Buying our rental home

Discussion in 'The Buying & Selling Process' started by PrashMV, 9th Sep, 2020.

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  1. PrashMV

    PrashMV New Member

    Joined:
    9th Sep, 2020
    Posts:
    3
    Location:
    Sydney
    Hi guys,
    Need your advice on how to move forward on a situation we are in.
    We are currently renting and were not intending to move out anytime in the near future, when we received a notice of Intent to Sell from our owner through the property manager. At this point, we decided to go into the market to buy rather than rent and so checked with our Property Manager, who is also the Selling agent for our current rental on the expected price. We have since submitted two offers by email to her - the latest one being $725k against the owner expected $740k, along with points on how we came up with this number (no need to change or fix anything, no inspection required etc.). We have not had any direct response on both the offers (1 week time for each). Both the times, she stated during an unrelated conversation / chat that owner considers the offer to be low.
    More recently, the owner came over with the Property agent (selling agent) for Home inspection (considering the impending sale) and we took that as an opportunity to have a quick chat with him on our offers. From the owner's reaction and agent's face, it was quite obvious that the owner does not know about our offers and he mentioned that he needs to first sort out the paper work (contract for sale?) with her. After this, the agent made it a point to whisk away the owner as quickly as she can.
    1. Would it make sense for me to find out the owner's contact and reach out to him with our interest in the property? This way I was hoping to point out that there is no need to make any touch-ups or changes to the unit and we are ok to take it as it is. Also, because for whatever reason, the agent has not spoken to the owner about our interest.
    2. If yes, can you recommend a way to get the owner's contact - property report?/council?
    3. If we do reach out, do we risk alienation?
    3. Because, we are not getting any idea from the property/selling agent or from the 2-3 mins with the owner, we are unable to get a view of when to expect inspections to start and when we will be getting a notice to vacate. This does not give us any indication on how quickly do we need to find our next home. Any advice?

    Thanks, Prash
     
  2. Trainee

    Trainee Well-Known Member

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    24th May, 2017
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    10,256
    Location:
    Australia
    Is the property actually for sale? e.g. is there an ad on domain, realestate etc?
     
  3. PrashMV

    PrashMV New Member

    Joined:
    9th Sep, 2020
    Posts:
    3
    Location:
    Sydney
    Not yet on the websites, but the agent asked us to email the offer considering the expected price (740k) that she have us. She suggested that with right offer, owner might choose not to go with advertisements, inspection etc.
     
  4. Stoffo

    Stoffo Well-Known Member

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    14th Jul, 2016
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    Location:
    In the Tweed
    Based on what you have said the owner has intention to sell, but hasn't yet formally signed witb the agent to list tbe property.

    Any time you ever make an offer put a deadline on it ( 24hrs-48hrs), I email the agent and say you have found another or "X" property (pick one online) and are making an offer on that so your current offers are formally withdrawn !

    If you showed interest in the property in front of the owner they may still be in touch.
    For now sit back and relax

    No, you don't have to allow people thru for inspections
    Yes, you can give notice to vacate in as little as two weeks
     
  5. PrashMV

    PrashMV New Member

    Joined:
    9th Sep, 2020
    Posts:
    3
    Location:
    Sydney
    Thanks Stoffo. Great advice on the deadline.
    On a side note, our first priority in terms of buying is the current one, so it looks like the idea is to wait until they list the property and put through an offer (following the above advice), unless they reach out earlier based on our interest. And meanwhile, look for something better out there and move out if that works out.
    Thank you so much.