Header Ad Module

Collapse

Announcement

Collapse
No announcement yet.

Every offer a multi offer

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Every offer a multi offer

    Hi All

    I'm in the process of buying a PPOR at last, and have put a few offers in over the last few weeks. Every time I have, I've been notified all of a sudden that there's another offer and it'll be a multi situation, so I need to submit my 'best offer' right away.

    Now, if I were jumping on listings the day they came to market this wouldn't be unexpected, but the property I'm offering on today has been on the market over a month with little interest. It seems awfully suspicious that someone else placed an offer a single day before I choose to.

    Anyone aware of any way to determine whether a multi offer is genuine? Besides calling the bluff and pulling out of the process, that is?
    AAT Accounting Services - Property Specialist - [email protected]
    Fixed price fees and quick knowledgeable service for property investors & traders!

  • #2
    happened to me a few times, I am sure its a trick but no idea how to be certain.
    I offered 5k more once, I got the deal. Other times I was not even told that there is multi offer, just next day that I lost by 2k (wtf? )

    the cynic in me would say that if your offer is very low, then the agent could call up a friend and tell him its a great deal and just offer a few k more to buy it. and if I think about what the gurus say to be friendly with the agents to get the deals, it pretty much supports the theory. Either way, the agent does not do disservice, as he is achieving higher price, only you got gazumped.

    Comment


    • #3
      I'm surprised the REAA doesn't audit for agencies trying to game this. It would be quite easy to do.

      We've had a couple of deals when we were representing the vendor go to multi-offer. Both times someone was interested but hadn't committed or was still trying to get organised. The actual offer spurred them into action.

      If it is an older listing you could counter by adding a clause that the offer is only valid until close of play today or 24 hours or something and decline the option to up your bid.
      Free online Property Investment Course from iFindProperty, a residential investment property agency.

      Comment


      • #4
        Anthony, what areas are you submitting offers for?

        Around 2-3 years ago when Hamilton market was stagnant, about 70% of the times we submitted an offer the agent would say there is a multi-offer. We always stuck to our original offer and were successful. The agents could have been saying the truth or could have been playing with us but as long as you are comfortable with your offer then don’t pull out.

        However, our situation was very different to yours as we were placing offers for new investment properties so we were not emotionally attached as if we would have if it was for a new PPOR.
        www.PropertyMinder.co.nz
        # Property Management
        # Ad Hoc Tenancy Services / Rental Inspections / Terminations and Notices

        Comment


        • #5
          Oh, little in the way of emotional attachment here - this won't be our 'forever home' and so we're buying along the lines of an investment we can live in. Needs to be good enough, at the right price.

          I'm comfortable in our offer, but I want to pay the least possible, so the agent encouraging our 'best offer' doesn't work for me.

          I'll put in our intended offer at less than we're actually willing to pay, and the vendor will lose out if they go for someone else's 'best offer' slightly higher than ours.

          Just the whole process is frustrating, I'm absolutely certain I've been lied to. Whether this time or the last, some of these agents are being incredibly dishonest, and it's not ok.

          EDIT: Since you asked, buying in Greenlane/Newmarket/CBD, near train station.
          AAT Accounting Services - Property Specialist - [email protected]
          Fixed price fees and quick knowledgeable service for property investors & traders!

          Comment


          • #6
            If you're looking at it through an investment lens then I'd definitely try to be aggressive with your offer having a deadline. Say that you're considering putting in a bid on another place 2 days from now. Good luck.
            Free online Property Investment Course from iFindProperty, a residential investment property agency.

            Comment


            • #7
              That's an excellent idea. End of day might be a bit much as the agent has said offers will all be presented 5pm tomorrow. But COP the following day could work. Will think seriously about that. Thanks!
              AAT Accounting Services - Property Specialist - [email protected]
              Fixed price fees and quick knowledgeable service for property investors & traders!

              Comment


              • #8
                Virtually every sale is a multi-offer at the moment. By putting a 24 hour clause in you are ruling yourself out of contention in most instances.

                Comment


                • #9
                  Auckland has fallen over big time last few days my agents tell me. Like all buyers dropped off a cliff.

                  Comment


                  • #10
                    Originally posted by Bobsyouruncle View Post
                    Auckland has fallen over big time last few days my agents tell me. Like all buyers dropped off a cliff.
                    And here's me thinking Modi would only wipe out Mt Roskill and some city apartments.
                    Kidding.

                    Comment


                    • #11
                      Originally posted by Bobsyouruncle View Post
                      Auckland has fallen over big time last few days my agents tell me. Like all buyers dropped off a cliff.
                      can't be true... The only way is up in Auckland ... Isn't it?

                      Comment


                      • #12
                        Just reporting what my agents say, volumes down.

                        Comment


                        • #13
                          I live in central Auckland, no doubt about it market is quiet, amazing how many houses for sale at auctions don't even get a bid. Ironically now seeing the odd advert on trade me saying price reduced !

                          Comment


                          • #14
                            Originally posted by Don't believe the Hype View Post
                            can't be true... The only way is up in Auckland ... Isn't it?
                            Gary, the oracle, was saying this recently but now it seems he says they go down
                            Prices have dropped 5 to 10 per cent," Lin said.
                            The city's real estate market has finally turned and properties usually bought by investors are going for up to 30 per cent less, experts say.

                            Comment


                            • #15
                              Three Roy Fong articles in the Herald in 3 days telling everyone to be quick and buy now (and borrow from everyone around them).... lol

                              Comment

                              Working...
                              X