Selling at first open home

Discussion in 'The Buying & Selling Process' started by hash_investor, 17th Feb, 2018.

Join Australia's most dynamic and respected property investment community
Tags:
  1. hash_investor

    hash_investor Well-Known Member

    Joined:
    11th Oct, 2015
    Posts:
    2,440
    Location:
    Sydney / Canberra
    Hi guys,

    I am selling an apartment and I have an offer on the first open home. Its a 2 bed unit in mount druitt selling for $380k in a 15 years old block. I am now in a fix to sell or wait for a better offer later on. Purpose of selling this unit is to buy a PPOR in sydney.
     
    hash_investor, 17th Feb, 2018
    #1
  2. DaveM

    DaveM Well-Known Member

    Joined:
    14th Jun, 2015
    Posts:
    3,761
    Location:
    Adelaide & Sydney
    How does it compare against agents appraisal?
     
    DaveM, 17th Feb, 2018
    #2
  3. hash_investor

    hash_investor Well-Known Member

    Joined:
    11th Oct, 2015
    Posts:
    2,440
    Location:
    Sydney / Canberra
    It is in the range. But I have found no agent would give me the right estimate and ask me how much I want. I dont know whether to trust the agent as he would want the sale on the first open home to avoid the extra effort.
     
    hash_investor, 17th Feb, 2018
    #3
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    10,634
    Location:
    Gold Coast (Australia Wide)
    First offer is often the best offer ?

    ta

    rolf
     
    Rolf Latham, 18th Feb, 2018
    #4
    wylie, Propertunity and Ed Barton like this.
  5. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    10,634
    Location:
    Gold Coast (Australia Wide)
    What listing range did the CMA suggest ?

    ta
    rolf
     
    Rolf Latham, 18th Feb, 2018
    #5
    DaveM likes this.
  6. BarneyRubble

    BarneyRubble Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    283
    Location:
    Brisbane
    Have any other two bedders in the block sold recently? Should give a good comparison to help your decision process.

    Like Rolf said, first offers are often the best. Depending on how much more you want to wait for the better offer on, it would also be worth comparing that to your holding costs.
     
    BarneyRubble, 18th Feb, 2018
    #6
  7. Barny

    Barny Well-Known Member

    Joined:
    16th Oct, 2015
    Posts:
    3,191
    Location:
    Australia
    Is first offer really the best offer?
     
    Barny, 18th Feb, 2018
    #7
  8. 738

    738 Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    131
    Location:
    Melbourne
    It may or may not. Up to you whether you want to roll the dice.
     
    738, 18th Feb, 2018
    #8
  9. Propertunity

    Propertunity Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    3,476
    Location:
    NSW
    Very often it is. The intending purchasers have missed out over and over and are now educated to make strong offers so they don’t miss out again. (of course this is in a strong market with limited supply)
     
    Propertunity, 18th Feb, 2018
    #9
    Anthony Brew, Barny and Ed Barton like this.
  10. Knights of Ni

    Knights of Ni Well-Known Member

    Joined:
    11th Jan, 2017
    Posts:
    123
    Location:
    Melbourne
    Did you list the property with the intention of selling it?.......... Then sell it!
     
    Knights of Ni, 18th Feb, 2018
    #10
    738 and Nadine Cross like this.
  11. Gockie

    Gockie Life is good ☺️ Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    14,781
    Location:
    Sydney
    Agree with others. How is the offer in relation to the CMA?
    Do you think your agent has gotten very good prices for their other sales in the area? If so, your agent won't want to undersell yours if their track record is filled with all solid and high prices.

    I would seriously consider taking it if the offer is comparable to other sales in the area. You don't want to sit on the market 4 weeks or longer, your listing will become stagnant. And how likely is it that someone will offer more in the next 2-3 weeks? A bird in the hand is worth 2 in the bush.
     
    Gockie, 18th Feb, 2018
    #11
    kierank and wylie like this.
  12. Barny

    Barny Well-Known Member

    Joined:
    16th Oct, 2015
    Posts:
    3,191
    Location:
    Australia
    Makes sense, I did the same thing on my last purchase after continually getting outbid.
     
    Barny, 18th Feb, 2018
    #12
  13. Westminster

    Westminster Tigress at Tiger Developments Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    11,353
    Location:
    Perth
    If the price is not what you want then:
    1. counter offer at a more appealing to you price
    2. decline and wait

    Only you (and the REA) can know if it's a good offer. Have a good honest look at comparable properties and see if there are genuine buyers out there that would pay more.
     
    Westminster, 18th Feb, 2018
    #13
Financial Advice – Do you need help