Ive found 2 properties to purchase from the 1 seller and i think i can get quite a good price on the two. Im based inter state for work atm and cant get the mother in law to go and inspect them till next friday (1 week away). Should i speed this up and put in an offer before then? The REA said probably wait till she inspects to guarantee that they are what we are looking for exactly. How would I word my offer…"subject to inspection" or something like that? This is my first purchase so not quite sure of the most effective way to approach this…any advice would be great
CheersHi Grantos,
Although it may be favourable to submit an offer sooner rather than later (to knock out other potential buyers), it is still best to inspect the property. Real Estate Agents may also choose not to submit your offer if you have not seen the property as there is a possibility of it not being up to expectations when inspected (professionally taken pictures may lie).
But, if you so wish to get an offer in you might be able to get away with having a subtle clause in “subject to building inspection” or “subject to finance”. Although the latter is also not favourably looked upon by vendors if there are several potential buyers in the market.
Let us know what you decide.
grantos_champos wrote:The REA said probably wait till she inspects to guarantee that they are what we are looking for exactly.If you can't wait the week, perhaps you should call a buyers agent in the area and see if they'd be willing to inspect on your behalf for a fee.
Alternatively, if you're going to use a property manager to look after these IPs, you could call a couple and ask them to inspect on your behalf in return for your future business.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Im keeping in touch with the rea and theres no interest in the properties as of yet so hopefully will be safe. So ill wait it out till friday. Fair enough he may not submit if we havent inspected. Thanks for the tips from you both.
Another question re negotiations. Would it be advisable to try and negotiate a price from Monday next week then maybe put in the formal offer asap if we are happy with the inspection. Or wait till the inspection has taken place by the mother in law then start negs?
cheersPersonally, I wouldn’t rush it. There doesn’t seem to be a lot of interest as advised by the REA (the fact that he/she mentioned you should wait until you inspect the property before placing an offer kind of confirms this).
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Seriously … do not rush into offering to buy this place until it has been inspected and you are dead certain of what you're getting yourself into. You are not buying a kitkat here. You're talking about parting with a giant wad of cash. You would want to be very certain in your own mind of what you are doing. And remember, this is not the last deal on the planet. There are a lot of houses about. Don't rush yourself into thinking it's now or never.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
I aggree, do NOT rush into an offer.
As for the clause: "subject to finance" make sure it reads.."subject to finance on terms acceptable to the buyer". To do otherwise would leave you liable if th ebank says YES but on terms that are too expensive to you.Colin's right. I like to do the same thing with a clause on insurance. "Subject to the buyer being able to secure an insurance policy over the property that is acceptable to the buyer". Some property types are tricky or pricey to insure. You would not want to be left holding a hot potato that you were contractually obliged to buy, but for which you were unable to secure insurance…
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Yep I think ill just wait it out. Managed to find someone else to inspect today but rea says its too late notice for the tenants and they wont accept so ill have to wait until Friday. After speaking to another rea in town I found that the properties are listed as an open listing and rea#2 has had 3 people through each but no offers and doesnt think there was real interest in them. That does concern me a little but ill still wait it out. As JacM said, plenty more fish in the sea!
Thanks for the tips on clauses too. I just did a search on "clauses" on this site and found a few more to consider.
Thank again!
JacM wrote:You are not buying a kitkat here.Nice – I like it
I totally agree though. What's the rush?The tenants don't seem particularly eager to sell and the REA is advising you to look first (which means there's probably a few little oddities about the place).
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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