Forums / Property Investing / Help Needed! / BuYing My FirSt ProperTy

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  • Profile photo of psyduckpsyduck
    Member
    @psyduck
    Join Date: 2005
    Post Count: 15

    hi all,

    Need a little bit of help. Planning to buy my first property, going to my first house inspecting today. Any suggest as to how I should approach this, I have the feeling this will be the one I will buy, low price and close to everything. Listed at 179k. how much shuold I offer? 160k? The seller lives in the property so I would have the chance to ask him…but what? Anyone in western sydney region would like to come with me? [blink] kidding, im dreaming. Thanks.

    dang.

    Profile photo of PDBoscoPDBosco
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    @pdbosco
    Join Date: 2005
    Post Count: 13

    Be confident, make sure you are armed with all the available information to make an informed decision. Your offer will depend on whether you think the asking price is inflated or on the money. If you think it is inflated then $160k is probably a bit high for first offer. Where in Sydney west…I’m at Penrith and these prices sound like Mt Druitt or St Marys. Is it a IP.

    Profile photo of PDBoscoPDBosco
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    @pdbosco
    Join Date: 2005
    Post Count: 13

    How did your ip hunting go. Let us know if you suceeded
    Ben

    Profile photo of Endless SummerEndless Summer
    Member
    @endless-summer
    Join Date: 2005
    Post Count: 62

    Try and ask questions to the realestate agent in an around about way to find out why the seller is selling. If they agent does not tell you then keep the polite general discussion up until you find out. This will help you to sus out the right price to offer. Without asking directly I like to find out if they have bought elsewhere, when they need to move out by, where are they moving to, what terms do they prefer etc. Any information that helps you to help them and hence yourself.

    The best way I’ve found that works for me is to share my previous buy and sell stories with the agent and that tends to drop their defences. If you have none of your own, then tell the agent some from people you know. Eg. today I was talking to the agent who was quoting a high price on a property. I told him I understood the vendor because that’s exactly what I did with the last property I sold – and realised 2 months later that the market was paying much less and I accepted a much lower offer because that is the reality of today. After that the agent told me everything – when the seller had to move by, where they were going, the fact they had bought elsewhere – and from there I could look at the facts and be able to structure a good offer.

    I find the more polite and open you are with the agents the more good information they share with you. After all whilst they are working for the vendor, they still have to work with the buyer to broker a deal – and at the end of the day if they do not sell they do not eat.

    So ask lots of polite questions. If the agent sees that you want to progress the sitation and move towards an offer they will talk – just keep asking for their ‘help’.

    Let us know how you went – or go in future offers.

    Georgia

    Profile photo of psyduckpsyduck
    Member
    @psyduck
    Join Date: 2005
    Post Count: 15

    hi again,

    Yesterday was excellent, was meeting up two agent and they were so much nicer than I expected. The 2brm villa 179k I was looking at was not as interesting as anticipated. So was disappointed. close to shop but so small! But could do with some renovation and an lower to 150k i would accept[biggrin]. Anyhow he shows 2brm flats for 165k after, totally not interested. So was hoping the next agent would offer something decent. Had a look at 2 3brm house, they were ok but rooms was too small.

    You see my plan is to use my first home buyer grant to buy my first property, live in it for 6months or longer, do it up. While sharing the other 2 rooms to some mates, say $100 each. That would help greatly towards the repayments. But i need big rooms. So the day ended and I was all confuse as I knew I shouldnt make any offer and just wait. So today another agent called me up to inspect another property. It was very interesting in deed, this could be something I would be looking at but only if they lower the price a little. lets say if it was 249k house, how much should I offer? consider the place is fine, no problem, but some reno wouldnt hurt.

    Next big question I would like to ask, when I make an offer do I make any terms? if yes what kind of terms should I be thinking about? Lets say once accepted, What is my next step? Get a conveyencer or solicitor? can anyone in sydney recommend a good solicitor, building and pest inspector?

    Hope to get some advice. Have a good Long weekend all [biggrin]

    regards,

    dang.

    Profile photo of gatsbygatsby
    Member
    @gatsby
    Join Date: 2003
    Post Count: 708

    Hi dang,
    if you can, try and speak with any locals about values of the propertie/s and why they do/don’t enjoy living there. When making an offer on the contract, make sure you put down a couple of ‘exit’ clauses if you are unsure, but not too many that will put the vendor/agent off and not take you seriously (eg. subject to satisfacory building inspection, etc).
    Good luck and let us know how things eventuate.
    Cheers,
    Gatsby.

    “Sometimes the hardest thing to do in life is often the best thing to do.”

    Profile photo of katehasescapedkatehasescaped
    Participant
    @katehasescaped
    Join Date: 2005
    Post Count: 20

    Hi psyduck,

    How exciting that you are buying your first property!

    Did you use the Buyer Beware templates for your inspection? We have just bought them and they look pretty good and useful for justifying price discounts so are looking forward to using them at our next inspection.

    Good luck with the purchase.

    Kate

    Profile photo of QAQA
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    @qa
    Join Date: 2003
    Post Count: 4

    Good luck and hope it goes well…
    Yet to do my first deal.

    Profile photo of phanpeterphanpeter
    Member
    @phanpeter
    Join Date: 2004
    Post Count: 2

    Hi there

    Just attended the MasterClass in Perth. Enjoyed it and learnt a lot. Very professionally run. Encourage anyone to go if have the opportunity.

    Steve suggested techniques as simple as asking eg “What is the price you’re willing to accept if I make a cash offer today?”

    Gets you a quick idea as to what the lowest number is going to be straight off.

    Peter

    Profile photo of psyduckpsyduck
    Member
    @psyduck
    Join Date: 2005
    Post Count: 15

    Hi all,

    Guess what, I have made a bid for my first property! So excited and feeling abit worried at the same time. It was a 2brm villa in a nice suburb. Inside is nice, need to do little renovation like some paint, a new stove when I can afford it, kitchen sink and some minor stuff like power point plug( they are old and ugly), new door handles etc… Will need to do up the little garden at the back. I feel good about it. All properties around it are 400k + houses and double storey. So I can feel the potential. Planning to live in it for 6months so I would be entitled to the grant.if not more. Do it up. Then rent it out.

    Still wondering if anyone could recommend a good conveyencer??
    thanks all.

    regards,

    dang.

    DLE

    Profile photo of techhowsetechhowse
    Member
    @techhowse
    Join Date: 2005
    Post Count: 63

    ah yes.. some exit clauses

    you could use this one: “Subject to business partner’s approval” the business partner can be anyone including your pet dog or pet fish. Just don’t tell them who the business partner is though[tongue]

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    Did you get the property?

    Cheers,

    Simon Macks
    Finance Broker
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of psyduckpsyduck
    Member
    @psyduck
    Join Date: 2005
    Post Count: 15

    lol simon, damn real estate agent, she said she would get back to me today!! and still waiting, it is making me more nervous, feel like calling them up, but that is not a good thing to do. This is making me going crazy.

    [blush2]

    Profile photo of jonasjonas
    Member
    @jonas
    Join Date: 2004
    Post Count: 13

    Hi there,

    Congratulations, that is exiting.
    Just remember that according to Steve: Either you pay there price but on your terms or you get a discount but the deal will be on their terms. I suppose if you can get away with both that’s even better but probarly not a win win outcome as Steve recommends

    Cheers

    jb

    Profile photo of psyduckpsyduck
    Member
    @psyduck
    Join Date: 2005
    Post Count: 15

    As I expected, The seller rejected my offer, and another buyer made a bid. 3 months and not even one bid when I decide to come in. [baaa]

    I am asked to counter bid and yet the agent wont tell me the bid price. First property is a fun one [biggrin] never thought finding a property could be this fun. I have no money yet everyone wants a piece of me.

    Have a good day all!

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