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What to expect?

Discussion in 'The Buying & Selling Process' started by Toon, 13th Oct, 2015.

  1. Toon

    Toon Well-Known Member

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    I emailed a RE agent yesterday requesting a copy of contract so I can submit an offer on a property in Qld. I gave all necessary details including finance/B&P clauses required along with the amount I intend to offer & a 48hr time limit on my offer. I haven't yet received an acknowledegement of his receiving my email. How long should I give it? Is he likely to reply with the contract attached or is he likely to be ignoring my offer altogether?

    I've only bought in Vic previously, so unsure what to expect.

    Also, I have offered about $30K under what I'm prepared to go to, but surely an offer should be seen as at least a starting point?
     
  2. EN710

    EN710 Well-Known Member

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    I emailed and message their mobile that contract has been sent. Then wait. No reply I will call several hours before the offer time limit. Not sure if this is the most efficient way tho.
     
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  3. Toon

    Toon Well-Known Member

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    Update -

    The agent called (~10min after I shot off another offer on a 2nd property) & indicated that he'd had other offers that are ~25K above what I was prepared to go to (so 55K over my inital offer). It's slated for auction 31st Oct, which is about 2wks too late for me anyway, as I need a pre-Nov 30th settlement cozAPRA - I wouldn't buy at auction anyway. Well, good luck with that, as I don't think auctions are that big in Qld, especially when it's not even in Brisbane. I told him I'd keep my eye on it after the auction & revisit my options then.
     
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  4. Azazel

    Azazel Well-Known Member

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    Depends where it is I suppose, there are plenty of other markets in QLD besides Brisbane that are doing Ok.
    You might still get a call back after the auction.
     
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  5. Toon

    Toon Well-Known Member

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    Further update -

    The RE agent for the 2nd property I've just offered on responded immediately & said they'd have the contract emailed out to me later today. I've also offered ~30K under what I'm prepared to go to, which is $65K under what it's currently advertised for. It's been on the market since April though & I think they're being overly optimistic.

    Now I can be overly optimistic for a day or two, while I imagine they'll countersign on the first round :p
     
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  6. Toon

    Toon Well-Known Member

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    It's on the Sunshine Coast & from what I can find, in the 12mths to July, auction clearance rates were 32.5%. Not sure if things would have picked up a lot for spring, but I won't be surprised to see it still on the market afterwards.
     
  7. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    That sounds like it has a much better chance of flying if they are distressed. If its just a vendor whos unreasonable or doesnt need to sell (eg cf+ if investment so happy to wait) may not be as open to a lowball.

    Keep us updated :)
     
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  8. Toon

    Toon Well-Known Member

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    Looks like they are the latter, offer rejected within a few hours & their counter offer was the exact same price they already have it listed for :p Even at what I offered, the yield wasn't particularly good for the area (this one's not on the Sunshine Coast). Back to the drawing board.
     
  9. WattleIdo

    WattleIdo renovating Premium Member

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    Well now you know the answer to "Did he/she get my message?"
    And the best way to get a respose - put an offer on another property. Good luck with it all.
     
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  10. Kael

    Kael Well-Known Member

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    I've been offering on a few different properties over the past few month or so in Brisbane. Some real estate agents requested a contract to be signed before they would submit the offer to the owners, some real estate agents requested a verbal or written offer (but not contract) to then negotiate with the owner or gain their acceptance, before they fill out the contract details. Best bet is to call the agent and tell them that you're interested in putting an offer in and ask them if they'd like it sent through as a contract offer or an email offer. I'm not a fan of verbal offers because from what I can tell from others experiences on this forum and from my own experience, is that the RE agent won't take you as seriously.

    Depending on the property and real estate agent, it could also be beneficial to say to them that you're looking at other properties, which should hurry them up a bit. Good luck with your search!
     
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  11. Azazel

    Azazel Well-Known Member

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    I've found this a good way to go in general, don't have to tell the agent what your offer is, just that you want to submit one. They can start trying to work you if you tell them what offer you're thinking verbally.
     
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  12. Toon

    Toon Well-Known Member

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    I've been putting my offers in via an email that also requests a contract drawn up for me to sign & providing them with all the details they need. That way they can't try and manipulate me like they would over the phone. The first just rang me anyway and tried to do the hard-sell, but the second jumped on the request & got the contract to me within a couple of hours. Unfortunately, the seller isn't as keen to sell as the agent :p