A client on Sydney’s Northern Beaches had their offer on a property under serious consideration by the vendor. At that stage, it was the highest offer and appeared likely to be accepted. Within days, another purchaser submitted a competing offer that was $125,000 higher.
Our legal and valuation analysis showed that the higher offer was well above market value. We advised our client not to chase the deal. While it is easy to secure a property by paying more than it is worth, the real challenge is securing the right property at the right price.
We continued to advise through the search and identified another property that did not present well but had strong fundamentals and significant potential with only minor improvements. The client purchased at a fair price and, with modest updates, moved into their new home with built-in equity from the outset.
Outcome: The client avoided overpaying, secured a property with upside potential, and achieved a stronger long-term financial position.
