Bad Experience trying to buy a unit yesterday

Discussion in 'The Buying & Selling Process' started by newbie1234, 31st Jul, 2016.

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  1. wylie

    wylie Moderator Staff Member

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    ... but if it is good buying at the price the vendor agreed to, then I'd suck up to the agent and see if you cannot get a contract signed at that price. Anything less might not interest the vendor at all.

    After you've locked away your "bargain" you can tell the agent he is a twat :D:p.
     
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  2. Ted Varrick

    Ted Varrick Well-Known Member

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    Datto, Bran and Wylie have some good advice in relation to your pricing.

    I would suggest changing ALL the names, and then rereading your post, and then reconsidering if you spat the dummy at the agent when (maybe) coincidentally somebody ran over his favourite football that morning...

    He then was not sufficiently perceptive (ie. DGAF) to your offer.

    Then ring him back and re-offer your original offer (tell him you were a bit peaky 'cos "...somebody ran over your favourite football that morning...)

    It's unlikely the vendor would give a rodent's r*ctum where the money was coming from, SMSF or not, so there are probably other factors at play.

    And it seems like your structure is a little complicated (read "expensive"...) for your purchase, but I could be wrong given your accountant is a lot more privy to your situation than I am...
     
  3. CosmicTrevor

    CosmicTrevor Well-Known Member

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    As I said I had everything lined up, but of course the longer the settlement period the better!

    I had conditional approval, plus deeds that have been scrutinised by the lender before, plus all my documentation was submitted to the broker in advance of the formal application.

    Weeks of delays could be experienced with deeds that aren't suitable, this is where prospective borrowers can save themselves some time - ie don't assume the deed will permit investment in directly owned real property and most certainly don't assume that borrowing is permitted. Get it checked by a specialist SMSF lawyer. It might cost $1k, but could make life a lot easier during settlement.
     
  4. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    The security deed isn't available till you choose the property though... so you can run into strife there. You also don't leave yourself any breathing room if the bank's lending division is a bit busier the week you happen to go under contract, or if the postal service is sloppy in delivery timelines of loan documents.
     
  5. Pixie

    Pixie Active Member

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    He probably won't mind as long as he got paid anyway haha
     
  6. joel

    joel Well-Known Member

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    He talked you into increasing your price, twice. He was probably preparing to do it again. He would've come back and said "Oh sorry the vendor has said they will only let it go for 460k.."
     
  7. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    You mean the custodian trust deed? I send a draft deed in with pre-approvals and add the property specifics later. Not sure if this speeds things up though.
     
  8. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    @Terry_w yep that's what I mean. In many cases the deed isn't available till the property address is selected. As you say, not sure if the draft deed speeds things up... they'd still have to re-read the actual deed when it comes through to give it the green light, and they're pretty fussy, so I can't imagine them presuming all other details of the deed have remained unchanged other than the security property address....
     
  9. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Yes they would check the deed again, but if there is a problem with it this may be picked up at the initial stages. I would recommend sending a draft deed in always when doing a pre-approval.
     
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  10. albanga

    albanga Well-Known Member

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    I would argue anything listed 24 times that gets even close to the asking price is not a good buy :p. Clearly something wrong with this property.
     
  11. wylie

    wylie Moderator Staff Member

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    Either that, or as indicated somewhere (I'm sure, without looking for it again) it is a vendor who isn't quite sure if he wants to sell, or wants a stupidly high figure.
     
  12. Plutus

    Plutus Well-Known Member

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    The agent was using blatant ******** tactics to talk you up in price and then trying to lure you into paying a big deposit on a property that probably has big issues.

    You sound like you're pretty green at this, its a learning experience.