What are people's experiences of being knocked back/accepted with offers they have made on properties they have bought?

Thanks.
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Old Dec 28th 2009, 10:46 am
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Default Re: What percentage less is an acceptable offer on a property?

Hi,

I think this is relative to type of property, not so much a straight forward discount. I'd guess in Queensland (especially coastal area) a apartment / unit will be discountable, but by what %age is down to your negotiating skills. A good sized block with some established bricks and mortar, maybe not.

I don't think it's a straight forward as 'how much can I get it down by'. In fact, if you aren't prepared to pay the asking price then you're probably over stretching in the first place. What you sell it for is what it's worth, not what you buy it for.
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Old Dec 28th 2009, 10:53 am
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Default Re: What percentage less is an acceptable offer on a property?

If you stick your post code in here you can see the % discounting that is occurring in a given suburb.

http://www.domain.com.au/public/apm/....aspx?mode=buy
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Old Dec 28th 2009, 11:23 am
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Default Re: What percentage less is an acceptable offer on a property?

Originally Posted by GillyG View Post
We are living on the Gold Coast and are hoping to buy a property soon. Obviously I know if I really want the property to offer the asking price/know to think about how long it has been on the market etc. but what is an acceptable starting point for offers? What are people's experiences of being knocked back/accepted with offers they have made on properties they have bought?

Thanks.
knock lots off, whats the worst that can happen? they say no??
the negotiation has to start somewhere

when we bought our place they settled for 140k less than advertised
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Old Dec 28th 2009, 2:13 pm
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Default Re: What percentage less is an acceptable offer on a property?

Its only worth what someone is prepared to pay,so offer what you feel is right.If there is lots to be done on the property,ie new bathrooms,kitchen,painting etc then offer an amount less that you feel you would need to spend. If it is falling down or ridiculously overpriced,offer $140k less than advertised!!
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Old Dec 28th 2009, 3:21 pm
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Default Re: What percentage less is an acceptable offer on a property?

Originally Posted by norfolkpedlar View Post
Its only worth what someone is prepared to pay,so offer what you feel is right.If there is lots to be done on the property,ie new bathrooms,kitchen,painting etc then offer an amount less that you feel you would need to spend. If it is falling down or ridiculously overpriced,offer $140k less than advertised!!

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Old Dec 28th 2009, 8:40 pm
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Default Re: What percentage less is an acceptable offer on a property?

We bought a property on the GC in June 06 - being completely new to the area and not knowing whether the asking price was reasonable or not we invested $500 in a professional valuer who inspected the house and gave a full report of the values in the area, trends and his valuation of the house. Armed with this document we were able to offer accordingly and settled $45,000 lower than the asking price. Money well spent.
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Old Dec 28th 2009, 9:06 pm
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Default Re: What percentage less is an acceptable offer on a property?

Originally Posted by harrip View Post
If you stick your post code in here you can see the % discounting that is occurring in a given suburb.

http://www.domain.com.au/public/apm/....aspx?mode=buy
excellent link mate
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Old Dec 28th 2009, 9:12 pm
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Default Re: What percentage less is an acceptable offer on a property?

Originally Posted by Carbery View Post
We bought a property on the GC in June 06 - being completely new to the area and not knowing whether the asking price was reasonable or not we invested $500 in a professional valuer who inspected the house and gave a full report of the values in the area, trends and his valuation of the house. Armed with this document we were able to offer accordingly and settled $45,000 lower than the asking price. Money well spent.
spot on, its common sense to use what ever info and advice thats available localy

we had a little help with ours as we knew the real estate agent, his advice being that the people selling needed to move quickly as they had already invested in property in sydney hence our low offer being accepted
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Old Dec 28th 2009, 11:13 pm
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Default Re: What percentage less is an acceptable offer on a property?

so going back to the OP`s question offer a lot less than asking
the link posted by harrip shows an average of 10% below asking for our area again this is an average so some will settle at near asking and some for considerably less you wont know till you make an offer and theres nothing worse than making an offer only to have it accepted straight away it makes you wonder just how much youve overpaid
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Old Dec 29th 2009, 7:57 am
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Default Re: What percentage less is an acceptable offer on a property?

Originally Posted by steve`o View Post
so going back to the OP`s question offer a lot less than asking
the link posted by harrip shows an average of 10% below asking for our area again this is an average so some will settle at near asking and some for considerably less you wont know till you make an offer and theres nothing worse than making an offer only to have it accepted straight away it makes you wonder just how much youve overpaid
Yeah good tip!

We certainly don't wanna fall for that one.
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