I need to know....

Anything!

Re: I need to know....

Postby mighty_tiger_79 » Fri Jun 12, 2020 4:25 pm

$396k.
But yes it all depends on how badly you want the property. You can offer $400k and be done with it.

But you have all the aces up your sleeve.

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Re: I need to know....

Postby daysofourlives » Fri Jun 12, 2020 5:54 pm

the way i see it two options
1) the truth, 400k final offer as thats what the bank has approved

2) play the game, make an offer around 395,500 (this covers you potentially if someone offers 395, then you have room for one more play and final offer at 400k

Agree with the others, if its a house you want pay the extra
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Re: I need to know....

Postby gadj1976 » Fri Jun 12, 2020 8:52 pm

whufc wrote:Advice time

This is our first crack at bidding for an established house. We put in an offer of $387k for a house that was advertised at $395k - $435k which by our own admission was a low offer.

Owners have knocked it back, no issue at all why would you ever ever ever accept the first offer, that’s just stupid. They made a counter offer of $415k.

Now what we have on our side is they love our buying t&c’s. Essentially they want to move to Queensland so need a longer settlement date. That’s fine with us we have a rental lease until December, we are willing to break the rental lease but a longer settlement suits us to a tea. We are essentially letting them set the settlement date.

We already have a pre approval for that exact house and address for $400k, they obviously don’t know the amount and we are obviously not subject to selling our house.

In a perfect world we can get it slightly under $400k but we are not willing to go over $400k as that will have us living to close to our means which if Covid did nothing else it taught us take nothing for granted especially work.

We believe time is on our side as house prices are not going up any time soon, they might drop but their definitely not going up.

What should we do, counter offer....how much??


Not sure what options are open to you and what situation they are in but you could always (if ballsy) say you'd do 395 with no building inspection.

I have NOT actually done that but I did consider it to get the right price. As it turned out the building inspection I did on the house I purchased came back ok. I was told initially I could have the house if I didn't do a building inspection and not subject to finance which I balked on. Then they jacked the price up but I wore them down.

If you do put forward an offer and it gets knocked back, be prepared to walk away and ensure the agent knows that too.
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Re: I need to know....

Postby JK » Fri Jun 12, 2020 8:54 pm

gadj1976 wrote:If you do put forward an offer and it gets knocked back, be prepared to walk away and ensure the agent knows that too.


Excellent advice imho
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Re: I need to know....

Postby whufc » Fri Jun 12, 2020 10:21 pm

JK wrote:
gadj1976 wrote:If you do put forward an offer and it gets knocked back, be prepared to walk away and ensure the agent knows that too.


Excellent advice imho


Thanks for the advice everyone

In the end we put in $396k as a final offer.

We are genuinely comfortable walking away and have made that clear especially given we are in no rush.

Gut feel tells me if they don’t take $396k now we might get a phone call in a months time seeing if we are still interested

We will see what the weekend holds.
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Re: I need to know....

Postby Spargo » Fri Jun 12, 2020 10:27 pm

Hope it works out, mate.
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Re: I need to know....

Postby JK » Fri Jun 12, 2020 10:41 pm

whufc wrote:
JK wrote:
gadj1976 wrote:If you do put forward an offer and it gets knocked back, be prepared to walk away and ensure the agent knows that too.


Excellent advice imho


Thanks for the advice everyone

In the end we put in $396k as a final offer.

We are genuinely comfortable walking away and have made that clear especially given we are in no rush.

Gut feel tells me if they don’t take $396k now we might get a phone call in a months time seeing if we are still interested

We will see what the weekend holds.


Thing is, one can never be sure of knowing the best play given the unknown variables (ie, conditions the sellers want, their true acceptable price, how far other buyers are prepared to go etc) so I honestly think the best you can do is make a plan youre comfortable with and just play that out and see how everything lands, which it sound like you're doing. Best of luck mate and if it doesnt come through, Im sure it wont be the last place you like the look of.
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Re: I need to know....

Postby Dutchy » Sat Jun 13, 2020 2:08 pm

whufc wrote:
JK wrote:
gadj1976 wrote:If you do put forward an offer and it gets knocked back, be prepared to walk away and ensure the agent knows that too.


Excellent advice imho


Thanks for the advice everyone

In the end we put in $396k as a final offer.

We are genuinely comfortable walking away and have made that clear especially given we are in no rush.

Gut feel tells me if they don’t take $396k now we might get a phone call in a months time seeing if we are still interested

We will see what the weekend holds.


Good play, you are right they may well come back in a months time, and if that happens you could get it under $390k. Seen it plenty of times.

After it being on the market for 4 months and having a good offer in front of them I reckon they will take it, it allows them to plan their next move with some certainty.
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Re: I need to know....

Postby Psyber » Sat Jun 13, 2020 3:15 pm

whufc wrote:
JK wrote:
gadj1976 wrote:If you do put forward an offer and it gets knocked back, be prepared to walk away and ensure the agent knows that too.


Excellent advice imho


Thanks for the advice everyone

In the end we put in $396k as a final offer.

We are genuinely comfortable walking away and have made that clear especially given we are in no rush.

Gut feel tells me if they don’t take $396k now we might get a phone call in a months time seeing if we are still interested

We will see what the weekend holds.

That could well happen.

Back in 2003-4 I was briefly back in Adelaide from Melbourne for family reasons and considering staying. We looked at a house in Wayville and were told they were asking $840K. I laughed and said I wouldn't have offered more than $680K because it needed work. The agent just smirked.

Six months later the agent contacted me and said his clients would look at that figure. My turn - I laughed and said I'd just bought a house in Melbourne and was moving back! On the other hand I made a final offer on a place about 2 years ago and somone topped me by $20k next day. It turned out well for me though - I bought a house I like better a couple of months later for less than my offer on the first one.

There is always another option.
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Re: I need to know....

Postby Footy Chick » Sat Jun 13, 2020 10:22 pm

I need to know if the earth moved for @whufc tonight? ;)
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Re: I need to know....

Postby whufc » Sun Jun 14, 2020 9:14 am

Footy Chick wrote:I need to know if the earth moved for @whufc tonight? ;)


Haven’t heard about the house but yeah 2.9 earth quake in Mintaro.

That’s four in two months, whilst none have been big it’s a bit worrying something ‘bigger’ down below is happening. No one else seems to be worried though so play on.
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Re: I need to know....

Postby whufc » Mon Jun 15, 2020 12:10 pm

So we made the final offer of $396k despite having a little room in our kitty.

We heard back today and the owners want $415 or nothing.........no chance.

Makes you wonder why they advertise at $395-$435, i'm presuming its to get those under $400k interested and try and hope they fall in love and can find a way to get that extra $15k.

Put simply.................we'll wait! I do think the agent thought she could get the extra out of us. Asked numerous times whether we wanted a week to see if we could get a bit more despite me saying in no uncertain terms that was our final offer on a number of occasions.

I would be surprised if anyone felt the need to go as high as $415k in the current climate.
Last edited by whufc on Mon Jun 15, 2020 12:20 pm, edited 1 time in total.
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Re: I need to know....

Postby mighty_tiger_79 » Mon Jun 15, 2020 12:15 pm

Think you made the right decision

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Re: I need to know....

Postby daysofourlives » Mon Jun 15, 2020 12:23 pm

Are the Crows fans enjoying the rest of us feeling sorry for them and offering up all sorts of advice to make them a better team in 5-10 years time :D
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Re: I need to know....

Postby Lightning McQueen » Mon Jun 15, 2020 12:25 pm

whufc wrote:So we made the final offer of $396k despite having a little room in our kitty.

We heard back today and the owners want $415 or nothing.........no chance.

Makes you wonder why they advertise at $395-$435, i'm presuming its to get those under $400k interested and try and hope they fall in love and can find a way to get that extra $15k.

Put simply.................we'll wait! I do think the agent thought she could get the extra out of house. Asked numerous times whether we wanted a week to see if we could get a bit more despite me saying in no uncertain terms that was our final offer on a number of occasions.

I would be surprised if anyone felt the need to go as high as $415k in the current climate.

Perhaps they have to mate.

If they're moving to Queensland that $15K makes a big difference in relocating, you don't know what they already owe the bank either.

You'll probably get a call in 6 to 8 weeks time saying they've re-thought it and will accept your offer, if you're not rushed, they're not rushed then you can both go back and move some pawns about.
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Re: I need to know....

Postby whufc » Mon Jun 15, 2020 12:30 pm

Lightning McQueen wrote:
whufc wrote:So we made the final offer of $396k despite having a little room in our kitty.

We heard back today and the owners want $415 or nothing.........no chance.

Makes you wonder why they advertise at $395-$435, i'm presuming its to get those under $400k interested and try and hope they fall in love and can find a way to get that extra $15k.

Put simply.................we'll wait! I do think the agent thought she could get the extra out of house. Asked numerous times whether we wanted a week to see if we could get a bit more despite me saying in no uncertain terms that was our final offer on a number of occasions.

I would be surprised if anyone felt the need to go as high as $415k in the current climate.

Perhaps they have to mate.

If they're moving to Queensland that $15K makes a big difference in relocating, you don't know what they already owe the bank either.

You'll probably get a call in 6 to 8 weeks time saying they've re-thought it and will accept your offer, if you're not rushed, they're not rushed then you can both go back and move some pawns about.


I get why they may need $415k but im not sure why they advertise $395k as a possible price point.

Yeah time is on our side. We know they had 3 couples look at the house on the weekend so its no secret they are hoping one of them come through with the goods. I feel like you would have to fall seriously in love with the place to go up to that price given the current state of play.
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Re: I need to know....

Postby Booney » Mon Jun 15, 2020 12:42 pm

The whole used car / house market "game" is bullshit. Every one is smoke and mirrors and nobody ever just gives a number that works. I know I do, here's a number, take it or leave it. When you're buying that's your top number, when you're selling, that's your bottom number. I hate all that dancing around bollocks.
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Re: I need to know....

Postby Lightning McQueen » Mon Jun 15, 2020 12:44 pm

whufc wrote:
I get why they may need $415k but im not sure why they advertise $395k as a possible price point.

Yeah time is on our side. We know they had 3 couples look at the house on the weekend so its no secret they are hoping one of them come through with the goods. I feel like you would have to fall seriously in love with the place to go up to that price given the current state of play.

I've never got the bracket thing either, it's like what are they chucking in extra to go the upper echelon?
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Re: I need to know....

Postby Pseudo » Mon Jun 15, 2020 12:45 pm

whufc wrote:
Lightning McQueen wrote:
whufc wrote:So we made the final offer of $396k despite having a little room in our kitty.

We heard back today and the owners want $415 or nothing.........no chance.

Makes you wonder why they advertise at $395-$435, i'm presuming its to get those under $400k interested and try and hope they fall in love and can find a way to get that extra $15k.

Put simply.................we'll wait! I do think the agent thought she could get the extra out of house. Asked numerous times whether we wanted a week to see if we could get a bit more despite me saying in no uncertain terms that was our final offer on a number of occasions.

I would be surprised if anyone felt the need to go as high as $415k in the current climate.

Perhaps they have to mate.

If they're moving to Queensland that $15K makes a big difference in relocating, you don't know what they already owe the bank either.

You'll probably get a call in 6 to 8 weeks time saying they've re-thought it and will accept your offer, if you're not rushed, they're not rushed then you can both go back and move some pawns about.


I get why they may need $415k but im not sure why they advertise $395k as a possible price point.

Yeah time is on our side. We know they had 3 couples look at the house on the weekend so its no secret they are hoping one of them come through with the goods. I feel like you would have to fall seriously in love with the place to go up to that price given the current state of play.


If (when?) they do come back in a month's time, ready to accept your offer ... then connsider lowering it. Clearly they couldn't do any better, therefore the market says the house is worth less than your offer. Consider adjusting your offer accordingly.
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Re: I need to know....

Postby whufc » Mon Jun 15, 2020 12:50 pm

Booney wrote:The whole used car / house market "game" is bullshit. Every one is smoke and mirrors and nobody ever just gives a number that works. I know I do, here's a number, take it or leave it. When you're buying that's your top number, when you're selling, that's your bottom number. I hate all that dancing around bollocks.


Yeah absolutely.

I would love if that’s how it worked....we would have saved a lot of our time and everyone else’s if we knew $415k was the only price point.
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