Newbie needs advice on Tender madness

[onlinesid]

Ok, may be not tender madness, although I think tender is madness, at least closed tender anyway.

I'm looking for my first house in Wellington. A few days ago I was looking at this house in Karori, they had an open home. The house is for tender. I'm wondering if anyone here can give me any advice in regards to tender. The agent gave me an advice to make my bid as clean as possible (e.g.: unconditional) and to put my best offer, ofcourse I realised it is more for her benefit than mine, right?

Cheers

[R2]

Probably doesn't help you OS, but I refuse to participate in tenders but prefer to wait until the property comes on priced. If I miss out I miss out.

Reason is one of control. Just remember you make your profit when you buy.

Being a closed Tender, one thing you could do is to tell the agent you have another property you are considering putting an offer on now and ask them what price would cause the owner to call in the tenders early. Might help - Good Buying

[onlinesid]

Hi R2,

Glad to know that I'm not the only one that isn't keen on participating in tender. I think what I'll do is still bid, but bid low and put few conditions. But that's a good tip of asking the agent what would cause the seller to call the tender early.

quote:Originally posted by R2

Probably doesn't help you OS, but I refuse to participate in tenders but prefer to wait until the property comes on priced. If I miss out I miss out.

Reason is one of control. Just remember you make your profit when you buy.

Being a closed Tender, one thing you could do is to tell the agent you have another property you are considering putting an offer on now and ask them what price would cause the owner to call in the tenders early. Might help - Good Buying

[limegreen]

I think there is a lot to be said for an unconditional offer (do your homework first). Also, I would definitely put an offer in before a tender closes if you're keen.

[Dazza]

a living house = dun worry about the 'the price is ur profit' philosopy

an investment property = VERY IMPORTANT

it looks like ur buying the house as a living one.
so really if u guys dig the house , ur (partner) if u have one, digs it aswell

then for sure go ahead

but vip unconditional is dangerous... and id prob wait for it to list on market aswell...

ps. subject to fianance is my faaaaavourite

[onlinesid]

quote:Originally posted by belgarion

Tenders suck if you want the property to live in ... But they're wonderful for dispassionate investors ... just calc the price that will get your target return and then make the offer. Case in point ... Takapuna 3 bed - Marketed @ 490,000, offered 420,000 not expecting to get it and low and behold - I did.

Belgarion,

Thank you, that motivates me :-) Will start putting offers on all tendered houses that meet my liking! will put what I'd pay for them, regardless of the marketed values.