What would you do?

Just my opinion, I think you should offer low first then up it until you reach your max offer before the auction. When you go to an auction other bidders may get over-emotional and may overbid their limit. We saw a place a month ago (land value only) and loved the location...the agent says offer around 700k and owner will sell. We did not offer and hope to save at auction. Guess what? It sold for 805k!!!!!It was land value only!!I still regret not getting that place!

I agree with you Sammy.

I just spoke to my mum about it and she said the same thing 'You will kick yourself if you don't put in an offer and then it goes to auction and sells for 30-50k over what you can afford'

Atleast we know they will sell prior if they get an offer of around 460k, so I think if we start at say $445k and work our way up to meet an agreement we could get a great deal

Bel, be careful, that depends on the agent and their tactics...
When we were going through the offers, we sat in the agents office with all of them in front of us on his desk, he rang them one by one and gave them one chance to come up with their best price....ONE CHANCE! He was not going to go back and forth between 13 people. One chance is all they got to provide their BEST offer.

If they were out-offered by another party they don't get another chance...

So sus out your agent first, if he will let you keep offering up to the auction or if they want your best offer first?

Good Luck regardless, i hope it works out for you.

Good Point P - I never thought of that, will definatly suss it out.

If we can only put in one offer it will have to be a good one I think....

I spoke to the agent a few minutes ago and he said the Section 32 is coming so things are definatly getting closer to GO TIME!

I got good legs...cyclist....!

can i ask what is section 32?

http://www.lawyersconveyancing.com.au/section.asp

The Section 32 Vendors Statement is a document provided by the vendor (seller) of real estate to an intending purchaser.

Its name comes from Section 32 of the Sale of Land Act, which requires a vendor to provide certain information to a purchaser BEFORE a contract of sale is signed.

Aaaah yes, that reminds me, hows that cycling past VJ's going by the way, Mike??

PS. if it eventuates,we wanna see pics of you in drag!!!

I'd also make an offer before an auction expire *prior* to the auction date. That way your offer can't be used as a defacto "reserve".

Thanks Cabinfever We have decided that yes we are going to put an offer through, it will be the amount we can afford, if it gets rejected we will go to auction and see how it goes, but hopefully it doesn't get to that

I just had a call from the real estate and he mentioned that he is taking 2 couples through tomorrow and I can join them if I like, I declined as we really need to wait for the paperwork (which he said will be ready thursday ) but atleast I know there is other people interested in the property so it gives me more incentive to put in a good offer

Is that right? Is it in the agents code or something

Well it is certainly in their (agents) interest as well, don't forget they've got their commission riding on the transaction.

They may also push for an earlier sale on a good offer if they don't think they can get a better offer or sale at auction. 2.5% commission on a $30k lesser offer is better than 2.5% on zip if it's passed in.

They are the third party in the transaction and are out to make a quid and move onto the next property...."bird in the hand"...

I think each state has their own laws governing this but in Victoria, where Haywgl is, real estate agents have a legal responsibility to communicate all offers received.

http://www.consumer.vic.gov.au/CA256EB5 ... uirements~

Hi Bel,

Seeing as you have your house ready to go you need this land!

If you wait and it goes to auction and you miss out you will really regret it. IIf you put in an offer now and a) it gets accepted - your land search is over and you've bought it within your budget or b) it doesn't get accepted then you re-think and either up your offer or wait until auction. Either way you'll know that you did what you could at the time.

Good luck, I know how much work you've put into getting the house sorted out. I really hope that you get this block and can sign up with PD!!!

I have my fingers and toes crossed for you. Hope PD come back to you quickly once they have the section 32.

Toni

Thanks Toni - you are a sweetheart, and you are right we do NEED this land!!

Tomorrow is D day as far as getting our hands on the s.32 and then I will be onto PD quicker than you know it

Hi Bel, D Day today!!! Hope PD comes to the party!!!! Toni

Would you believe the real estate still hasn't got back to me

Not to mention the fact my internet is down and won't get back online til next week.

In the mean time I have had to periodically drop in to my mums (thank goodness she lives close by) to check my email for this stupid paperwork!!

darn real estate agents.....

darn internet.......

darn stupid paperwork.....

darn mum.....

c'mon all, lets send Bel some good Karma....!!! she's needing it!!!

Thanks vanderlay!!

It's true, I need all the luck I can get