muditha

Hi,

Happy New Year to all BE members.

Our new year started with a pretty bad feelings. We were hunting for the houses last 3-4 months. We had made few offers and our offers outbid by bigger margins. But just before the new year, we realised one of our offers only outbid by $1k. We were very sad after seeing the selling price is only $1k than we offered. We were so happy with that house and if we knew we were outbid by only such margin, we will surely offer about 10k more. But it has happened now.

Since the incident, lot of my friends were telling that it is an inside job by the real estate agent. Otherwise he/she should have asked for another offer.

Anyway, it is in the past now. We will not get that property again.

Really appreciate if BE members can share any tips for my house hunting. We are looking around Parramatta, NSW area.

thanks.

Beoz

No rules unfortunately. Keep playing the game.

It may have not been an inside job. Agent or seller may have just been willing to take the best offer at the time .... needed a quick sale or something.

The person who offered may have offered with terms like "this offer only stands if you do not seek better offers"

Phone the agent and ask.

Lucas_Dad

Consider building a house? You'll get exactly what you want, no compromises or remodelling necessary.

Beoz

They are looking around Parramatta. Parramatta is quite built up. No vast fields to sub divide and build in. That would take buying an old fibro or something, pulling it down and building new.

Herbman

Maybe the other buyer did what I did and said I will beat the best offer by 1k.

astera

What if two people were to propose the same?

Beoz

Then go with the cash buyer, the one who doesn't need to alter the contract, the one who will meet the sellers terms of settlement dates, etc.

Can be more than just money.

astera

Just curious from a numbers perspective, but what was the exact amount offered? Feel free to post just the last 5 digits.

spouse of scouse

Just curious, how do you know that you were outbid by $1,000?

Swerv-o

It they were at the auction it would have happened right before their eyes, but generally most auction results are published the following day.


S

spouse of scouse

I just wondered because the OP said
But just before the new year, we realised one of our offers only outbid by $1k We were very sad after seeing the selling price is only $1k than we offered. We were so happy with that house and if we knew we were outbid by only such margin, we will surely offer about 10k more. -

If it was an auction wouldn't he have had the option of increasing his bid at the time? If it wasn't an auction sale, I thought he may still be within the cooling off period and if he can't get a mortgage, pulling out might save him the deposit he's paid.

Beoz

Well he she has not come back to confirm but has instead posted another thread about not being able to meet the banks evaluation.

I'm actually curious as to what the agent said as to why they didn't come back and ask for a better offer. The reason why the vendor or agent pulled that pin at that value when there could have been more money waiting in the wings.

Swerv-o

The cooling off period is effectively dead [in NSW anyway] 99% of private treaty sales now insist on a cooling off period waiver so that the sale is treated as if it were an auction. You would be very very unlikely to find a seller willing to not waive the cooling off period.


S

spouse of scouse

Thanks for adding to the store of information the OP now has. I'm sure that he/she will read it all and take out of it what's pertinent to their particular situation.

Beoz

Yep. Definitely dead in Sydney. You sign the waiver or see you at the auction with 16 other punters.