Hi all,
I've lurked on SS for a while now and have decided to come out of the woodwork and have learned much from reading. However, there is only so much I can learn by reading.
At the moment I have a property in mind that is going to auction soon, but a few things about the contract leave me confused. I should mention that I'm rather unorthodox when researching so feel free to correct me on dumb things I'm doing
The place was listed at 2.6mil a few times from the end of 2012 to July 2013 under the previous agents according to onthehouse. That seems rather overpriced considering its 1.65mil UCV. The price guide is now more reasonable at over 1.5mil at the moment according to the current agent.
The contract sent over by the current agents lists the previous agent (matched the sign taken by Google Street View) as the vendor's agent. Additionally, the vendor is the boss of the previous agency!
Finally, there is a planning permit for a 3 dwelling complex dated 2011 that was not built and has since expired.
This raises a few questions:
1. Does said boss actually own the property or is this a (legitimate?) way of protecting the real vendor's privacy?
2. If the vendor really is the boss, why would they overprice the property like that if it wasn't going to sell in 8 months? Maybe the price included building the 3 dwelling complex?
3. Do I have much of a chance considering my walk-away limit is not much more than price guide?
I've lurked on SS for a while now and have decided to come out of the woodwork and have learned much from reading. However, there is only so much I can learn by reading.
At the moment I have a property in mind that is going to auction soon, but a few things about the contract leave me confused. I should mention that I'm rather unorthodox when researching so feel free to correct me on dumb things I'm doing
The place was listed at 2.6mil a few times from the end of 2012 to July 2013 under the previous agents according to onthehouse. That seems rather overpriced considering its 1.65mil UCV. The price guide is now more reasonable at over 1.5mil at the moment according to the current agent.
The contract sent over by the current agents lists the previous agent (matched the sign taken by Google Street View) as the vendor's agent. Additionally, the vendor is the boss of the previous agency!
Finally, there is a planning permit for a 3 dwelling complex dated 2011 that was not built and has since expired.
This raises a few questions:
1. Does said boss actually own the property or is this a (legitimate?) way of protecting the real vendor's privacy?
2. If the vendor really is the boss, why would they overprice the property like that if it wasn't going to sell in 8 months? Maybe the price included building the 3 dwelling complex?
3. Do I have much of a chance considering my walk-away limit is not much more than price guide?