BEO - does it really mean that?

[Anne Goulding]

Am trying to get to grips with the NZ property purchasing system. When something is listed as BEO or "Enquiries Over" is there any room for negotiation with that? If I offered something below the stated price would I get laughed out of the room? I'm looking at a property that has been on the market since the beginning of April so wonder if there's any wriggle room with the price. I guess I can only try but wonder if anyone else has had any experience of this?

Ta

Anne

[kiwi.]

I think you answered you own question with your knowledge of how long the property has been on the market. If a home is well priced then the BEO sometimes makes sense. Conversely, if the BEO is too high, and the owner has unreasonable expectations, then the house will sit on the market. If you're comparing a property to recent sales etc and you think you're making a fair offer, communicate your thoughts to the agent. Hopefully they agree (somewhat) and they should pass that feedback onto the owner. We've just purhcased a house and started the negotiations a good amount below BEO.

[Anne Goulding]

Thanks for the swift response kiwi - good to know.

A.

[Kathlyn]

As long it is not an offensive offer, make it!!! You never know what the vendors are thinking, they may accept it or make you a counter offer.

Good luck!!!