agents talking about offers

[murtagh]

Hi,

during the week we saw a cute little place which we'd like to now put an offer in on. Of course, it already says "under offer" on all the usual sites. Inner Melbourne, 2 bdrm unit asking price "250k+".

Questions for the more experienced people here then:
a) the agent at the inspection told us that they already had an offer at 10k over the asking price. I had some vague idea this was a no-no for agents? And, is he most likely bluffing at that? I'd love to put in an offer at what he's said the other offer is, just to call his bluff. But I'm not much of a poker player

b) Does "Under Offer" mean that the other offer is only going to be stopped by not being able to meet the contract conditions? If that's the case do we just write this one up as a "close but no cigar" moment, or do we put in an offer and hope the seller wants to wriggle out of it for a grand or two more?

Thanks!

 

[Bandita]

Hi,

during the week we saw a cute little place which we'd like to now put an offer in on. Of course, it already says "under offer" on all the usual sites. Inner Melbourne, 2 bdrm unit asking price "250k+".

Questions for the more experienced people here then:
a) the agent at the inspection told us that they already had an offer at 10k over the asking price. I had some vague idea this was a no-no for agents? And, is he most likely bluffing at that? I'd love to put in an offer at what he's said the other offer is, just to call his bluff. But I'm not much of a poker player

b) Does "Under Offer" mean that the other offer is only going to be stopped by not being able to meet the contract conditions? If that's the case do we just write this one up as a "close but no cigar" moment, or do we put in an offer and hope the seller wants to wriggle out of it for a grand or two more?

Thanks!

Hi Murtagh,

If it says "Under offer" on most of the real estate sites, that generally means it's made it to the point that the offer has been accepted, contracts signed. In VIC, a vendor cannot accept another offer once the contracts have been signed (however the contract may be subject to conditions, and if something falls through, you should be able to put in your offer).

Cheers,
Jen

 

[murtagh]

thanks!

Thanks for the clarification Jen!

Ok, well we just learnt the "make up your mind quickly" lesson. And it cost nothing!

Cheers.

 

[NOT 2 L8]

I once bought a property (in WA) which was under offer with conditions including finance. I made a cash unconditional offer and the other purchaser was given xxx time to go unconditional and couldn't.

Don't know if it still works that way. Worth asking the question though.

Cheers Chrisv.

 

[Bandita]

I once bought a property (in WA) which was under offer with conditions including finance. I made a cash unconditional offer and the other purchaser was given xxx time to go unconditional and couldn't.

Don't know if it still works that way. Worth asking the question though.

Cheers Chrisv.

This wouldn't work in VIC - once contracts are signed (both sides), deal is done.

Cheers,
Jen

 

[Bandita]

Thanks for the clarification Jen!

Ok, well we just learnt the "make up your mind quickly" lesson. And it cost nothing!

Cheers.

Since the property is sold, can you post a link to it? Interested to see 2 beds in inner Melbourne selling at $260k.

Thanks!
Jen

 

[jingo]

Since the property is sold, can you post a link to it? Interested to see 2 beds in inner Melbourne selling at $260k.

Thanks!
Jen

Yes, I'd be interested too! It seems very cheap in today's market.

Regards Jason.

 

[murtagh]

your wish ..

Hi,

sure - 21 / 97 Epsom Road, Ascot Vale.

It's the only thing we've seen below 300k recently, was old and daggy but in good repair. And about a fifteen minute walk to the train line.

Any thoughts on it are welcome, we're still learning every day.

Cheers.