As a potential home buyer in Melbourne, I've spotted a unit of interest that is being advertised for private sale ($610-650k) with several open inspections before it goes to auction in early September. The agent told me today that I would have to make an offer on the higher end to have a chance at getting it before the auction.
In this scenario (that is, available by private sale with a future auction date), does anyone have any advice around making a successful offer? What sort of price would be feasible/likely for the seller to accept?
Assuming it is an auction, then do some homework and see what is a realistic price for the property - forget the advertised price range as they are always BS. All things being equal I would expect a sale price of closer to $680k than $650k.
Tell the agent you are a serious buyer and ask what it would take to buy the property now. If he won't give an indication, and you really want the place offer them $660,000 - in writing. If that is knocked back, which is quite possible, tell the agent you want to know what will be accepted - don't get into a one person auction (yourself). If the agent is still not co-operative tell him/her you expect them to amend the advertised price range (on the basis they have a firm offer above the quoted range) otherwise you will report them to Consumer Affairs.