Celivia,
Are you asking someone who is contemplating putting in “multiple offers” or “single offers” and who may be considering this “legitimate out”????
Jo
If there are a number of properties I am interested in, I would prioritise them and make a verbal offer to the highest one. But I will be honest and tell the agent that I am looking at other props so the offer will only be valid for 48 hrs. If that expires I go on to next.
Originally posted by Monopoly:
…I guess the bottom line is, if you don’t want the property, don’t make an offer. Which means you don’t need to worry about including ANY “subject to” clauses because there won’t be a contract in place in which you need to try and worm your way out of!!!! TOO EASY…
Sorry MP, but I have to disagree on this point. Normally I wouldn’t pay to have a proper BPI done or make a formal application for a loan until AFTER the offer has been accepted. So at a minimum, it has to be subject to BPI and Finance.
[cap]
You’ve read up on one of the investing gurus books, and they advise you put in “Multiple Offers”. say ten or twenty or more, etc.
So you go ahead and do just that.
But you can only afford to buy two properties.
Unfortunately, five of your twenty offers came back accepted, so you invoke the finance clause, legitimately now, as you can’t afford to settle all the accepted offers !! HOWZAT !!I am only referring to multiple offers. I just don’t see this as a decent way of doing business with vendors and agents.
I have no problem with the inclusion of a financial clause in genuine offers.
Celivia
Celivia,
In business, having too many orders to fulfil on current levels of staffing or production is a GOOD problem to have. It means you can prove you have the orders, can borrow the money to expand & grow the business.
Equally I see having too many offers accepted being a GOOD problem to have in property investing.
There are many ways to complete more deals, generally it’s personal beliefs that limit the number of deals people make.
Think outside the square!
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.– Jan L.A. van de Snepscheut
Originally posted by Aceyducey:…I see having too many offers accepted being a GOOD problem to have in property investing.
There are many ways to complete more deals, generally it’s personal beliefs that limit the number of deals people make.
Think outside the square!
Cheers,
AceyduceyThere’s just different ways of seeing and doing things, I guess.
I am happy with my personal beliefs, with my ‘angle’, and I am happy within my square.I just want to feel good about what I do to other people, even though it means I have to stay inside that cosy square with pink windows, and even though sometimes the things I do don’t make ‘business sense’. But they feel good.
I don’t need to have more offers accepted than I can handle. For me, there’s no point in that.
Celivia
OK …I was in a funny mood yesterday ( over it now)
It was a tongue in cheek comment in reference to what some gurus preach about how you go about speeding up the process of property acqusition, etc. and how some ppl might blindly follow such advise.
( Someone by the name of o be one jakobi… or something like that, his courses and tapes are only $2500)
Anyway, it provoked some good responses…and I tend to agree with Acey….you’re in business after all so treat it like a busineee… its not always win/win, sometimes someone has to lose.SO, in a better mood today as a result or receiving an offer on an IP last night with a quick 30 day settlement, so if it goes through, will be celebrating with some instant gratification…….new car, trip to Hawaii, probably pick up NZ as well as properties are so cheap there…
Nah I’m only kidding…will probably plough it back into some more proerty…
KP
Originally posted by Celivia:[I just want to feel good about what I do to other people, even though it means I have to stay inside that cosy square with pink windows, and even though sometimes the things I do don’t make ‘business sense’. But they feel good.
Celivia,
Isn’t it more important that the other people feel good about what you ‘do’ to them, rather than simply you feel good about what you do to them?
An extreme example – I think Hannibal Lector felt quite good himself about what he did to other people….
Cheers,
Aceyducey
In theory, there is no difference between theory and practice. But, in practice, there is.– Jan L.A. van de Snepscheut
Hi Monoply!
I have seen those REIV contract notes – but thought I would inculde the info for people from other states as well… Not all agents use the contract notes here either… I think I prefer a full contract myself – but that is just a personal choice…
Sometimes it can happen that you make an offer on a property and fully want it – but then find yoursef in a sticky spot. I had an agent come back to me about an offer on another house, which was initally rejected and which I wanted more. So it is sometimes a bit sticky and you can’t keep everyone happy… I guess I found myself in a multiple offers situation by default rather than by design – and llike you said it is business and it comes down to money in the end… Of course though you do try and treat people with respect – but if they decide to make accusations and carry on then let them be…
Cheers,
Greg[/quote]
Isn’t it more important that the other people feel good about what you ‘do’ to them, rather than simply you feel good about what you do to them?
Cheers,
Aceyducey[/quote]Yes, exactly; that’s why I talked about empathy in one of my previous posts in this thread when I said:
but what would it look like from the vendor’s pov?
Would you like that to happen to you if you were the vendor?Not wanting to bite your nose off here:), but I assumed people would read on from what I already said, and not expect me to repeat that point.
So we seem to agree that it’s important to treat others with respect, Acey
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If they feel good about how we treat them, it makes us feel good in return.Celivia
Absolutely right Greg!!!
What’s that adage “sh** happens” [guilty] I don’t see any fault on your part at all.
I hope you didn’t take my post as a personal dig at you because of my “fill in the gap” type of suggestion. Although I was referring to the REIV (which of course is for us here in Vic) I am sure other states have provision for these details as well, that is (as you stated) if they choose to use them!!! Ultimately, yes it is about personal choice.
Cheers,
Jo
Hi Manic,
Just to add to the INTERESTING comments.
Yes you need clauses Yes they need to stipulate,
With regards to the “white lie” you may be able to get your bank manager to do for you re finance clause, this is actually FRAUD and a legal and jailable offence if proven…
True someone would have to be aware that an offence was commited however I just wish to point out This is NOT a suggested strategy for anyone and ILLEGAL..
Good luck and remember it is not wise to sign anything if you haven’t done all of your homework..so make your clauses something you are happy with.
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