[Tara Sage]

:P We did it!

Have been looking at houses for a while since our landlord told us he was selling. We thought about buying this place but decided it isn't really what we want so had a good look around.

Found a house that we both really loved in a beautiful street and thought well why not give it ago. The real estate lady was brilliant and gave us so much information about the process and the market it really helped.

ANywas we put in an offer which too and frowed a bit finally it was agreed and it was a bargin!!

The real estate lady ran back and forwards between us and the vendor all night and finally appeared with a bunch of flowers for me at 10.30 congratulating us as they had finally accepted our offer :P

Now have to do building check within 7 days if all ok will be in before Christmas :P :P :P

Yesterday was a really good day see my post in main forum.

[Yogi]

Are below asking price offers acceptable in NZ? I thought it was generally an "offers above" market? Are things beginning to cool there too?

Cheers,

Yogi.

[Moorf]

Yogi - from our experiences here in Christchurch you can definitely offer below - in fact we have had agents ringing us up and even SUGGESTING lower offers - one was $380k and agent said they would probably accept 320k!!! The other properties we viewed have now appeared in the papers at lower prices.. lower by approx 25k!

I guess it all depends on where you are buying etc - but definitely appears that putting in a lower offer is acceptable at this point in time :nice1

[eric_amanda]

We also had that experience with real estate agents Moorf.

The house we just bought was originally on the market at 449k. It was reduced to 425k. We bought it for 400k. Just shows how negotiable some prices are. The interesting this is that we had to have a registered valuation done because it is a lifestyle property. It was valued at 409k including chattels of 5k. Just shows how inflated asking prices can be!!

[Timbo]

Hi Amanda. What is the difference between a normal valuation and a registered valuation, and why does it apply to lifestylers? I ask because looking aroung Whangarei area on the realestate site indicates that we would possibly be in a position to buy much more than previously thought.
Incidentally, who decides what is and what is not a "lifestyle" property?

[veronica]

like everywhere else its the agents who usually recommend the price that a property goes on the market for, and the more it sells for the more commission they get. I also think people will always offer less than the asking price, I know we always try our luck, and this is taken into account in the asking price too.

[eric_amanda]

Lifestyle properties (don't quote me on this) is something over an acre???!!! I think!!

The bank decided in our case. A valuation and registered valuation are probably the same depending in which context you are talking about it. When you want to sell your property you get the real estate agent in to value. When you are buying a property and the bank in their wisdom want a registered valuation you have to pay a registered valuer!! We paid $400 + GST. However, I was able to haggle with the bank and they paid half in the end!! In our case 'the bank' was BNZ and they have written policies at which point a registered valuation is required. I must also point out at this point we were also able to haggle with them on other costs.

Hope this helps

Amanda

[Robert]

Hi all

www.quotable.co.nz give information about the valuation services they provide along with information about the meaning of various types of valuation.

There is also a government valuation which is on record at the local council, updated every few years and used to set rates. Most lenders will allow you to borrow up to 80% of this sum without any other valuation for mortgage purposes.

[veronica]

I was under the impression that lifestyle blocks were about the 5 acre mark but I think the term is as elastic as the estate agents want to make it.

[Timbo]

Thankyou Amanda, Veronica and Robert. Superb info. there. it sounds like NZ estate agents are the same as agents the world over. :?