I am fairly new in the investment game and was wondering if anyone could offer any advise to the following….
I am currently in the process of submitting an offer for a property about 1000km from where I am. I have done a bit of due diligence but have not actually seen the property. Return on the property is too good to pass up. I have specified that the contract is subject to the standard building and pest inspection, but also to an independent valuation, just to be safe. Any other conditions I should specify?
In terms of a deposit is concerned, how does one handle this seeing as a deposit is payable upon submission of an offer?
Perhaps u can throw in “pending finance approval” seeing as its rural
As for the deposit being payable on submission of an offer? perhaps you are referring to a holding deposit of .25%??? even then i hav only had to use a holding deposit once, on a property that was undervalued and that generated a ton of interest… the 10 or 20% deposit is after u exchange, when the conditions of your offer has been met of course, just post cheque in mail lol (but some agents can take a card payment i hav been told for deposits) … perhaps the rules are different in another state????
Hope i hav helped!
Jason
Thanks Jason, you certainly have helped. Purchasing a property remotely is a different experience – first time for everything I guess.
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