RB wrote:Whatever you counter-offer, it does no harm to say this is the highest you can go because the bank won't lend you anything more.
Yeah thats what we will do. We will also make them wait the weekend which suits us as we are in a rental agreement until December so the longer this takes the better it is.
I guess we are bit indecisive but essentially we 'really like' this house. It's not my partners dream house, she is horsey girl her dream house would leave me no change from a cool million dollars. We will not be in the market for our dream house for another ten or so years lol. I spent my first 23 years living in semi detached housing trust houses so anything we get is going to be a 'dream' house for me.
What we are looking at though is trying to get in the housing market we are currently paying more in rent then we would with a mortgage.....complete dead money. Time is on our side and to be honest even if the housing market price doesn't go down it isn't going up any time soon.
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
Supercoach Spring Racing Champion 2019 Spargo's Good Friday Cup Champion 2020
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.
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.
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.
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.
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.
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 11:20 am, edited 1 time in total.
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.
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.
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.
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?
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.
