{"id":4870,"date":"2015-06-29T01:00:46","date_gmt":"2015-06-28T15:00:46","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=4870"},"modified":"2015-06-29T01:00:46","modified_gmt":"2015-06-28T15:00:46","slug":"is-it-possible-to-buy-a-property-below-market-value","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/is-it-possible-to-buy-a-property-below-market-value\/","title":{"rendered":"Is it possible to buy a property below market value? – Cate Bakos"},"content":{"rendered":"

 
\nIn today’s show we get some more tips on buying a property below market value from Cate Bakos,\u00a0<\/strong>buyer\u2019s agent who works in Melbourne. Her agency is called Cate Bakos, and the website is CateBakos.com.au
\n <\/p>\n

Transcript:<\/h4>\n

Kevin:\u00a0<\/b> In a tough market like we have now for buyers where it is definitely a sellers\u2019 market and sellers have control \u2013 particularly in the cap cities of Sydney and Melbourne, not so much in some of the other areas \u2013 if you\u2019re looking at buying in a market where sellers definitely have the control, is it possible to buy a property below market value, which is what most people want to do? If so, how do you do it?
\nCate Bakos has some thoughts on this. Cate is buyer\u2019s agent who works in Melbourne. Her agency is called Cate Bakos, and the website is CateBakos.com.au
\nHi, Cate.
\nCate:\u00a0<\/b> Hi, Kevin. How you going?
\nKevin:\u00a0<\/b> Good. A tough one for you, Cate, but what tips would you have for someone who wants to buy in this market below market value?
\nCate:\u00a0<\/b> There\u2019s one overarching tip, and that is getting along with the agents, staying in touch with them, and being a bit more prepared to share what you\u2019re looking for with the agents that you\u2019re bumping into.
\nKevin:\u00a0<\/b> The agents that you\u2019ll be dealing with, though, are necessarily working for the seller, aren\u2019t they? They\u2019re not going to help you all that much, though, Cate?
\nCate:\u00a0<\/b> No, they\u2019re potentially not going to give you any free kicks on the properties they have listed. If it\u2019s an auction property, then you\u2019re not really able to do much to change the competitive circumstances. But what you will do when you tell an agent what you\u2019re looking for is create in their minds an opportunity to have an easy sale, perhaps if they come across a vendor who needs to sell quickly.
\nBelieve it or not, even in a seller\u2019s market like we\u2019re in right now, there are buyers who become vendors. When someone buys a property, they\u2019re upgrading their family home, in a lot of cases, they might not give it a lot of thought and allow enough time to have a proper auction campaign or a proper sales campaign. In actual fact, they might have boxed themselves into a corner a little bit and need to sell quickly. That is an opportunity for any buyer who is decisive about what they want and they\u2019re ready to go.
\nKevin:\u00a0<\/b> That\u2019s very good advice. Any other tips for us?
\nCate:\u00a0<\/b> Exploring the off-market opportunities is one area where a buyer can be in dialogue with an agent to get that advantage but also pre-markets. When a property comes onto the market, if you can pounce quickly and see through that property, preferably on day one or perhaps even earlier \u2013 that means giving the agent a call and asking them if you can see it before its first official open \u2013 you might be able to tempt the agent and tempt the vendor with an offer that is a fair market offer.
\nIn view of the seller\u2019s market that we\u2019re in, sometimes I consider a fair market offer and then after the deal is done, I might think to myself that it was actually quite an advantageous situation for my buyer because we might have bought a little bit below market given that we\u2019re in a moving market.
\nKevin:\u00a0<\/b> Sometimes sellers will, in fact, take a lower offer than normal if it\u2019s on their terms \u2013 in other words, if they\u2019re allowed to stay there for a bit longer. If you can really dress the offer up, sometimes you will get it at a fair figure.
\nWould it be also fair to say, Cate, that if you\u2019re looking for this type of opportunity, you may have to make more offers? In other words, set your benchmark low if that\u2019s what you want and be prepared to walk away.
\nCate:\u00a0<\/b> Absolutely. If you\u2019re going into an auction situation, or even a private sale, a competitive situation, you have to know when to hold and when to fold \u2013 at what stage you walk away and find another property. It\u2019s an essential thing.
\nYou mentioned earlier also being a little bit creative and understanding the vendor\u2019s other terms. That involves chatting to the agent to really understand what you could do to sweeten the deal and take the focus off the price.
\nKevin:\u00a0<\/b> Cate, how willing are agents to give you that information?
\nCate:\u00a0<\/b> An agent won\u2019t want to disclose their vendor\u2019s vulnerable position, but if you\u2019re asking enough questions about things that you could potentially throw into the deal that could make it sweeter for the vendor, an agent might be prepared to assist you with that.
\nFor example, the vendor might want to rent back for a while while they\u2019re looking for their next property, or they might value a super long settlement while they move out. There could be some kind of detail that just gives you as the buyer a bit of an edge and takes that focus off the price.
\nKevin:\u00a0<\/b> Good advice. Always great talking to you. Cate Bakos, CateBakos.com.au. Thanks for your time, Cate.
\nCate:\u00a0<\/b> Thank you so much, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  In today’s show we get some more tips on buying a property below market value from Cate Bakos,\u00a0buyer\u2019s agent who works in Melbourne. Her agency is called Cate Bakos, and the website is CateBakos.com.au   Transcript: Kevin:\u00a0 In a tough market like we have…<\/p>\n","protected":false},"author":176692471,"featured_media":4194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,13,25],"tags":[101],"class_list":["post-4870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-latest-story","category-sponsored-channels","tag-podcast"],"yoast_head":"\nIs it possible to buy a property below market value? - Cate Bakos - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/is-it-possible-to-buy-a-property-below-market-value\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is it possible to buy a property below market value? - Cate Bakos - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  In today’s show we get some more tips on buying a property below market value from Cate Bakos,\u00a0buyer\u2019s agent who works in Melbourne. 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