How to bargain without lowballing?

katenash

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I saw that prices on PropertyGuru and the last transacted price for the same block and same type of flats could be $100k to $150k different eg. $450k (last transacted price) vs $600k (asking price).

I am just wondering exactly how much are these sellers looking at. Or are they even serious about selling at all?

How much can we bargain for without coming across as lowballing or not being serious with the offer?

For houses that have been ‘optioned’ or ‘sold’, is it appropriate to ask the agent what’s the agreed price to let us have a gauge of the kind of price sellers are looking for?
 

gq.ong88

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Give a cheque. Whatever amt u r prepared to close. U will rather be a lowballer than be a kgk who overpaid.
 

googoogaga

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For houses that have been ‘optioned’ or ‘sold’, is it appropriate to ask the agent what’s the agreed price to let us have a gauge of the kind of price sellers are looking for?
I have tried asking this information but agents never say. They stop responding and ignore you. Especially in this good market where they have plenty of other jobs they don't entertain people after a unit is optioned.
They protect it like some kind of a state secret. This timely information can be useful for buyers to avoid overpaying. But I guess it is in the agents interest that you overpay as a buyer so the next deal they close can be even higher.
 

ThinkCarefully

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I have tried asking this information but agents never say. They stop responding and ignore you. Especially in this good market where they have plenty of other jobs they don't entertain people after a unit is optioned.
They protect it like some kind of a state secret. This timely information can be useful for buyers to avoid overpaying. But I guess it is in the agents interest that you overpay as a buyer so the next deal they close can be even higher.

###
That’s why must look at the market

in a sellers market, buyers are more hungry to snap up high priced properties

just look at new launch, to me the prices are obscene. To buyers, they queue and snap up like hungry gxxxx

🤷🏽‍♂️🤷🏽‍♂️🤷🏽‍♂️🤷🏽‍♂️🤷🏽‍♂️

#####
 

wlcling

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Sometimes helps if have own (trusted) agent to go directly deal, they can speak same language lol
 

katenash

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I have tried asking this information but agents never say. They stop responding and ignore you. Especially in this good market where they have plenty of other jobs they don't entertain people after a unit is optioned.
They protect it like some kind of a state secret. This timely information can be useful for buyers to avoid overpaying. But I guess it is in the agents interest that you overpay as a buyer so the next deal they close can be even higher.
I just asked an agent this info. Although she couldn’t tell me the exact price as the sale is not completed yet, she said other neighbouring flats were going near the listed price, that’s why they listed it above $25k. I know most agents wouldn’t divulge the info so I appreciate that bit of info.
 

pippo20

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Go to hdb resale price/ura caveat portal and offer similar amt for same attributes type of unit within last 3mths transaction wont be lowball.
 

NiShiZhu

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You bargain on carousell like how you bargain at wet market? :o
To be accurate, I bargain resale property like how I bargain in wet market :(
Got one agent even prepared to fork out part of his commission just to top up the price gap between seller asking and my offer. Lol :o
In the end, seller relented. :o
 
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googoogaga

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Go to hdb resale price/ura caveat portal and offer similar amt for same attributes type of unit within last 3mths transaction wont be lowball.
Yeah this would be enough in normal market conditions. But nowadays it helps to get the most up to date information. It will take a month or more for the most recent transaction to show up online, so it would be helpful to be armed with this info.
 

googoogaga

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To be accurate, I bargain resale property like how I bargain in wet market :(
Got one agent even prepared to fork out part of his commission just to top up the price gap between seller asking and my offer. Lol :o
In the end, seller relented. :o
Which year was this? Probably during normal times? I doubt you can do so now. They will just stop responding to you now.
 

bongbongboy

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To be accurate, I bargain resale property like how I bargain in wet market :(
Got one agent even prepared to fork out part of his commission just to top up the price gap between seller asking and my offer. Lol :o
In the end, seller relented. :o
Wah why your agent so good lol
 

NiShiZhu

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Wah why your agent so good lol
He quite nice honestly. He belongs to those 忠厚老实 type.
Another reason why he thought of filling up the price gap also because he is the seller agent, and I contact him directly, so he no need co-broke with others and the commission quantum is high I guess. So he just want to close the deal.
Luckily the seller finally relent to my offer, I happy for the agent too. Lol
 
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tonymontana74

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I saw that prices on PropertyGuru and the last transacted price for the same block and same type of flats could be $100k to $150k different eg. $450k (last transacted price) vs $600k (asking price).

I am just wondering exactly how much are these sellers looking at. Or are they even serious about selling at all?

How much can we bargain for without coming across as lowballing or not being serious with the offer?

For houses that have been ‘optioned’ or ‘sold’, is it appropriate to ask the agent what’s the agreed price to let us have a gauge of the kind of price sellers are looking for?
you know, when you're at a club, and you start talking to this babe... and you keep talking , talking , talking... after a while, you should know whether its ON or not?

It's something like that.

Remember that the prices on propguru are asking prices. I can ask any amount, YOu need to know what's a fair price to pay. Check the URA caveats, see how eager the agent is to continue engaging you. If the owner is around, can also chat with owner. Be nice. Don't diss his property.

good luck!
 
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mskate88

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I saw that prices on PropertyGuru and the last transacted price for the same block and same type of flats could be $100k to $150k different eg. $450k (last transacted price) vs $600k (asking price).

I am just wondering exactly how much are these sellers looking at. Or are they even serious about selling at all?

How much can we bargain for without coming across as lowballing or not being serious with the offer?

For houses that have been ‘optioned’ or ‘sold’, is it appropriate to ask the agent what’s the agreed price to let us have a gauge of the kind of price sellers are looking for?
Hi, i just bought my current flat without an agent; but in the past i sold and bought using agents so i can share some insight.

If unit already optioned, most agent wont tell the offer price cause of ethics. In Singapore it's like that.

Usually the internal target price between the seller and their agent is to get higher than the recent neighbors transaction. And if course cannot be lower than valuation.

For example:
Asking price: 850K
Est valuation: 700k
Highest recent transaction within 200m: 720K

In the above example, usually they will only consider offer 730k++. It depends how urgent they need to sell, whether they still got holding power and how much profit do they want.

Must be ready to walk away if they can't agree on price. Don't get carried away. I personally only bought the 3rd flat i offered.

Hope this helps
 

googoogaga

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Hi, i just bought my current flat without an agent; but in the past i sold and bought using agents so i can share some insight.

If unit already optioned, most agent wont tell the offer price cause of ethics. In Singapore it's like that.

Usually the internal target price between the seller and their agent is to get higher than the recent neighbors transaction. And if course cannot be lower than valuation.

For example:
Asking price: 850K
Est valuation: 700k
Highest recent transaction within 200m: 720K

In the above example, usually they will only consider offer 730k++. It depends how urgent they need to sell, whether they still got holding power and how much profit do they want.

Must be ready to walk away if they can't agree on price. Don't get carried away. I personally only bought the 3rd flat i offered.

Hope this helps
In the same example. Let's say you like the unit but want to try it for 20k cheaper first. Before offering 730k, Would you offer 710k first and then if they don't bite then 720k and then finally 730k? Will this strategy work?
 

katenash

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Hi, i just bought my current flat without an agent; but in the past i sold and bought using agents so i can share some insight.

If unit already optioned, most agent wont tell the offer price cause of ethics. In Singapore it's like that.

Usually the internal target price between the seller and their agent is to get higher than the recent neighbors transaction. And if course cannot be lower than valuation.

For example:
Asking price: 850K
Est valuation: 700k
Highest recent transaction within 200m: 720K

In the above example, usually they will only consider offer 730k++. It depends how urgent they need to sell, whether they still got holding power and how much profit do they want.

Must be ready to walk away if they can't agree on price. Don't get carried away. I personally only bought the 3rd flat i offered.

Hope this helps
Will we be able to get the valuation from somewhere before we ask the agent? Or will the agent tell us?
 
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