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  1. #1
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    Default Buying house tips

    Hi everyone.
    We currently are looking at buying a bigger home. I just want to know in regards to making offers what do u do?
    Say a house is up for offers from 750000 that means u cant offer less? If u could.. How much less can u offer?
    No idea and super stressful just looking!
    Thanks

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    There is no rule, but always put in a lowball offer because there is a slight chance they may take it.
    If they're serious about selling, they will negotiate. I don't think I know anyone who has ever paid the listed price.

    When we put out house on the market, we intentionally put another $10k on top knowing that would leave us room to negotiate.

    As for how much less you offer, it's up to you. I would generally make my first offer $50-40k lower than the stated price but could understand if you wouldn't feel comfortable doing that. Got to start somewhere, right?

    Don't forget to make your offer with the clause that its subject to building an pest checks, either. Last thing you want is to be paying for a dodgy house!

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    Yep go in under. Its definately the way to kick of negotiating. If it has been on the market for some time they may be more inclined to take it. Point out things with the house that you will have to fix/repair even if it is minor : eg we will have to repaint, replace carpet. That way when the agent puts the offer forward he/she will say your offer reflects such and such being done to the house iykwim.

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    Depends - how is the market in your area ? Is it for sale or auction? In Sydney if you offered less than the offers over price they wouldn't take you seriously so just do your homework and research all the most recent sale prices in the area you are looking in - you will know immediately then if the home is over priced or not and then you can make your offer accordingly

    Also make sure your finance is ok and that you can be in a position to sign a contract asap , always ask the agent what figure the owners are hoping to achieve , what he thinks it will sell for and what other homes has he sold similar and what is the average time houses take to sell in that suburb ( if it's over 60 days then there is room to negotiate but if it's under 21 days like Sydney there is no room!)

  5. The Following 3 Users Say Thank You to Elijahs Mum For This Useful Post:

    BH-KatiesMum  (20-02-2015),GrabbyCrabby  (20-02-2015),Little Ted  (20-02-2015)

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    Thanks so much thats good to know.
    Also we like a house so want to put an offer on it next week but our house isnt even on the market yet so subjecting it to our house selling..is that right? And pray it sells

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    Again it depends where you are - in NSW there is no standard subject to finance or selling clause and no owner would agree to it so you put the 10% down and all you get is a 5 day cooling off period to work out your finance etc ( unless it's an auction property then there is no cooling off) so check the standard practice in your state - I would definitely look into bridging finance so if you do find a great house you can jump on it ( if the market is good and you are confident your own home will sell quickly) or you can ask the owners for an extended settlement period so you can sell your home ( but again you would still need finance in place just in case)

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    Quote Originally Posted by Elijahs Mum View Post
    Again it depends where you are - in NSW there is no standard subject to finance or selling clause and no owner would agree to it so you put the 10% down and all you get is a 5 day cooling off period to work out your finance etc ( unless it's an auction property then there is no cooling off) so check the standard practice in your state - I would definitely look into bridging finance so if you do find a great house you can jump on it ( if the market is good and you are confident your own home will sell quickly) or you can ask the owners for an extended settlement period so you can sell your home ( but again you would still need finance in place just in case)
    Wow! I'm glad I don't live in NSW! In SA you don't need to put down a deposit until after the 2 day cooling off period has ended and you can make the contract subject to anything you want - building inspection and finance are pretty much expected and subject to sale of property is common but whether a seller accepts that as a subject to is a different story!

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    Default Buying house tips

    Wow so the owner is locked into a contract and can't sell to anyone else during that time? So if you don't end up getting your finance approved or sell your house they have potentially lost all the other buyers and have to start again? Does the buyer forfeit any money? What about auction properties?

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    Quote Originally Posted by Elijahs Mum View Post
    Wow so the owner is locked into a contract and can't sell to anyone else during that time? So if you don't end up getting your finance approved or sell your house they have potentially lost all the other buyers and have to start again? Does the buyer forfeit any money? What about auction properties?
    I think they lose there deposit correct me if I'm wrong. We could only afford $500 deposit. Ha! But finance got approved.

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    Default Buying house tips

    Quote Originally Posted by Elijahs Mum View Post
    Wow so the owner is locked into a contract and can't sell to anyone else during that time? So if you don't end up getting your finance approved or sell your house they have potentially lost all the other buyers and have to start again? Does the buyer forfeit any money? What about auction properties?
    Yep! It's up to the seller though if they want to accept that as a condition.

    You only lose the deposit if you don't put it subject to finance and don't get finance.

    So we are currently selling our house if we accept an offer subject to finance and the buyers bank turns around and says no you can't get a loan, we are back to square one.

    Generally there is a 'due date' for finance which is usually 2 weeks from the contract date, so it's not like a buyer has until settlement to get finance approval.

    But if they don't sign the contract subject to finance and the bank rejects them, they then forfeit the deposit - generally $5k, but can be negotiated

    Auction is the same as NSW. 10% deposit at fall of the hammer, which a buyer loses should they not gain finance.
    Last edited by A-Squared; 20-02-2015 at 20:59.

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