"offers over" How much does this mean?

[Guest jen&ian]

Hi all,

 

We are starting to look into buying a property ready for our arrival in October. Many of the places we are interested in have an offers over price, what I need to know is what this means in real terms what would an offers over $339,000 actually go for do you think? We have a budget of about $350,000 and I don't want to fall in love with a place I haven't actually got a hope of affording.

 

thanks in advance

 

Jen:)

[Guest sarahsmartiepants]

you would think that offers over $... would mean that is the least they would settle for, sometimes it does, sometimes it doesnt!

Are you looking at houses on the internet to buy before you get here?

If so be VERY careful, because they can make the houses look very nice in photos. We look on the net before then go to the opens and some of them look nothing like it when you get there,which is to do with the way the camera is set up (makes rooms look bigger).

We saw a very interestnig house on the net yesterday, we knew it needed a LOT of work but when we got there it had rising damp and the toilet leaked and it stunk, these sort of things are not visible by photo!.

Sarah

[Guest dglamoore]

I agree with Sarah - when we were looking for a rental we saw some lovely houses online only to find they were nothing like the pictures when we went to look. Some were so far from what we had seen we even wondered if we were in the same house

 

I am sure it is mandatory for Real Estate Agents to go on a creative photography class We did have friends that actually bought a house for less than the offers over price so think it depends how long house has been on the market and how much interest there has been etc

 

Lisa:cool:

[Guest Guest75]

I'm quite abrupt with agents now.

 

I ask point blank "what do you actually want for this property???"

 

Don't be scared of those agents................

[Guest jen&ian]

Thanks Guys,

 

We know its a bit of a risk buying a house without seeing it, but we've had a couple of kind offers from people who'll have a look on our behalf and tell us if they're a dump, the places we are considering are fairly new and if we don't like it we can always sell. We just want to get a foot on the ladder and are sick of paying someone elses morgage, (renting in UK at present)

 

Cheers

 

Jen & Ian

[Guest dale_jo@]

Good Luck !!!!!!!!!!!!!

[Guest sarahsmartiepants]

Thanks Guys,

 

We know its a bit of a risk buying a house without seeing it, but we've had a couple of kind offers from people who'll have a look on our behalf and tell us if they're a dump, the places we are considering are fairly new and if we don't like it we can always sell. We just want to get a foot on the ladder and are sick of paying someone elses morgage, (renting in UK at present)

 

Cheers

 

Jen & Ian

 

It is Ok to get people to look for you if you are sure about the people, I dont mean trustworthy, but if they are like you, do they like the same things and see things the same as you? Dont forget also you pay stamp duty here when you buy a property. I understand not wanting to pay someone elses mortgage, but that renting time will give you a chance to find the right house and area.

sarah

[Guest Libby1971]

Hi

 

I certainly agree with Sarah on this one.

 

We have just bought a house in an area I never thought I would live in a style of house I never thought I would buy.

 

I am renting in an area I had never considered either. I can understand you being reluctant to pay someone else's mortgage but I would really take the time to have a great look around.

 

Tyke gives good advice...it depends on how long the property has been available as to how strictly the house price will be adhered to.

 

Hope this helps

 

Libby

[Guest Roo1]

Hi,

Just becareful too with the price guide. What the owners are asking for and what people will pay can be a huge margin.

Ian and I went to an opening in Hallett Cove, the price guide said offers over $700,000. It was totally way off, I would have said more like $500,000. Even the estate agent agreed with that figure.

Best of luck with the move

Judi x

[Guest stufi1997]

$400 thousand ,$500 thousand, $700 thousand, s**t these must be some pads your all looking at? way outa my price range. i thought houses were cheaper there? mind you we're just happy with a smaller place and a little mortgage, we'll probably only have $200 grand to start off with....!i don't know is the house so important..? Stu

[Guest carters]

Of course the house won't be so important as in Aus you will be outdoors too much to notice.

 

We need at least 4 beds as we have 3 children who need their own space:cool:!

 

The kids have also requested a pool and enough space for a pool table, I have told them that in Aus they must all get jobs so pay the mortage! The 2 year old seems reluctant but I am sure I can talk her round!

 

 

nikki

[Guest stufi1997]

Ahh the two year old... i remember that age and how wonderfully enthusiastic they were..! mind you our Aaron is 8 and still keen (well at least if there is a sweetie involved.) Other than that i've told Fiona she's on the street..... But hey your right enough if it ain't raining then ye ain't inside.... those are the rules here so those are the rules there... i can't stand the playstation on all day. We do need three beds aswell but iv'e seen some nice looking older places ( probably in snakes gully or something!!!) but i'm pretty handy and i like a good project so if it's run down thats fine too. stu.

[Guest dglamoore]

$400 thousand ,$500 thousand, $700 thousand, s**t these must be some pads your all looking at? way outa my price range. i thought houses were cheaper there? mind you we're just happy with a smaller place and a little mortgage, we'll probably only have $200 grand to start off with....!i don't know is the house so important..? Stu

 

 

 

Don't worry Stu there are places still around for $250K for 3 beds. Prices are starting to go up here and the average price now seems to be around the $300-$350K mark.

 

We are pricing up land and build options. We looked at some land on The Point for $150 and house for $150 ish depending on the extras - that is for a 1100 sqm plot and a 4 bed house with study pool will have to wait

 

Lisa:cool:

[Guest Zippy]

G'day there,

 

Tricky issue!

 

I'd say a general rule is that "offers over" for a sale (eg, private contract, not bidding in auction) means a moderate amount over the asking price.

 

It's usually at the auctions when a house advertised as "over $240 000" (eg) can go for a lot more, eg around $320 000. I think most people are very sceptical when they see any price for an auction - prices for houses that are simply for sale are usually a lot more accurate and trustworthy.

 

Another thing that might help is (I'm not sure about other realestate sites) but on http://www.realestate.com.au when you are looking at a house, somewhere down the bottom of the page you can click onto a link which will show you other houses sold recently in the same area. Some of these houses will have sale prices to give you an indication of what the general price in the suburb is.

Hope this helps.

 

Elise