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i will set a time limit

Discussion in 'The Buying & Selling Process' started by Darlinghurst Boy, 12th Jul, 2015.

  1. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    Im getting sick of hunting around the Sydney property market.
    Particularly for 1 bedroom units in inner city ...i make an offer usually either the offer they ask for or a bit above..the real estate agent then writes it down and says i will get back to you.
    Well i received a call yesterday ."hi im Mark from Smith real estate ..you remember that property at 1/4 smith street yiu were looking at 6 weeks ago well the owner has accepted your offer.
    Fantastic i said..its that long ago i cant even remember it !!!
    This is what us driving me out of the Sydney property market..agents who are dragging it along weeks and even months to get every dollar.
    I will now set a standard time frame of an offer not that they will care.
    So a unit i was looking at advertised 549k..the agent said to me someone offered 570..so i said 575k..he said i will ask the owner...he didnt get back to me until just recently .."someone has offered 580k he said. "Go and get f...d " i said..i cant even remember looking at your unit it was that long ago!!
     
    Last edited: 12th Jul, 2015
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  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    I doubt he dragged it on - the other offer would have fallen over and now they're coming back to you.
     
  3. Coota9

    Coota9 Well-Known Member Premium Member

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    An offer without a time limit is a wish not an action..
     
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  4. pinkboy

    pinkboy Well-Known Member Premium Member

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    Deep!

    pinkboy
     
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  5. Coota9

    Coota9 Well-Known Member Premium Member

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    Ha ha PB.. heard it somewhere,maybe on a minties wrapper!!
     
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  6. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    Its just i feel like i have to beg them to take my offer..maybe its only these city real estate agents but im setting a time limit...
    I will stipulate not to contact me after the time..but i bet they still do !!

    How do i know what houses i inspected 8 weeks ago ?? I just want to buy another apartment preferably under 600 hopefully a 1 bedroom..otherwise i will just go unti the su urbs
     
  7. Coota9

    Coota9 Well-Known Member Premium Member

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    Just set up a simple excel sheet for all your inspection details-Agent,price guide,actually selling price etc to keep track of all the properties you have inspected and or offered on..
     
  8. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    I shouldnt have to set up an excel sheet..all i want to do is buy it !!!
    Seems the agents here in Sydney City can afford to wait for better offers !
    I offer what they ask..there is no need to ask the owner i believe if thats what they asked.
    My question is ..how do i set a time limit?
    Do i write an email establishing im offering 600k for 1/ 5 jones street nd from the 13th of july at 4pm dont contact me after this.
    Would you write it as above?
     
  9. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    I agree with Jamie. The seller probably got a better offer which they accepted but couldn't complete.

    You didnt have to offer more than that offer since my feeling is that that other one fell through, and the vendor is now possibly desperate.
    The 580k other buyer story though i'd say is probably bs. But if that is the case I would still be polite and firm and say this is my offer. Don't be rude.
    You might now not be able to buy from that agent ever again.
     
  10. sanj

    sanj Well-Known Member

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    Just give an expiry date, ie offer will expire at 4pm on whatever date.
     
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  11. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Write on your offer an expiry date.
    Ps. Why would you say "don't contact me after this". That sounds childish and petty to me.
     
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  12. Search Find Invest

    Search Find Invest New Member

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    Your offer needs to be legally binding, and unconditional, and then it will be taken seriously.
    Your simply wasting your time otherwise................
     
  13. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    Unconditional? ???
    Im off to do a inspection today at a unit 1 bedroom Redfern 629k...i will offer him 629 if he says to me .."oh we had an offer of 635k sorry i forgot to tell u"
    Then i will offer him 645k max and if he starts writing it in his notebook and says i will contact you in 4 weeks i will just tell him to stop wasting my time..either you get bsck to me in 24 hours or pee off.
     
  14. Perp

    Perp Well-Known Member

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    Why would you increase your offer by $16K based on his say-so that they've got a better offer? :eek:
     
  15. willair

    willair Well-Known Member Premium Member

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    When you work out % wise how the price goes up just as you walk in the door, and you are dealing with a commission based percentage sales person,and in market like you have in your area where the price is so high and yields so low ,then just learn to say no and walk out,for that sort of money you would still but a splitter on the southside of Brisbane non flood within 10 klm's from the cbd,even with the slow resi sales for the past 8 weeks inner city ..imho..
     
  16. WattleIdo

    WattleIdo renovating Premium Member

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    Agree DB the product won't yield. Go 2 bedder suburban railway with healthy rent or go elsewhere. Qld or outer Melbourne or regional.
    Rent the inner city pad for lifestyle. Invest where you don't want to live. And choose well. Get the calculator out and start using it. :)
     
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  17. Coota9

    Coota9 Well-Known Member Premium Member

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    That's the reason why the Sydney market has exploded,seriously Darlinghurst Boy put your offer in writing with a expiry on your offer..
     
  18. Fargo

    Fargo Well-Known Member

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    You finally got in the box seat and be in control and you walked away? The owner would have been getting very keen to sell, he tested the market and had his price expectations reduced. You should have changed your offer and offered him 10k less.
     
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  19. Jacque

    Jacque Buyers Agent and Bookworm, Sydney Business Member

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    I feel your pain and understand 100% how frustrating it is, especially when your budget is border line realistic in a growing market (which it certainly is from your posts and info provided) You need to remain focused, however, don't get personal with agents (they have long memories) as it serves no purpose and only gets you more worked up.

    You have probably been in the market sufficiently long enough to know the value of these units even before asking for a price or guide (which can be inaccurate anyway) so keep inspecting, present your offers in writing (with an expiry date if this is your preferred approach) stay calm and re-adjust your expectations accordingly. Remember that the Sydney market is still rising in most suburbs so this needs to be factored in. Keep working :)
     
  20. WinDyz.

    WinDyz. Well-Known Member

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    Hi Darlinghurst. When i purchased mine, I put an offer, and the agent said she will check with the owner. I then followed it up again the next day.
    As soon as the agent told me the owner happy with the offer. I pushed to pay the 0.25%, which locked me into buying that property.