Low ball offer made, Cairns

Discussion in 'The Buying & Selling Process' started by dawso83, 10th Jan, 2019.

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  1. dawso83

    dawso83 Member

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    Cairns
    First time poster

    Have been watching a property in my local area of Cairns for just over 12 months, obtained pre approval in Nov 18 and finally made a low ball offer yesterday for approx 10% less than asking price.

    To justify the low offer, property has been on market for over 12 months (has been rented during this time), needs new back fencing and needs updates although is completely livable as is.

    I've not puchased property since I was 21 which was quite awhile ago, how long do you normally wait to hear back from REA regarding submitted offer? The owner is in WA and is a shift worker.
     
  2. hammer

    hammer Well-Known Member

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    I'm not sure 10 percent is what I'd consider a lowball offer....
     
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  3. dawso83

    dawso83 Member

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    Ha I wanted to go lower (65k lower) but everyone freaked out!
     
  4. Brady

    Brady Well-Known Member

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    Has the price changed during the 12 months?
    Doesn't sound like a too drastic low ball...I offered $190k below asking this week
    How did you leave it with the REA? Did you state when you wanted to hear back? Did you put an expiry on the offer? Is there a planned open this weekend?
    I told the agent to rip up the contract/offer if it's not accepted by tomorrow, my offer was made Tuesday - 3 days is plenty enough time unless communicated otherwise.
     
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  5. dawso83

    dawso83 Member

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    Price has dropped $10k in past 12 months, I ended up offering $40k under, agent said he would get back to me today with a reply and I honestly wasn't aware that we were able to put a time limit on an offer! - good to know now lol
    Hope you get your home!
     
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  6. See Change

    See Change Well-Known Member

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    Peoples circumstances change , and you never know the true story ..

    We made an offer on a place that was asking 1.275 . I wanted to make the 800 K , but wife said they won't go below 1 mill .

    We offered 800 and they came back saying they wouldn't go below 900 which were happy to agree with .

    Cliff
     
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  7. hobo

    hobo Well-Known Member

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    Good luck!

    Can I ask suburb?
     
  8. See Change

    See Change Well-Known Member

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    It was in Mosman .

    Cliff
     
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  9. dawso83

    dawso83 Member

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    I've called and emailed the agent and had no reply, not really sure what's going on!
     
  10. ashish1137

    ashish1137 Well-Known Member

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    What year?


    Regards
     
  11. See Change

    See Change Well-Known Member

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    Post GFC .

    Cliff
     
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  12. hobo

    hobo Well-Known Member

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    Sorry @See Change I should have been more specific - I was meaning that post for @dawso83

    But I see they hadn’t had any info before Friday....