It is common practice in a changing market for offers to be made on properties. As real estate agents we must by Law submit any reasonable offers to the owners in writing for you. So what is a reasonable offer?? A reasonable offer varies dependant on the market at the time and how realistic an owner with their initial asking price, but as a rule of thumb, right now, I would expect an offer within 10% of an asking price. This will ensure you don’t offend an owner while giving them the opportunity to consider the opportunity to sell. Where an owner is not prepared to negotiate to the level a buyer will pay, they simply counter offer back to you as the buyer, at the price they will accept. Conditions of an offer (say subject to sale, cash or subject to finance) and settlement dates all impact on whether an owner will accept an offer.
Good luck, and if you can get your finance pre-approved as cash buyer will generally buy better than a conditional one.
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Hi Cate
It is common practice in a changing market for offers to be made on properties. As real estate agents we must by Law submit any reasonable offers to the owners in writing for you. So what is a reasonable offer?? A reasonable offer varies dependant on the market at the time and how realistic an owner with their initial asking price, but as a rule of thumb, right now, I would expect an offer within 10% of an asking price. This will ensure you don’t offend an owner while giving them the opportunity to consider the opportunity to sell. Where an owner is not prepared to negotiate to the level a buyer will pay, they simply counter offer back to you as the buyer, at the price they will accept. Conditions of an offer (say subject to sale, cash or subject to finance) and settlement dates all impact on whether an owner will accept an offer.
Good luck, and if you can get your finance pre-approved as cash buyer will generally buy better than a conditional one.
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