lara24 Posted January 15, 2013 Share Posted January 15, 2013 I have in the past always discounted houses advertised as "Offers Invited" as they always looked way out of our budget but recently I have seen quite a few that may be with-in budget. We are moving in the next few months to Perth and hope to buy relatively quickly so will need to get a handle on the property market. In the UK the seller has a valuation done prior to the house being advertised which is available for all to see and before that was law each prospective buyer paid for their own survey but you would have a rough idea based on the asking price. As I don't see any surveys attached to house listings I am at a loss as to how you know what the vendor is expecting or wants - can anyone explain......... Thanks from a dumb POM. Quote Link to comment Share on other sites More sharing options...
newjez Posted January 15, 2013 Share Posted January 15, 2013 Are you saying they have asked for offers without giving a guide price or range? Quote Link to comment Share on other sites More sharing options...
lara24 Posted January 15, 2013 Author Share Posted January 15, 2013 Are you saying they have asked for offers without giving a guide price or range? Yes, there is no asking price or range on the advert. All it says is offers invited and sometimes by a certain date but often just offers invited........ Quote Link to comment Share on other sites More sharing options...
lara24 Posted January 15, 2013 Author Share Posted January 15, 2013 This is an example of what I mean: http://www.realestate.com.au/property-house-wa-burns+beach-112770495 Quote Link to comment Share on other sites More sharing options...
newjez Posted January 15, 2013 Share Posted January 15, 2013 (edited) I have to admit that I haven't seen that before. It could be a distressed sale, although it looks to be a very nice house. Generally they give you a guide price, but maybe they think it is so good they don't want to limit what people will offer. Note that they don't have to accept any of the offers. All the balls are in the sellers court really. But if you like it, offer what you think it's worth. They may not take it, but they may make a counter offer. You don't tend to get surveys like you do in the UK. Most houses are fairly new and are unlikely to have the sort of issues you have in the UK, and if they do, it should be easy to spot them. Most people I know get a termite cert, and then just have a good look around. But if you google surveys you may find someone who does it. This is an example of what I mean: http://www.realestate.com.au/property-house-wa-burns+beach-112770495 Edited January 15, 2013 by newjez Quote Link to comment Share on other sites More sharing options...
lara24 Posted January 15, 2013 Author Share Posted January 15, 2013 I could understand if they were houses that would maybe struggle to sell but all that I have seen like that are VERY nice to the point of us thinking they are way out of reach. Maybe once we are have moved and are talking to estate agents they may help with a guide price. It seems very odd to me but I am sure there will be millions of things that we will need to understand and adapt to once we move. Anyone else every encountered such house adverts or maybe even bought one?? Quote Link to comment Share on other sites More sharing options...
moirclan Posted January 15, 2013 Share Posted January 15, 2013 if i was looking and saw this i would think its the agent who came up with the idea , and they are looking at what kind of money some one is willing to pay for it [ over the odds ] personally i think if you do your home work on the area and spend a day looking at houses you will get a really good idea on valuations , you can then decide what to offer , its on an average size block for the area but the house is quite small , Quote Link to comment Share on other sites More sharing options...
MARYROSE02 Posted January 15, 2013 Share Posted January 15, 2013 Why don't you just ask the real estate agent? They may be acting for the seller but it does not mean they won't give you a straight answer. Quote Link to comment Share on other sites More sharing options...
Benoli Posted January 15, 2013 Share Posted January 15, 2013 I've seen this type of thing before too and never quite know what they want....one quick guide I use though is if you look at the houses on the bottom right of the page where it shows you other properties people are viewing, it kinda gives you an idea of the price range those people are looking at when they view that house (if that makes sense). i then figure the house must fall somewhere in a similar price range as the other properties suggested.......just an idea I go by though so don't quote me if Im wrong lol Quote Link to comment Share on other sites More sharing options...
NickyNook Posted January 15, 2013 Share Posted January 15, 2013 You don't tend to get surveys like you do in the UK. Well you do. Except they're called not surveys, they're called Building Inspections and no-one in their right mind should buy a house without one. Quote Link to comment Share on other sites More sharing options...
carrieann Posted January 16, 2013 Share Posted January 16, 2013 It is a bit different here. There are alot more auctions and every one should have a building inspection. The market in oz is up and down and sometimes they put "offers down" so that they can get a feel for what buyers think the house is worth. The house is only worth what someone is prepared to pay. Owning your own house is amazing but don't rush it, find a good real estate agent in the area they will be able to help with all the differences. We were lucky to find a great agent on the sunny coast and he is still a friend 9 years later. Quote Link to comment Share on other sites More sharing options...
Guest GeorgeD Posted January 16, 2013 Share Posted January 16, 2013 Why don't you just ask the real estate agent? They may be acting for the seller but it does not mean they won't give you a straight answer. I've seen this a few times, and if you ask the agent then they will give you an (optimistic) idea of what they are looking for. They just don't want to publicise it. It may be that there hasn't been a house like that one for sale in that suburb recently and they aren't sure and don't want to instantly price it out the market. If they don't want to tell you, tell them you have money burning a hole in your pocket and don't have time to waste on properties you don't know you can afford so you're away to look at some others...I found they always seemed more open to discussion at that point. Quote Link to comment Share on other sites More sharing options...
newjez Posted January 16, 2013 Share Posted January 16, 2013 (edited) I've never known of anyone getting one in Perth. It's pretty rare to find a house in Perth older than ten years, and if it's older than 20 years, chances are it'll be knocked down and re built. Well you do. Except they're called not surveys, they're called Building Inspections and no-one in their right mind should buy a house without one. Edited January 16, 2013 by newjez Quote Link to comment Share on other sites More sharing options...
Guest Posted January 16, 2013 Share Posted January 16, 2013 The whole buying and selling of houses in Perth seems damned strange to me but newjez is right building inspections aren't the norm and there are usually no solicitors involved either. Unlike the UK it is often hard to 'value' a house as many are quite unique therefore 'offers invited' is to make sure the buyer gets the best possible price, on the whole it tends to be at the top end of the market where plus or minus $200K is a small %! Any offer should be made 'subject to finance' as what is happening a lot at the moment is banks are 'undervaluing' houses to protect themselves. The real estate agent said ours was worth $750k ($700k is probably more realistic) and the bank valued it at $625K and will only lend 80% of their valuation. There are some pretty awful houses in Perth and some not so desirable areas (few that are undesirable from a safety perspective but many that have poor facilities and transport links - the infrastructure is not keeping up with the building). Perth has endless, souless suburbs and obviously the housing is cheaper here than those with something going on - schools play a big part in pricing too (& that may or may not be a consideration for you) I'd say take your time and rent first - we wished we'd never bought as after four years we want to leave now - luckily we still have a house in the UK. Try before you buy I'd say Quote Link to comment Share on other sites More sharing options...
keily Posted January 16, 2013 Share Posted January 16, 2013 I've never known of anyone getting one in Perth. It's pretty rare to find a house in Perth older than ten years, and if it's older than 20 years, chances are it'll be knocked down and re built well thats a load o shite .....there are whole estates that are older than 20 yrs ...and my house is just bought is 25yrs old ...and i aint knocking it down :tongue: mrs keily Quote Link to comment Share on other sites More sharing options...
keily Posted January 16, 2013 Share Posted January 16, 2013 This is an example of what I mean: http://www.realestate.com.au/property-house-wa-burns+beach-112770495 if you scroll down to the bottom of that page you will notice a house (albeit 5 bedrooms) was sold in the same street ...gives you an indication of the range they would be looking for mrs keily Quote Link to comment Share on other sites More sharing options...
Guest JK2510 Posted January 16, 2013 Share Posted January 16, 2013 if you scroll down to the bottom of that page you will notice a house (albeit 5 bedrooms) was sold in the same street ...gives you an indication of the range they would be looking for mrs keily Normally a great bit of advice....but some streets have a varying range of houses....some 3 bed,some 4,land size can also vary.....TBH I find those ones are the ones I would ignore...I wanna see the $. Quote Link to comment Share on other sites More sharing options...
Irishgirl1 Posted January 16, 2013 Share Posted January 16, 2013 My house is 38 yrs old and probably built better than most of the new ones, I love it and I ain't knocking it down, might get a new kitchen/bathroom in a couple of years but I can live with the ones I have for now.... Quote Link to comment Share on other sites More sharing options...
Guest JK2510 Posted January 16, 2013 Share Posted January 16, 2013 My house is 38 yrs old and probably built better than most of the new ones, I love it and I ain't knocking it down, might get a new kitchen/bathroom in a couple of years but I can live with the ones I have for now.... I live in the new build(7yrs old). The older houses are built better than the new ones! It's the quality of the materials used. Quote Link to comment Share on other sites More sharing options...
keily Posted January 16, 2013 Share Posted January 16, 2013 Normally a great bit of advice....but some streets have a varying range of houses....some 3 bed,some 4,land size can also vary.....TBH I find those ones are the ones I would ignore...I wanna see the $. yep i agree but its good to have comparisons ..... personally ive been here 4 yrs and just got my head round the buying system in oz ...enough to buy our own ..... but like you completely ignored the ones that didnt state the price mrs keily Quote Link to comment Share on other sites More sharing options...
Guest Posted January 16, 2013 Share Posted January 16, 2013 Burns Beach being a new estate means all the houses will be new and on small blocks so the prices will be fairly consistent - i'd reckon about $1.1m for the house in the link. It's not a place I'd want to live - no real ammenties in walking distance (at least there wasn't last time we were there), it has a nice feel but way over-priced IMHO purely because it is on the beach. Close enough to Joondalup which would have everything you need (but again not a place I'd want to live - MANY would diagree with that though :biggrin: Quote Link to comment Share on other sites More sharing options...
lara24 Posted January 16, 2013 Author Share Posted January 16, 2013 I've seen this a few times, and if you ask the agent then they will give you an (optimistic) idea of what they are looking for. They just don't want to publicise it. It may be that there hasn't been a house like that one for sale in that suburb recently and they aren't sure and don't want to instantly price it out the market. If they don't want to tell you, tell them you have money burning a hole in your pocket and don't have time to waste on properties you don't know you can afford so you're away to look at some others...I found they always seemed more open to discussion at that point. Mmm that does make sense as most I have seen advertised with no price have been VERY nice houses so maybe they are so unique the agent doesn't know what to ask. Quote Link to comment Share on other sites More sharing options...
lara24 Posted January 16, 2013 Author Share Posted January 16, 2013 The whole buying and selling of houses in Perth seems damned strange to me but newjez is right building inspections aren't the norm and there are usually no solicitors involved either. Unlike the UK it is often hard to 'value' a house as many are quite unique therefore 'offers invited' is to make sure the buyer gets the best possible price, on the whole it tends to be at the top end of the market where plus or minus $200K is a small %! Any offer should be made 'subject to finance' as what is happening a lot at the moment is banks are 'undervaluing' houses to protect themselves. The real estate agent said ours was worth $750k ($700k is probably more realistic) and the bank valued it at $625K and will only lend 80% of their valuation. So is the only time you have a professional and independent valuation done on a house when the bank do one before they finalise your mortgage? If you choose the have a building inspection like NickyNook suggested do they provide a valuation or just a list of potential problems with the building and land? Quote Link to comment Share on other sites More sharing options...
lara24 Posted January 16, 2013 Author Share Posted January 16, 2013 Burns Beach being a new estate means all the houses will be new and on small blocks so the prices will be fairly consistent - i'd reckon about $1.1m for the house in the link. There was a larger house on a much larger plot on the same street sold for $715,000 in October last year - maybe it was just a bargain for some reason. We would like to be in Ocean Reef / Iluka but as we want a more modern house Iluka is probably more likely. Quote Link to comment Share on other sites More sharing options...
NicF Posted January 16, 2013 Share Posted January 16, 2013 There was a house for sale around the corner from us advetised as 'offers invited'. When we spoke to the estate agent it turned out that she didn't really know what to value it at so was seeing what people thought it was worth, probably because it was a new build and there was nothing really like it that had been sold in the area. After being on the market for a few weeks it then got an asking price attached to it. Quote Link to comment Share on other sites More sharing options...
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