Checklist before buying a townhouse at auction

Discussion in 'The Buying & Selling Process' started by ej89, 18th Aug, 2015.

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  1. Sackie

    Sackie Well-Known Member

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    @ej89 update update...:cool:
     
  2. ej89

    ej89 Well-Known Member

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    Couple of things have come up financially that I didn't expect so possibly reconsidering.. Have to wait a few days...might ruin my chances of getting it before auction.. Pray and hope :). If it doesn't happen I'll point it out to someone else..
     
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  3. Coota9

    Coota9 Well-Known Member

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    Good luck
     
  4. Richard Taylor

    Richard Taylor Well-Known Member

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    You can carry a search on the Body Corporate records but you have to pay for it and in Qld there is no minimum requirement for the BC to respond within given time frames. If you only have 14 days for finance which is standard in Qld then you will pushing it.

    We always ask for a copy of the last AGM minutes when buying a Unit for our clients as this will give you a lot of information.

    Cheers


    Richard
     
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  5. Richard Taylor

    Richard Taylor Well-Known Member

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    Unless your Broker has done some prior work on the deal and all the ducks are in line unlikely to settle within 21 days where finance is required.

    I have settled a personal deal in 10 days but that was pushing it as searches take a while to come back unless they are all ordered using the express service. Will vary from Council to Council.

    Cheers


    Richard
     
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  6. Azazel

    Azazel Well-Known Member

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    Yes, especially at the moment with all these APRA changes going on.
    Definitely need to start getting sorted with a good broker before you find a place.
     
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  7. ej89

    ej89 Well-Known Member

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    No issues with borrowing power etc.. I wouldn't offer 21 day settlement. Too risky.
     
  8. Sackie

    Sackie Well-Known Member

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    Are they dead set on 21 days?
     
  9. ej89

    ej89 Well-Known Member

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    Nah they want 30, which is perfect. I'm just not in a position to do quick settlement cause banks want my notice of assessment and not tax return, which will delay me a week, so it comes to bidding at auction..
     
  10. Sackie

    Sackie Well-Known Member

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    @ej89 What if you asked them to increase settlement by a week and you will offer a few more thousand? maybe 3k? Will be the easiest 3k they ever earn in a week!
     
  11. matchsticks

    matchsticks Active Member

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    You can generally get the inspection of body corporate records within 2 working days if you are willing to pay for express; also consider inspection of council records (to check if there are any notices to the property), contaminated land search, transport and main roads, etc. Can generally impress with an offer to get everything done (unconditional) within 7 days - once the price is agreed to... it is usually quite easy to get short extensions if you don't receive your searches back in time.
     
  12. Fargo

    Fargo Well-Known Member

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    He said it was unconditional, wouldn't that mean he already has finance?