Buying block - did you 'bargain'

We are keen on a block in our local area. Neither of us are keen bargainers, but we would like to get the best price. What have been others' experiences with purchasing your block - did you get the price down or just pay what was on the price list? Any advice appreciated!

We bought a re-sale block through a real estate agent. We gave our best offer which was $4k under the asking price and the vendor accepted it.
If you are buying from a developer you could ask if they accept offers and then put one in, they can only say yes or no

our block was listed at 260 by the agent and developer we tried to get it for 220 given the downturn in the market.( feb 2008) if we were still bargaining for it I think now we could get it for closer to 200-210 maybe even just under as only one of the blocks near us has sold. . but we ended up paying 245 for it.

We paid list price for ours through the developer. But we were the first or second to put a deposit in our release. There was actually a list of people waiting to see if we would drop out of the sale!

I was a happy to pay full price and get the exact block we wanted.

I offered 10k less when I was purchasing my block. We ended up meeting in the middle and I bought it for 5k under the listed price.

We bought our block as a resale through a real estate agent, ( in late 2007 ) and offered 15k less than asking price and the offer was accepted I would make an offer and see what they say!
Sonya

When I bought my block I used a buyers advocate. He assessed what the block was worth and developed a strategy to get it.

He showed me other sales in the area and we both knew the block was already at a good price, $169,000. We still went in and offered $161,000 and picked it up. Note that this block was a one off and not part of a large development.

I asked him how much they will budge in the dig developments. He said if it's the first one they may be very keen as they just want to get some cash flow.

I used the advocate because I figured he was a pro who negotiates hundreds of sales a year and I was just a mug who didn't know all the ins and outs of the process.

I was very happy with the job they did and I would use them again. Check out their web site and you might get a few pointers. Don't be scared to ring them, very nice people. Ian is the top man and he is happy to talk to any one, no obligation. Every now and then they have a free seminar explaining negotiating techniques.

www.jpp.com.au

I have no interest in the business, just a 2 time very satisfied customer.

Brian

I am not sure what this means....who is "you know who"?

I was thinking the same, I am hoping it does not mean what I am thinking.

I was presuming a Builder putting a hold on a block ( or lots of blocks! )....but I could be mistaken...

Hahaha, guys don't let your imagination take you far away I know what the 3 of you had in mind

I said it in an angry moment and it's all conspiracy. I'm talking about people who work with real estate agents who buy decently large or located lands then sell them afterward for a higher value.

Got it ?

With real estate I have always worked on the basis of hoping to get 10% off the asking price. I would be very unhappy if I did not get at least 5% off the asking price.

When selling houses I have almost always had foreigners come in and offer close on half the asking price. I guess they figure they can offer a 100 people half the price and if they just get one seller accept because they're desperate, then it's worth it.


I suggest you have to judge how quickly the blocks are selling. If they're selling like hotcakes, and likely to sell out fairly fast, then you're unlikely to get any discount. But selling half a dozen blocks on the first weekend of a new estate opening does not mean they're selling like hotcakes. It just means some people had been looking at the blocks while they were being prepared for sale and want to be first off the mark. They rest could take a year or two or five to sell.

Keep in mind the value of a block is totally subjective.

The blocks in our stage were going fast and there were others interested in them
so there was no room to bargain with them. Still happy with what we paid for it.

We tried to offer less, but the land agent said she wouldn't even take it to them. They where not accepting offers at all.

Instead the agent suggested we ask for a longer settlement time, therefore giving the builders time to do there thing and saving money on paying interest etc. We asked for a 90 day settlement and got it. At the moment the builder is being a bit slow in getting us our bank pack, and the bank won't settle on the land without it, so we have asked the agent for another 6 weeks before settlement. *fingers crossed*

I've noticed that with the release of new land in our development they have put up the price of the blocks either side of us by another 6000.

List price was 62,500 I paid 55,000, very slow sales at the time. The developer took a long time to say yes, probably hoping for another buyer.

We paid 10 000 less than asking price, I sometimes think we should have offered even less, but overall we are happy with the price we paid.

always bargain the price down our block was only worth $10,000. yes ten thousand but we offered 7 and ended up paying $7500. so not even price matters theres always room for negotiating

Thanks for all your informative advice. We are off to the land sales office today to chat to them more seriously about buying our favourite block. Thanks for your replies - they have been helpful.

I would suggest that you don't ask if they will except a lower price because if they say no you may very well just pay what they ask. If you intend on trying to get a better price just offer it with out asking if that will be ok. You may get no where but I think it's a better way to go.

I didn't bargain, but in hindsight I wish I did :/