Help! Selling a property & have got an offer within 1 day.

Discussion in 'The Buying & Selling Process' started by Bee-mumma, 13th Apr, 2018.

Join Australia's most dynamic and respected property investment community
  1. Bee-mumma

    Bee-mumma Well-Known Member

    Joined:
    16th Mar, 2018
    Posts:
    173
    Location:
    Victoria
    I have no poker face!!! I’m honest straight up.
    I’ve got a property up for sale at $265k. On the market for less than 1 day & have an offer for $250k. It’s not a bad offer but I want a little more. Real estate are suggesting that these early offers are often the best. I’ve had 3 people interested in the property who I’ve just messaged or left voice calls with.

    How do I keep this buyer interested & not push them away? What do I say/do?
     
  2. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
    Posts:
    10,258
    Location:
    Australia
    If your happy with 250, just take it? You want more, counter.
     
  3. Bee-mumma

    Bee-mumma Well-Known Member

    Joined:
    16th Mar, 2018
    Posts:
    173
    Location:
    Victoria
    Not really happy with $250k. But unsure what to counter is? I’ve not had a counter offer made to me before.

    What if I go too high? It’s on the market for $265. Should I wait until there are a few more buyers interested?
     
  4. KinG3o0o

    KinG3o0o Well-Known Member

    Joined:
    17th Jul, 2017
    Posts:
    1,074
    Location:
    Sydney
    no need to wait, if u think are ready to sign if he agrees to $265k, just tell the agent that and let the agent work it.. if both parties are happy.. congratz u sold.
     
  5. willair

    willair Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    6,776
    Location:
    ....UKI nth nsw ....
    Just have a quick talk too the principal of the real estate company as the contract is binding on the vendor and the principal and not the agent..Not advice but the sometimes the first offer on paper signed is the best,value is what people see ,once you change that mindset,they just start looking again..imho..
     
  6. Bee-mumma

    Bee-mumma Well-Known Member

    Joined:
    16th Mar, 2018
    Posts:
    173
    Location:
    Victoria
    That’s what I’m worried about. They have given one price and don’t want to increase it, and will look elsewhere.
     
  7. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    8,130
    Location:
    03 9877 3000
    Where is the property? In many areas properties are being sold as quickly as they come onto the market, the demand is very high. If the first offer isn't sufficient, the next one might be.

    Other areas are moving slowly, this may be a good offer.

    If you let us know the suburb, it's easy to find out the 'average time on market' for that location.
     
  8. ZachAnsel

    ZachAnsel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    132
    Location:
    Sydney
    Just step back for a second, I think its beneficial for you to know couple things. Is the current market Seller or Buyer market? eg. that way you know if this Buyer market then your chance of counter offer accepted is lower. If Seller market, then you may have confidence level to counter $265k. If they move on, then there is high chance other offer will coming your way.

    Pricing also require strategy. If you not really happy for $250k, and only willing to accept $265k, then why put price $265k. Perhaps you can put higher number like $275k or $280k. Then when the offer come at $250k, you can counter at $270k and close the deal at $265k. This is part of the game ..
     
  9. Bee-mumma

    Bee-mumma Well-Known Member

    Joined:
    16th Mar, 2018
    Posts:
    173
    Location:
    Victoria
    Property is in Shepparton in country Victoria.
    Investors are asking for between 6-8% return so that is why the trepidation in pricing higher than we have.
    Rental income was $275 per week. Easily obtain this, and had an evaluation of $285/week as is at the moment.
    Properties are being snapped up by Sydney buyers apparently (but this sounds a little like real estate bluff? Not sure).
    Properties in the street have gone for less, but look more dated. Only one 4bed 1bath is left on this street, priced at $270K.
    New art centre development is going in less than a block away, and you can walk to everything. Very central.
    Ummm. Neighbours took $242500. Was on market for $245K. Sold in 2 days. Almost a sellers market I’d say. ?
     
  10. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    27,101
    Location:
    Sydney or NSW or Australia
    I'd just go back to the agent and ask, does this buyer have more in his tank? Tell them to shake the tree a little harder to see what falls out.

    This comes down to how well has the agent qualified the buyer, whether their at the bottom/top of their budget, If it's a Johnny come lately, If they have finance sorted etc.

    What would you pay for the property? What yield is going around forn properties like this?
     
    kierank, Blueskies and Bee-mumma like this.
  11. Marg4000

    Marg4000 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    6,380
    Location:
    Qld
    Just tell the buyer that, after only one day on the market, the offer is a bit low for you to accept at this stage.

    This is assuming you have done your research and priced the property accordingly.
    Marg
     
    kierank, wylie and splatters like this.
  12. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    8,130
    Location:
    03 9877 3000
    I've attached a Corelogic suburb report for Shepparton. Hopefully there's some useful info in here.
     

    Attached Files:

  13. Bee-mumma

    Bee-mumma Well-Known Member

    Joined:
    16th Mar, 2018
    Posts:
    173
    Location:
    Victoria
    Thankyou :) Looking at that data it looks like our property is right about on the average right now. Not too bad. I’ll take a walk & see if we can tempt some more buyers to pay around asking price. If a little bit cheaper so everyone feels they are winning
     
  14. Bee-mumma

    Bee-mumma Well-Known Member

    Joined:
    16th Mar, 2018
    Posts:
    173
    Location:
    Victoria
    Darn. Can’t go for a walk, still waiting for the nbn guy to turn up. Sometime between 1&5pm (sigh). Missed out on going to our annual family day out, because I’m waiting for the nbn guy :(

    Can’t stop overthinking this! :(
     
  15. Westminster

    Westminster Tigress at Tiger Developments Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    11,331
    Location:
    Perth
    I would counter offer. Generally people will always offer less than what they are actually willing to pay.

    So I would offer back at 265 or 260 if you are willing to accept 260

    To counter offer all you do is strike out the price they put on their offer and write your offer price initial and send back.

    PS make your REA work for it
     
  16. Bee-mumma

    Bee-mumma Well-Known Member

    Joined:
    16th Mar, 2018
    Posts:
    173
    Location:
    Victoria
    I wonder if they did submit a written offer??? Ummm, one more thing to discuss with RE agent.
    Thankyou.
     
  17. Westminster

    Westminster Tigress at Tiger Developments Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    11,331
    Location:
    Perth
    Well if you haven't seen it then it's probably just a verbal offer and is not a confirmed offer. I could ring up your REA tomorrow and ask him/her if you'll take $300k and it's not an offer at all.
     
  18. Bee-mumma

    Bee-mumma Well-Known Member

    Joined:
    16th Mar, 2018
    Posts:
    173
    Location:
    Victoria
    Sounds good- flipping funny lol
     
  19. Westminster

    Westminster Tigress at Tiger Developments Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    11,331
    Location:
    Perth
    Just take it slowly and be guided by your REA. I would at least wait until until your first home opens this weekend?
     
    wylie likes this.
  20. Bee-mumma

    Bee-mumma Well-Known Member

    Joined:
    16th Mar, 2018
    Posts:
    173
    Location:
    Victoria
    Rea does not do open days, only private viewings.