Hey guys,
So I haven't exactly got much experience buying in as hot a market as Sydney at the moment, but I finally got confirmation of my pre-approval today and am starting my third week of my PPOR hunt.
I inspected a property this morning, which was the first to tick all the boxes (eg low strata, not too many units in complex, spacious enough, acceptable rental yield if I ever turn it into an investment property down the track etc).
Therefore, I was planning on bid at the auction.
Backstory is that this property was only advertised a few days ago, had its first viewing at 10am this morning, and was scheduled for auction on 18 April, but had A LOT of immediate interest.
After the viewing, I requested a copy of the contract, but hadn't sent it to my solicitor yet - then I saw the following email from the agent that was sent this afternoon (see below)...
What do you guys think? Is it too late to make an offer, given that I haven't arranged any inspections or had my solicitor inspect the contract yet (they have a link to a pre-completed strata report available for purchase, but no B&P inspection)?
> If not, do you think I can determine what my offer would need to be to secure the place (given the agent specified only offers above $800k would be required, whilst the property was advertised as price guide above $700k)?
Any input would be appreciated!
- Cheers,
Chris
Good Afternoon,
Hello and thank you for expressing interest in this property.
We have had a recent development with an offer submitted at an acceptable level for the owner and their instructions are to sell the property. Prior to exchange of contracts taking place tomorrow at 12.00pm, Friday 27th March 2015, the owner has instructed us to provide you with an opportunity to make an unconditional offer with a view of securing the property.
If you would like to participate, the owner has requested you to do the following;
Deliver to our office, to my attention at <AGENT ADDRESS> prior to 12.00pm Friday, 27th March, 2015 the following;
- A signed contract with your best and final offer. We will not be providing you another opportunity to improve your offer to be fair to all parties.
- Deposit cheque made payable to <AGENT> (personal or bank cheque are ok).
- Signed 66w certificate signed by your solicitor or conveyancer (this waives any cooling off period).
- If you or your solicitor wishes to make changes or additions to the contract, please do so and initial these changes. These will be considered as part of your offer.
Please only present your offer if it is above $800,000 as lower offers will not be considered.
The owner has instructed us to exchange contracts at 12.00pm, tomorrow Friday 27th March 2015 with the best offer and have advised that no offers will be considered after this time or if not provided in the above format.
Thank you and we wish you all the best in securing this lovely property.
Kind Regards
<AGENT>
So I haven't exactly got much experience buying in as hot a market as Sydney at the moment, but I finally got confirmation of my pre-approval today and am starting my third week of my PPOR hunt.
I inspected a property this morning, which was the first to tick all the boxes (eg low strata, not too many units in complex, spacious enough, acceptable rental yield if I ever turn it into an investment property down the track etc).
Therefore, I was planning on bid at the auction.
Backstory is that this property was only advertised a few days ago, had its first viewing at 10am this morning, and was scheduled for auction on 18 April, but had A LOT of immediate interest.
After the viewing, I requested a copy of the contract, but hadn't sent it to my solicitor yet - then I saw the following email from the agent that was sent this afternoon (see below)...
What do you guys think? Is it too late to make an offer, given that I haven't arranged any inspections or had my solicitor inspect the contract yet (they have a link to a pre-completed strata report available for purchase, but no B&P inspection)?
> If not, do you think I can determine what my offer would need to be to secure the place (given the agent specified only offers above $800k would be required, whilst the property was advertised as price guide above $700k)?
Any input would be appreciated!
- Cheers,
Chris
Good Afternoon,
Hello and thank you for expressing interest in this property.
We have had a recent development with an offer submitted at an acceptable level for the owner and their instructions are to sell the property. Prior to exchange of contracts taking place tomorrow at 12.00pm, Friday 27th March 2015, the owner has instructed us to provide you with an opportunity to make an unconditional offer with a view of securing the property.
If you would like to participate, the owner has requested you to do the following;
Deliver to our office, to my attention at <AGENT ADDRESS> prior to 12.00pm Friday, 27th March, 2015 the following;
- A signed contract with your best and final offer. We will not be providing you another opportunity to improve your offer to be fair to all parties.
- Deposit cheque made payable to <AGENT> (personal or bank cheque are ok).
- Signed 66w certificate signed by your solicitor or conveyancer (this waives any cooling off period).
- If you or your solicitor wishes to make changes or additions to the contract, please do so and initial these changes. These will be considered as part of your offer.
Please only present your offer if it is above $800,000 as lower offers will not be considered.
The owner has instructed us to exchange contracts at 12.00pm, tomorrow Friday 27th March 2015 with the best offer and have advised that no offers will be considered after this time or if not provided in the above format.
Thank you and we wish you all the best in securing this lovely property.
Kind Regards
<AGENT>