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Discussion in 'The Buying & Selling Process' started by King, 5th Jul, 2015.

  1. King

    King Active Member

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    hey all. i have 2 properties that I'm interested in and they are going to auction a week apart. my first option will be the property B which is a week after property A. but i don't want to lose out on property A as I might not win property B.

    Agent B told me that there are quite a lot of interest in property B that the offer has to be quite bullish for the owner to accept prior to auction. I will need to do a building and pest report before i make an offer?

    what do you guys think? what is the best way to go about doing this?
     
  2. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    Well, put a pre auction offer on both and see where it goes
     
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  3. skater

    skater Capitalist Premium Member

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    Like Dave said, put an offer in prior to auction on both of them.
     
  4. King

    King Active Member

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    wouldn't that be showing my cards to the agents and allowing them to use my offer against me?
     
  5. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    Yes, but you have no alternative.

    It's worse when property A and property B are listed with different agents and the auctions are on at exactly the same time.
     
  6. King

    King Active Member

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    so no other choice but to put in an offer i guess? Its quite hefty considering i have to spend about $450 for building and pest report PER property.
     
  7. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    It's an expense you'd likely pay if you were going to bid for it at auction.

    It's unlikely they'll allow any conditions with your offer too - so a building/pest report is money well spent.
     
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  8. skater

    skater Capitalist Premium Member

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    The choice is yours. I mean.....you don't HAVE to get a B&P for each property.
     
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  9. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    $450 is a drop in the ocean when you are looking at property worth 1000x more.
     
  10. JMica

    JMica Well-Known Member

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    Sometimes the vendor already has B&P done, you can always check?
     
  11. King

    King Active Member

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    true @Steven Ryan.

    unfortunately no B&P was done by the vendor. I think Ive poured heaps on B&P for the 4 failed auctions ive been to.

    such is life
     
  12. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    Better to invest a few dollars in B&Ps than to buy a place with a $30,000 problem, yeah? :)
     
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  13. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    I was given by an agent, a vendor supplied P&B just a few weeks ago - and I seriously wondered if it was for the same house that I inspected. :eek:
    The report mentioned nothing of the serious cracking I saw in the brickwork, nor the obvious subsidence in one corner of the house that needed (in my opinion) some underpinning. I'd be paying for my own P&B I think. It is just the cost of doing business. Better to spend $500 on a report than $500K of mostly borrowed money on something that will be a money pit.
     
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  14. King

    King Active Member

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    would it be wise to do the building and pest report a few days before the auction instead of a week in prior? might prevent a few people from getting the report and i might be able to purchase one that another interested buyer have already done?
     
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  15. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    Good idea!
    You can often do that at 50% of the normal P&B price, since all they have to do is change the name on the front page.
     
  16. S.T

    S.T Well-Known Member

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    Take the B&P reports to the auction or to an open and see if any other people want to buy copies from you!
     
  17. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    CF+ B&P. Simply order one and sell 3 x copies, each at half the original cost ;) Win-win!