Help with negotiation

Discussion in 'The Buying & Selling Process' started by Freak00718, 24th Mar, 2021.

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  1. Freak00718

    Freak00718 Member

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    9th Apr, 2019
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    Sydney
    Hi all,

    Need some advice here on how to go about getting my offer accepted...

    Went to an open home last weekend and liked the place. The agent said price guide was 700-750k so I put in an offer around the midpoint of that range and said I was willing to pay the holding deposit and sign within 24-48 hours. Didnt hear back from the agent until yesterday who mentioned that the owner had accepted an offer for $750k but the buyers then pulled out... now she won't accept anything less than that and wants to go to another open home this weekend.

    I've now raised my offer slightly trying to force her hand but it may still not be close enough to the 750k mark for the owner. Obviously the property is not worth $750k but with the property market the way it is currently, it's likely that they may get a $750k offer or higher at the next open home.

    Any advice on how to lock down the property before it goes to another open home? I'm not entirely sure if the situation is the agent trying to get me to raise my price or whether this is actually how the owner feels

    Thanks in advance for the help

    Cheers
     
  2. Trainee

    Trainee Well-Known Member

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    bit of contradiction here? Its worth what someone will pay for it.

    The only way to lock it down is to exchange contracts before the next open. But that means offering a price both of you will accept. All you can do is offer what you think its worth. But in this market, the seller will be picky.
     
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  3. Sackie

    Sackie Well-Known Member Premium Member

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    In the current market/s environment, no one "forces the sellers hand". If you really want it, I suggest you come in with a very strong offer. Forget tip toeing around unless your happy to lose it. In that case, move on to the next and try your luck.

    You basically have no real negotiating power.

    *I'm assuming you live in an area with strong demand atm,
     
    Last edited: 24th Mar, 2021
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  4. Investor_Scotty

    Investor_Scotty Member

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    It's a hot sellers market and agents know it :) .

    You could potentially make a lower offer in writing and ask them to take it to the vendor but I'm guessing that the agent will recommend the vendor not accept it.

    If you don't believe the property is worth $750k, just hit that NEXT button and look for something else.
     
  5. Freak00718

    Freak00718 Member

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    Sydney
    Thanks all for the advice. Ended up putting in a stronger offer and used some of my ethnic bargaining skills to get my offer accepted before the open home... and yes definitely was a low supply high demand area
     
  6. Stoffo

    Stoffo Well-Known Member

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    Thanks for following up with how it went ;)

    So you have exchanged contracts ????

    Glad it worked out for you :cool:
     
  7. Freak00718

    Freak00718 Member

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    9th Apr, 2019
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    Location:
    Sydney
    Sorry should have been clearer! Contracts exchanged, holding deposit paid and now in the cooling off period so no chance of being gazumped :)
     
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