Browse Forums Real Estate 1 Aug 31, 2009 12:03 pm Is there a standard rule/law around an agent having to tell the value of an offer that has been rejected? I am looking at a block of land, where an offer has been made and rejected. How can I know what I need to offer if he wont tell me what was rejected?? Re: Rules regarding offers 2Aug 31, 2009 3:45 pm I would have thought that the only laws would be between the vendor and the real estate. Any prospective buyers wouldn't factor into the equation. All you can do is offer a low amount and keep going up - or say to the R/E could he give you a ballpark figure so you don't waste his and the vendor's time. Some things are worth waiting for. Re: Rules regarding offers 3Aug 31, 2009 5:18 pm Interesting question. From what you've said I would gather that someone made a stupidly low offer or on the other hand something reasonable but maybe the vendor isn't wanting to move too much from the set price. If he won't tell you what was offered I guess there isn't really any way you can find out, just start at the lowest reasonable offer, and if it gets declined work your way up. I also think it's a sensible idea to ask if there is much movement for negotiation (or something to that effect) to try get some idea out of the agent, after all no point trying to negotiate with someone who maybe not be in a rush to sell and pretty firm on the price. I can't remember but I read somewhere that you can expect a vendor to list a property for up to 10% more than their bottom line, that sounds a bit unrealistic to me though, maybe it's that much with privately advertised places, to me 5% sounds a lot more reasonable, So perhaps that's a starting point for you, offer 5% less than the asking price and see how you go. On a $300k block you would offer $285k, sounds pretty reasonable? Re: Rules regarding offers 4Aug 31, 2009 7:00 pm The block is advertised at $220-$240 and he told me someone offered an amount in the lower end of the quoted ranged and it was rejected. That makes me think someone offered $220...?? Which makes me think the agent is doing what I am noticing a lot of them doing these days - underquoting. Re: Rules regarding offers 5Aug 31, 2009 7:13 pm I would say they offered $220 if he says it's to the lower end of the scale. You could always go in at $225 and see what happens. The worst they can do is say no and then you can go up from there. He isn't going to tell you the previous offer as that could influence the amount you were willing to pay. Say you were prepared to go to $235 but knowing they only offered $220 you would only offer $225. Re: Rules regarding offers 6Aug 31, 2009 7:14 pm from my experience when something is listed as e.g. $220 000- $240 000 then realistically 240 is what they are asking and yes I think agents do this to encourage more interest in the property but it wont normally sell at the lower end. But someone may have offered under the lower end too. I agree that 5% under is a good guide to make an offer, more than that and you may just insult the seller and they'll decide to stick to their guns. Re: Rules regarding offers 7Sep 03, 2009 9:01 am I just spoke to the agent and asked how much the vendor will sell for, he said he really doesn't know?? He is going to call him to discuss it. If he tells me $240k, then technically he has been underquoting! Re: Rules regarding offers 8Sep 03, 2009 12:09 pm the best thing to do is put in an offer and see what they say. They'll either accept it or reject it in which case you can put in a counter offer if you want to. The agents job is to get the best price he can for the seller so it's really not his job to tell a potential buyer what the lowest price the seller will accept is. work out how much you are prepared to pay for the block and if the seller doesnt accept it and you cant negotiate to a suitable price then move on and keep looking. Re: Rules regarding offers 9Sep 04, 2009 2:46 pm piscean The agents job is to get the best price he can for the seller so it's really not his job to tell a potential buyer what the lowest price the seller will accept is. Yes in theory but I have seen them do exactly that many times. They often indicate what price range (i.e.lowest price) the vendor will accept. Re: Rules regarding offers 10Sep 04, 2009 8:59 pm thlo Yes in theory but I have seen them do exactly that many times. They often indicate what price range (i.e.lowest price) the vendor will accept. but in this situation that hasnt happened and the agent is being cagey about lowest price and previous offers made. IMO you may as well put in an offer and see how it goes Re: Rules regarding offers 12Sep 05, 2009 9:33 am I'd be happy for them just to tell me A price... if the quote $220-$240k, then anything in that range should be accepted in my eyes. But, it's not. I have offered $230k, waiting to hear back... Re: Rules regarding offers 13Sep 10, 2009 3:50 pm It has officially been 1 week since we made the offer and we haven't heard back... the agent keeps telling me that he has been chasing the vendor and hasn't had a response. Is this crazy? Re: Rules regarding offers 14Sep 10, 2009 4:03 pm CoNNiE It has officially been 1 week since we made the offer and we haven't heard back... the agent keeps telling me that he has been chasing the vendor and hasn't had a response. Is this crazy? No not really. It probably means the vendor has fallen out with the agent and is possibly waiting for their agreement to run out to list with another agent. It could also mean the vendor is ignoring the offers they deem to be too low and refuse to even counter offer. Re: Rules regarding offers 15Sep 10, 2009 8:23 pm thlo No not really. It probably means the vendor has fallen out with the agent and is possibly waiting for their agreement to run out to list with another agent. It could also mean the vendor is ignoring the offers they deem to be too low and refuse to even counter offer. Funny you say that, they just accepted!! Re: Rules regarding offers 16Sep 10, 2009 10:08 pm CoNNiE thlo No not really. It probably means the vendor has fallen out with the agent and is possibly waiting for their agreement to run out to list with another agent. It could also mean the vendor is ignoring the offers they deem to be too low and refuse to even counter offer. Funny you say that, they just accepted!! Congrats Blog: http://bluemistkids.blogspot.com "Never be afraid to try something new. Remember, amateurs built the ark, and professionals built the Titanic." Re: Rules regarding offers 17Sep 11, 2009 4:36 pm CoNNiE Funny you say that, they just accepted!! That solves your problem, you wont be needing my guesses anymore. Congrats, so you'll be waiting for the valuation result then? Re: Rules regarding offers 18Sep 11, 2009 7:02 pm Yep, the bank was able to send all the paperwork to my local branch for DH to sign before he leaves on Sunday. The valuation they have told me we should have by Wednesday. Is that all we need to do? Re: Rules regarding offers 19Sep 12, 2009 12:05 am If the valuation comes in as expected ie same as the contract price, that should be all (unless there are any tricky bits to do with the house you are buying) but your solicitor should handle those issues. 1 1906 "is it exempt or do I need to get permission from council" Call your Council and ask them 1 1500 i would not be signing anything on the day read your contract about when builder submits final invoice generally, have to meet builder within 7 days of receiving final… 1 4664 |