“We LOVE this home but the vendor won’t let go!”
The Client
Agents LOVE an emotional buyer and our client was exactly that. When we walked in I knew it had our clients name written all over it. The only problem was that we had an unrealistic seller coupled with an overly keen buyer.
This was a recipe for disaster for our buyer who was afraid they might overpay without a non-emotional third party handling the negotiations.
And that is where we came in to help level the playing field and ensure our clients paid the least amount possible on this beautiful new home.
The Challenge
The biggest challenge we had to overcome was the fact that the house was an off-market listing and the sellers were not quite ready to let the property go. When an owner isn’t ready they usually think their home is worth a lot more than it actually is worth, and this was the case for this vendor.
We placed a low offer on the property knowing they would counter our offer and we hoped to arrive at a fair price for the property. However, the sellers became fixated at a price which was $100,000 more than the home was worth.
In our experience, we knew there wasn’t a deal to be made and we advised our clients to move on and keep looking for another property.
What We Did
A suitable replacement property was found. We inspected the property, determined the value, found out the likely reserve and how many bidders were expected at auction. We determined that it was in our clients best interest to not place a pre-auction offer and to also not attend the auction as we had a very strong hunch it would pass in. And it did.
Allowing the property to pass in with no genuine bids meant we could now purchase the property for about $30,000 – $40,000 less than we would have had we attended auction and negotiated directly after the auction. This is not always the case, however this is where our expertise is beneficial for buyers. Every purchase strategy is unique and strategic.
In a twist of fate, the owners of the original house our clients fell in love with phoned us and told us they were now prepared to sell the property to our client at the price we had initially offered. I knew that home was meant to be! And that phone call was just in the nick of time because just 1 hour later we would have offered on the second option and it would have been too late.
The Outcome
- Off-market with no competition
- Below market value
- Savings to our client
- Superior property and location
Our Appraised Value $880,000
Purchased for $880,000
Clients budget for property was up to $920,000
Saving client $40,000
Experienced Advice lead to better outcome | Negotiation skills | Impartial, Non-emotional approach
Lisa did all the follow up and liaising with everyone on the buying side, as well as managing the negotiations, which made it so much less stressful for us.
The whole experience went really smoothly for us. We will definitely recommend Parker Buyer Advocates & come back again!