Game Plan- private sale buying tactic needed!

After watching the recent auctions, and missing out on properties in within my budget/needs, a property has popped up that ticks the boxes.
This one is for sale by private sale, priced at 425k on the listing.
The agent rang me and told me about this one before it hit the internet, as he had sold it, but the previous buyers finance was rejected so it was returned to the market. He said the offer that fell through was for 420k.

I haven’t been able to get my building and pest done as the current tenants have been difficult with providing access, and I haven’t physically been inside the property yet, but have seen photos (I’m buying for the location/block size so am not concerned about the interior condition so much, and the fact that it’s currently tenanted makes me confident that I can re tenant it in current condition.

The agent has finally got access arranged for me, and I’m going to inspect it. I would have made an offer as soon as I heard about the property had I been able to get access, however I didn’t want to do this without inspecting.

The thing I want to know is how best to go about making an offer. I have been informed that there is another buyer interested and they’re going through half an hour after me.
Should I make an offer before he inspects it or wait til/if he has made an offer before making mine?

Last time I did this I went first, then the
Agent disclosed my offer to the other buyers and basically had a little auction going on behind the scenes. I don’t want to do this, this time I want to buy the house without the games and stress!

The house is listed “for sale”

If I make an unconditional offer is the agent allowed to disclose this to other buyers or continue accepting offers within the offer period? I’m planning to offer the amount the property is listed for.

 

The agent doesnt work for you. Theyre supposed to try to get the highest price. Try your best offer but put an expiry on it.

By the way, the previous buyer fell through due to finance issues. Are you going to have the same problem?

 

What is the difference between for sale by offer/offers over/between and “for sale” with a price? I don’t understand why the different methods if they all mean the same thing

 

Why does it matter to you? You make the offer you want, the seller accepts if theyre ok with it.

Maybe some sellers like a price, or price range, or no price makes them think buyers will offer more. Advertising jargon.

 

It matters to me because if I wanted a bidding war I’d go to auction, as I expect at auction for the price to go over the price guide, when there is a set list price I expect to be able to purchase at the price listed

 

Why should you be allowed to expect anything? So if the seller advertised this same place for 600k would they be expected to get that price?

Anyone can offer what they want.

 

Why not take the contract, sit in your car outside and write up the offer while the others are being taken through? Then give it to the agent on his way out, after the others have left.

That way if there's an offer on the table already, he'll possibly disclose to you instead of the other way around. Bear in mind he could lie, also. It's all swings and roundabouts.

 

I would expect that because that is reasonable! I really do t know what your problem is. Perhaps don’t bother commenting if you don’t have anything constructive to add.

 

Thanks @Jess Peletier i had also considered this

 

I highly suggest engaging a BA if this is "the one" and you don't want to lose it.

Otherwise it's simply a case of practice. Over time you get better.

One can tell you what to say over the internet, but it is also how it's delivered.

Two people using exactly the same words can get very different outcomes.

 

I don't mind too much if it "gets away", I didn't use a BA for my last IP and I don't feel the need to for this one, as I have a few others up my sleeve, I just want to go in with the best chance.

 

If you don’t mind losing it then offer what you think it’s worth (potential, rental, costs for repairs etc) even if it’s under listed price eg 400k. If you really want it then you probably want to offer what they ask for? Another interested buyer may not proceed with an offer due to various reasons. It’s anyone’s guess. You can try to sound out what the bottom line is for the vendor and work through that.

 

Reasonable doesnt always translate to how it works. If you want to drive a manual car like an automatic, thats a problem. For you.

 

Im happy to offer the asking price, but I don't want to my offer used to generate a bidding war with the other buyer. Id like my offer to be kept confidential.

 

You cant control what the agent does with your offer. The only thing you can do is put an expiry on it and force the seller to decide quickly and hope the other buyers dont counteroffer fast enough.

 

The agent will of course want a bidding war...(another buyer offered more...will you counter offer?) i think you just have to know what you are prepared to pay, and walk away if it's above what you are willing to pay. You can't control the agent.

 

Agree.

 

Can’t understand why the agent have different inspection time in this scenario. Most agent will want to ensure that buyer see the competition.

It might be worthwile for you to wait (half an hour) and see if there are any other competition.

If there are other interested parties, then no matter what you do, there will be competition. All the best.

 

Okay I will report back to let you know how I go tomorrow

 

Im going in 30 mins before the other buyer (was originally going in at the same time). I was planning to hang around to suss out the competition from the car.