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Buying direct with seller

Discussion in 'The Buying & Selling Process' started by the world is your oyster, 19th Sep, 2016.

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  1. the world is your oyster

    the world is your oyster Well-Known Member

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    28th Jun, 2015
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    Location:
    victoria
    hi I was wondering if anyone has any stories of buying Dirrect with the seller off market
    I have been keeping a eye out on a deal the lawns r 5 foot high smashed window and cosmetically tied
    I been looking at it for 3 weeks but havnt had the courage to ask neighbors who owns it until today ✌️ I seen neighbours dropped in and told them I am a investor looking to find out who owns it they were hesitant at the start I kept going with questions and said lots I'm not after anything but to make this house presentable and put good tenants in here

    Then they told me that drug affected people own it and it has been empty for 8 months I was then told how to get in the back to have a look inside and got a address of the owner I then went home and wrote a letter and drove to the house banged on the door asked the guy if this guy was there he said no I told him why I was there and he is going to pad on my letter fingers crossed he is hoping to sell as Iam sure if I get it for the right price there is lots of potential to make a profit


    Has anyone else done a simerler deal ?how did you go about sourcing it off market and below market value ?

    Daniel
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

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    Good luck Daniel. You may well be able to get a good deal.

    I think you need to consider a few things:
    - if they're drug affected, could they exit contract on the basis they didn't know what they were signing
    - will there be damage or fumigation to attend to ?
    - how will you go about getting them to leave if they don't want to, or keep coming back ?
     
  3. Azazel

    Azazel Well-Known Member

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    I've had my eye on a couple of properties, wasn't sure how to contact them except through their old agent.
    Stalking on FB and the like seems a bit extreme. I reckon the direct route like you've done is the way to go.
     
    Last edited by a moderator: 20th Sep, 2016
  4. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Could be a gold mine or a lot of angst.
    Find out for sure who owns it by getting a copy of the Title to make sure you are dealing with the right person.
    Get a lawyer to handle the conveyancing and contract. I'm assuming it's in Vic and I have no idea if you still need a section 32 if it's a private sale but I'm going to assume yes.
     
  5. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    Try knocking, for that personal touch.
     
  6. the world is your oyster

    the world is your oyster Well-Known Member

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    Location:
    victoria
    Cheers guys at this stage I am waiting for the guy I went and seen to give my letter to the owner . He could have been the owner
    I will Deferntly get a lawyer involved if this becomes something

    Even if it doesn't it has got me out of my comfort zone and making offers and research
     
    Gingin and Gockie like this.
  7. KateAshmor

    KateAshmor Victorian conveyancing lawyer Business Member

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    Melbourne
    You will definitely need a contract of sale and vendor statement, otherwise there is no valid sale under Victorian law - especially if you're getting a bank to provide finance.

    You could also identify the owner by lodging a Freedom of Information application with the Council to see the rates notice.
     
    neK likes this.