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

How did you select your agent?

 

How long would it take you to earn 15k?
We once sold a property after the first open because I wanted it over and done with. We took 20k less than we wanted. In hindsight - I would have given it more time - it takes a long time to earn that money.
You have presented the place nicely btw.

 

Ah gotcha. Well I think I would ring REA back and ask is it a written offer and then let him know that considering its the first day and viewing that you are still seeking full price but would like to counter offer verbally and ask him to get the person offering to increase their price.

 

C'mon, make the REA work a bit harder for that commission!

First the offer needs to be in the form of a signed contract, so you can see what all of their conditions are, they should be asking the buyer for this automatically.

Second, one day on the market, $15k under asking price and they are just telling you to accept? If you had it listed for $265 you probably cant go over, buy I would get the agent to tell them you are quite firm on $265, leave them with that for a couple of days to see where that takes the discussion.

If you wanted to play it a little safer at least ask the agent to tell them something along the lines of "the offer needs to be closer to 265, good chance 260 would get it across the line."

 

Such great advice!

A bit haphazardly. But here was our 'process' of selection-
- The real estate agent we had the property rented with "Had too many properties on their books" (yes, that was said to me!) and our renters got their bond back because they were just too busy to write it up and have it heard at VCAT. Burnt carpet, walls that had been used as a drawing wall, and a burnt vanity unit. I found out about the vanity unit only, and they attempted to 'make good' on the situation by paying for half the cost of the unit. Ummm... I wasn't going to give them a sale.
- Another REA in town, has worked with my hubby. But he gave us an evaluation a few months ago of around $185K TOP. Yep. He wants the sale, and will sell it 'really quick' at that price. Honestly, he is a really nice bloke, but probably not the best person to sell our home.
- The REA we went with was recommended by a neighbor that had just sold her home. We trust her. We met him, and he seems like a really good guy. The fact the commission is 3% and there is no charges for advertising or any other costs, and no charge if we don't sell was a plus. I thought that was fair. But now, I'm thinking it's a heck of a lot of money for a few days work (if that)!
It was kind of like choosing a politician, no great standouts but you choose the one that you are most comfortable with and believe will do the best job.

 

Nodding with Bluesky's I need to make the REA earn that commission a little harder. When he asked me if I would take $250K I asked him if he would drop his commission... LOL. The answer was a quick, "No".
Yes, REA in the area don't tend to hold a lot of open days.

 

If he won't reduce his price then you don't you reduce your price

 

Or maybe meet them half way at 257500?

 

Hi @Bee-mumma - if you have 3 interested parties and you can get more offers, then you should wait to get the price you are asking for.

It's still early days and to honestly in an average market it does take anywhere from 4-8 weeks to sell a property. In a seller's market it can happen within a few days. So it depends on the demand and if you're prepared to wait and negotiate with your buyer then get the best price.

Also too, if you feel after 8 weeks you have not sold your property, take it off the market for a week and try with another agent who can get you the price you want.

 

Don't give a number, just that's it's close - it's the agent's job to squeeze.

 

Ummm... case of the disappearing offer! LOL! I'm not phased. If it sells, it sells, if we keep it we will rent it and as a cash positive property, we will just make more $.

 

All the more reason that agents keep running with a property until it goes unconditional.