Hi everyone. I have been reading the threads but I am still not clear what to do. I am a first home buyer. I have seen a property that has no listed price. When speaking to agent I was told high 300's. The outside has had some work done, but the inside is very tired. The bathrooms x 2 has peeling laminate on the vanities, the rooms need painting, old air conditioning units need to be removed/replaced, a new kitchen and security screens. The bathrooms are looking dated. What is a reasonable discount for all this work. I don't want to pay too much but we do like the property.The property has been on the market 2 months, we were the only people at the open house. Any suggestions would be appreciated.
Valuing a property
- Thread starter vmc513
- Start date
Is it for an IP or PPOR. Have no doubt of the bargaining power that being the only people at the open house will provide you though see if there were other inspection times as that's not a licence to go cray.
One of my best investing moments was when I had put two successive bids on a property prior to auction, well below the agent's suggested price, and when I went to the auction there were no registered bidders. Despite the agent telling me for weeks that they had interest and serious offers, straight after the auction he walked over to me and it was clear I was his only hope.
One of my best investing moments was when I had put two successive bids on a property prior to auction, well below the agent's suggested price, and when I went to the auction there were no registered bidders. Despite the agent telling me for weeks that they had interest and serious offers, straight after the auction he walked over to me and it was clear I was his only hope.
So what happened ,did you tell them to ring you in 24 hours or close the deal on the footpath??,i have not been too a auction ever even when the rates were above 18% that I was the only punter standing on the footpath,or in some flash "RE" Office..pity the vendor that's left holding the can..
I have. I ended up buying it on the day for less than the vendor bought it for. Because he was an idiot.
I hate auctions and only turned up to get an idea for what it sold for, though I had a cheque for the deposit ready on the off-chance. After the auction the only other couple were approached by the agent, but when he heard their offer he laughed and they left. Based on having been looking for 9 months and taking my time, I had a reasonable idea of what it was actually worth, and having been vacant for 3 months the vendor was keen to sell and move on.
We need more info on the suburb and property to help you, but we can at least give an idea of negotiating. If you're not confident look at a buyers agent like Andrew Allen, he has a number of packages and IIRC one of them is to help you with the purchase of a property you've already identified.
I hate auctions and only turned up to get an idea for what it sold for, though I had a cheque for the deposit ready on the off-chance. After the auction the only other couple were approached by the agent, but when he heard their offer he laughed and they left. Based on having been looking for 9 months and taking my time, I had a reasonable idea of what it was actually worth, and having been vacant for 3 months the vendor was keen to sell and move on.
We need more info on the suburb and property to help you, but we can at least give an idea of negotiating. If you're not confident look at a buyers agent like Andrew Allen, he has a number of packages and IIRC one of them is to help you with the purchase of a property you've already identified.
Hi everyone, thanks all the input. Houses in my suburb range from low 300's to 500's plus. SE Qld. Recent sales in street one year ago was $440k. The house was listed in370k section of search in real estate.com.au. A few houses have been listed as contact agent. Have looked at recent sales so I am now thinking mid 300's. Will def do more research so I am more confident with my offer.
I guess you want to buy it
1. as cheap as possible
2. your lender will agree with what you pay.
what I will do under your situation is tell a bank you want to buy this property at price X, X is more (i.e. 50k) than what you will pay. Pay the bank to get a property valuation done, a satellite (drive by) will not work if you LVR is over 80%. it will cost like $200.
2-3 days later the bank will tell you their figure. say it is Y, Y is less than X.
get your things ready, place an offer less than Y, with 48hr time expiry.. and walk away if you don't get it, if they accept agent needs to take the ad off.
1. as cheap as possible
2. your lender will agree with what you pay.
what I will do under your situation is tell a bank you want to buy this property at price X, X is more (i.e. 50k) than what you will pay. Pay the bank to get a property valuation done, a satellite (drive by) will not work if you LVR is over 80%. it will cost like $200.
2-3 days later the bank will tell you their figure. say it is Y, Y is less than X.
get your things ready, place an offer less than Y, with 48hr time expiry.. and walk away if you don't get it, if they accept agent needs to take the ad off.
if the contract is exchanged I think they can still show the property ?
im not an agent, but those that are can extend on this ?
ta
rolf
Agreed, in NSW, if you have exchanged unconditionally either s66W or expired cooling off period, then there is no reason to hold an open. If the exchange is still under the cooling off period, then the open can still be held but informing the buyers that the house is under contract and they will be informed if it falls over.
If your thinking mid 300,make a list of all the repairs need doing and over estimate.
Minus that from mid 300 and lower it further by at least 20k and work yourself up.Give the agent the offer and mention the major cost of repairs.I'd also let the agent know that you have other properties to look at.
Good luck with it and don't be too keen,after all,the balls in your court.
Minus that from mid 300 and lower it further by at least 20k and work yourself up.Give the agent the offer and mention the major cost of repairs.I'd also let the agent know that you have other properties to look at.
Good luck with it and don't be too keen,after all,the balls in your court.
If there is still conditions to be met they can still advertise it but need to inform buyers it is under contract, this also includes if the property is in the cooling off period.
