Khem Posted October 18, 2016 Share Posted October 18, 2016 Dear all, I am about to put an offer for a house for which they are asking from $509,000 but I am thinking to offer $490,000. I would like to ask you guys is there any chance of negotiation while the asking price is from $509,000? Many thanks regards khem Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted October 18, 2016 Share Posted October 18, 2016 Of course, why not just make the offer? A house is worth what a buyer is willing to pay. If no buyer is offering more than you then that becomes its worth. Quote Link to comment Share on other sites More sharing options...
AJ Posted October 18, 2016 Share Posted October 18, 2016 They will either accept or come back with a counter offer, or someone can go in with a higher offer and they will accept that. Really depends on where you are and how keen the buyer is to sell! Quote Link to comment Share on other sites More sharing options...
Khem Posted October 18, 2016 Author Share Posted October 18, 2016 Of course, why not just make the offer? A house is worth what a buyer is willing to pay. If no buyer is offering more than you then that becomes its worth. Thank you for your reply Quote Link to comment Share on other sites More sharing options...
Khem Posted October 18, 2016 Author Share Posted October 18, 2016 They will either accept or come back with a counter offer, or someone can go in with a higher offer and they will accept that. Really depends on where you are and how keen the buyer is to sell! Thank you I will put on offer tomorrow Quote Link to comment Share on other sites More sharing options...
newjez Posted October 18, 2016 Share Posted October 18, 2016 Thank you I will put on offer tomorrow Which city? There are various options open to them, and how they may accept your offer to their advantage. Quote Link to comment Share on other sites More sharing options...
adele244 Posted October 18, 2016 Share Posted October 18, 2016 Glad you asked that question as I see alot of property adverts stating "Offers above......" and wondered if you could be a rebel and offer "below" !!!!! Quote Link to comment Share on other sites More sharing options...
Parley Posted October 18, 2016 Share Posted October 18, 2016 Probably depends on the market you are buying in. In Sydney and Melbourne where houses are rising still I doubt it will work. Quote Link to comment Share on other sites More sharing options...
Petals Posted October 18, 2016 Share Posted October 18, 2016 Price is usually above what the agent asks. For example in Melbourne agents tell people a house is 1.5 million and it goes for over 2 all the time. Got friends looking. Houses around me always go for more than the agents price as there is high demand. Just be prepared to be very happy if they accept and continue looking, so many people these days looking. Quote Link to comment Share on other sites More sharing options...
newjez Posted October 18, 2016 Share Posted October 18, 2016 Glad you asked that question as I see alot of property adverts stating "Offers above......" and wondered if you could be a rebel and offer "below"!!!!! You can offer below, but depending on instructions the agent may not even present it. Depends on the market and how desperate they are. Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted October 19, 2016 Share Posted October 19, 2016 Probably depends on the market you are buying in.In Sydney and Melbourne where houses are rising still I doubt it will work. Are there many houses though in Sydney or Melbourne available for just $509,000? I assumed that the buyer was looking in a lower-value area because of the asking price. We offerred $25k below the "offers over" asking price last year on our house and negotiated up just $5,000 which was accepted. Quote Link to comment Share on other sites More sharing options...
Parley Posted October 19, 2016 Share Posted October 19, 2016 Don't know about Sydney but I presume there are some in the outer regions. In Melbourne there would be some in less desirable regions and definitely for units/apartments in better areas. In the areas I track though it seems the eventual sale prices are quite a lot more than the advertised prices. Most are sold at auction too. Depends how desperate to sell the vendor is too. It is worth trying anyway. Quote Link to comment Share on other sites More sharing options...
rosiew Posted October 19, 2016 Share Posted October 19, 2016 The OP seems to be in WA where as I understand it, prices are falling so he is in with a shot Quote Link to comment Share on other sites More sharing options...
Khem Posted October 19, 2016 Author Share Posted October 19, 2016 Which city? There are various options open to them, and how they may accept your offer to their advantage. Thank you for your reply. I am in Perth WA Quote Link to comment Share on other sites More sharing options...
Khem Posted October 19, 2016 Author Share Posted October 19, 2016 Thank you everyone for your valuable suggestions. Actually I am talking about Perth WA Quote Link to comment Share on other sites More sharing options...
RAS Posted October 19, 2016 Share Posted October 19, 2016 Hi, a good saying to remember when "bartering" is " if your first offer does not embarrass you, it is not low enough". When buying our house my first offer was $60,000 less than the advertised price, the price was just more than the house you are looking at. We ended up $45,000 less than asking. Some people are desperate to sell and some are not, we were in a good position, had six months to run on a rental,nwhich wasn't expensive, but we were happy to stay there if things didn't work out. You can always up your offer but not very often will you get away with dropping your offer. Good luck. Quote Link to comment Share on other sites More sharing options...
Eera Posted October 24, 2016 Share Posted October 24, 2016 Did you put in an offer in the end? We always play cheeky buggers and put in a seriously low offer, up to 1/4 less than they're asking. Only ever been knocked back on one property as the owner wanted silly money for it. Anyway, he ended up having to go to auction after knocking us back and sold it for $60k less than what we offered. It does depend on the market like others have said. If houses are shifting like hot cakes then you'll end up being overlooked. But in a declining market offer as low as you can go without blushing, they can only say no and you can negotiate from there Quote Link to comment Share on other sites More sharing options...
flag of convenience Posted October 24, 2016 Share Posted October 24, 2016 If in WA in with a good chance. Of course if you wait longer you'll like get better deals, but if heart set of property mentioned go for it. It's a haggle. Depends a lot on the need to sell by the vendor. There are certainly a greater number now out there who must sell. A good research is required. How long on the market? When was it purchased? Is the area desirable or more functional? Remember it's a little like Monopoly money and play accordingly. Quote Link to comment Share on other sites More sharing options...
Khem Posted October 26, 2016 Author Share Posted October 26, 2016 Did you put in an offer in the end? We always play cheeky buggers and put in a seriously low offer, up to 1/4 less than they're asking. Only ever been knocked back on one property as the owner wanted silly money for it. Anyway, he ended up having to go to auction after knocking us back and sold it for $60k less than what we offered. It does depend on the market like others have said. If houses are shifting like hot cakes then you'll end up being overlooked. But in a declining market offer as low as you can go without blushing, they can only say no and you can negotiate from there Hi Eera, real estate agent didn't register my offer he was saying my offer is lower than owner's expectation. So I didn't insist and leave it. I hope he will contact me as this house is still on market. Quote Link to comment Share on other sites More sharing options...
Khem Posted October 26, 2016 Author Share Posted October 26, 2016 If in WA in with a good chance. Of course if you wait longer you'll like get better deals, but if heart set of property mentioned go for it. It's a haggle. Depends a lot on the need to sell by the vendor. There are certainly a greater number now out there who must sell. A good research is required. How long on the market? When was it purchased? Is the area desirable or more functional? Remember it's a little like Monopoly money and play accordingly. this house is in Belmont and agent even didn't register my offer. I could go up to 495-500k but there are other two blocks on both side of this house so I didn't modify my offer. I hope he will contact me. Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted October 26, 2016 Share Posted October 26, 2016 Hi Eera,real estate agent didn't register my offer he was saying my offer is lower than owner's expectation. So I didn't insist and leave it. I hope he will contact me as this house is still on market. I sense that you really want this particular house. You may also inadvertently have given the agent that impression too so he/she may be anticipating that you will improve on your offer. The other possibilities are that they have other interest or that the vendors are in no hurry to sell. If you really want this particular house you should consider tabling your best and final offer and stress that is what it is. Emphasise any positives such as first time buyer, finances in place etc etc. If you get the same result look elsewhere. Quote Link to comment Share on other sites More sharing options...
flag of convenience Posted October 26, 2016 Share Posted October 26, 2016 this house is in Belmont and agent even didn't register my offer. I could go up to 495-500k but there are other two blocks on both side of this house so I didn't modify my offer. I hope he will contact me. Good luck with that Khem. But to be honest I've had the seem issues with real estate agents. They fear for their own loss of course, holding out for a higher bid. I'm sure the vendor has no knowledge of the shenanigans being played out. Quote Link to comment Share on other sites More sharing options...
rosiew Posted October 26, 2016 Share Posted October 26, 2016 I think whatever offer you decide to make you should make sure it is in writing - if you make a serious offer in writing he really should put it to the vendor. The vendor would like to know! Quote Link to comment Share on other sites More sharing options...
newjez Posted October 26, 2016 Share Posted October 26, 2016 this house is in Belmont and agent even didn't register my offer. I could go up to 495-500k but there are other two blocks on both side of this house so I didn't modify my offer. I hope he will contact me. You could put a letter explaining your offer through the letter box. It is possible the owner will consider it. Depends on his instructions, and the agent could be assuming. Are the blocks vacant on both sides? If so, the owner of either may be interested so they can join and build units. Maybe that's what the owner is waiting for? Quote Link to comment Share on other sites More sharing options...
Eera Posted October 27, 2016 Share Posted October 27, 2016 When you say the estate agent didn't register the offer do you me they didn't give it to the owner? I understand that in some states, that's illegal and all offers, no matter how silly have to be presented. Quote Link to comment Share on other sites More sharing options...
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