Hi all,
FHB here trying to buy in the inner metro area for work. I've been negotiating with a REA for around 5 weeks now and I honestly don't know what to believe of them anymore. Was hoping someone could help me get a better read on the situation.
The apartment is listed for around 530-570k has been on market for around 10-11 weeks with weekly inspections. I've had a conveyancer read through and there no major issues etc, and so I made an offer for 510k but the REA came back saying that I need to offer within the range and the vendor wants around the 540k mark. I didn't want to raise my price immediately so I declined.
And then silence. The property continued to be open for inspection weekly for the next month and the REA never come reached out to me. It was only until we went for a second inspection that he told us there was an offer for 530K from an interstate buyer- he verbally confirmed there was a written offer.
Then another week went by without any contact from the REA asking us to increase price etc. I emailed them this week asking if there's been a shift in the vendors expectations. He responded that he has an offer for 535k and the vendor has countered 545k. He suggested I offer 545k and he will present. I checked this weeka nd there is no more inspections.
I have also been told that the owner apparently is not in a rush to sell, bought a property last year and is getting good rental income from this apartment.
I am considering increasing my offer to 525k as I am not sure how reliable the competing offer is. Does the proposal not being open mean anything? I am also really confused by the REA nonchalance and passivity.
I know that what the REA isn't a reliable source of info but his silence is really making me confused about the situation.
Thanks!