The risky tactic home buyers use to try to nab a bargain | elizabethredman
Home buyers know property prices are falling, and some are trying to make lowball offers.
Potential buyers who read about economist forecasts of 20 per cent property price falls by next year are in some cases making bids well below a home’s price guide before realising the market has not fallen that far and another buyer has offered more. “The vendor said ‘forget it’,” she said, but the buyer intervened and wanted to proceed with the original price.“There is a risk of offending a vendor and not getting it at all if another purchaser comes in at a better level — because they have a bad taste in their mouth,” she said.
In Melbourne, lowball bids are becoming more common in the affordable outer western suburbs, Barry Plant Melton’s Ned Nikolic said.“People are listening to the news, and seeing that there’s not as many people at the opens,” he said. “People can try, but in reality it is not happening — in reality it is just offending the owners.
Other buyers are making low opening bids at auction, in contrast to the knockout opening bids more common during the market’s peak growth phase last year.of $3 million, which the auctioneer knocked back as it was well below the $3.8 million price guide. The home sold for $4.47 million.
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