Common/ bizzare Buying Mistakes - what have you seen?

Legend.

 

I have seen a few comments such as this on property chat, one actually sounded very much like financial abuse of an older family member who was going into a nursing home. I am all for negotiating hard, but a few thousand dollars in this situation is just cruel, you offered $235K, I think it is a low act to go back with $233K

 

nah, not at all, its business,

I didnt know of the circumstances, not that it would have changed my mind,

the agent used my offer and shopped it, it didnt work, so they came back after my offer had expired

do you feel bad if you buy a share for a lower price it was last week? there is a chance it was sold by the family of someone who had deceased

 

The worst mistake I saw was when my old boss bought land near Gosford, New South Wales- 1987. It was several acres, the REA had shown him this great piece of land. He settled on the land, was ready to build, and found that he had actually bought a property further up the street, a steep block with a valley. I recall someone at work asking if he was getting the block surveyed, he didn't think it was necessary.

 

Nope, that isn't business.
I am glad that there are other people here who think the same as me. Shares aren't the same as property, there is usually an emotional attachment. I have actually paid a few thousand more to people that I knew were in distress, just so that they didn't have to continue the negotiation (you aren't a legend if you can screw a few thousand out of someone in distress). Sounds like you were already going to get a good deal and you were happy previously to pay a few grand more. Even if you didn't know at the time, you certainly sound like you think it was a good thing to do to an elderly person. But, as my kids say, you do you.

 

Where did you leave the dog?

 

The seller can always reject the lower offer.

That’s what I would have done

 

Legend. You would do that to a grieving widow?

 

If it were me and I knew of the situation I wouldn't have asked for the 2k reduction. But imo that's the wrong decison but I'm happy to live with it.

Imo @TMNT made the right decision and he's happy to own it.

When it comes to business and money there are waaaaay too many hypocrites ( not aiming this at anyone) around who take the moral high ground but in reality would do differently.

Ok now how's this election going. If i have to wake up tomrrow with bad boy billy in charge I'll enact a week of mourning...no pc for a week for me.

 

yes it is business,

so are you going offer more because its a divorce? divorces are pretty sad.

congratulations on paying more because the sellers were in distress, if thats what makes you sleep at night, im very happy for you.

youre just getting emotional, now you're assuming that I was getting a good deal, which is irrelevant,

I sincerely hope you are going to the mining areas and offering properties that the owners paid $600k, that are trying to offload for $200, the full price they paid, because its a sad story. Ican put you in touch with a few of them who are selling right now, they would appreciate a nice offer at this point in time

 

exactly, virtually every transaction in life is going hurt or impact someone negatively at some stage of the process, its just ironic that some people stand the moral ground on a few aspects that suit them ,

buying a god dam iphone probably took advantage of those factory workers getting paid $2 per hour

 

I have bought lots of properties over the last 40 years. With the exception of one which was a deceased Estate, I have never known the sellers’ true situation at time of sale.

They could be in a dire financial situation, they could be separated, they could be divorced, they could have serious health issues, ...

Even when I have asked the REA, I take their reply with a grain of salt.

When I am a buyer, I am trying to get the property for the minimum that seller will accept.

When I am a seller, I am trying to unload the property for the maximum that the buyer will pay.

I call this common sense.

@Cate Bell, if you call anyone that does that a legend, then I am a legend (but that is not my definition of a legend).

I do a lot of volunteer work for charities and I make at least one serious donation (4 figure amount) to a different charity each year.

I do not consider buying and selling properties to be not part of my charitable endeavours.

If others do, great for them.

 

Karma happens @Cate Bell. 3 weeks ago I accepted an offer for my mums place - she has gone into a nursing home at short notice. For 2 weeks the buyer has inspected and renegotiated the price, hummed and harred about the house and refused to sign a contract until he was ready. All the time trying to push the price lower. I lost patience with this and the house was readvertised. Almost immediately there was a better offer. The new buyer signed on the day with the usual subject too's. The house exchanged yesterday. The original buyer is filthy that no one got back to him so he could counter. Muttering about guzzumping - but he didn't have a contract. That was not for the want of asking on our side. Ha Ha, No.

 

Nah, that’s not karma .

That’s the property game. Not every deal goes the way someone would like it to . It has happened to me a number of times, both as a buyer and as a seller.

If your buyer is filthy, sounds like the are a relative newbie to the game .

 

gazumping is perfectly legal and acceptable,

all things being equal, the seller will accept the higher price that comes first, thats common sense

it goes the other way too, if the seller is umming and ahh ing too much and waiting for a better offer, they run the risk of the buyer buying elsewhere or withdrawing the offer

 

+1 . I do my bit in other areas but I leave business to business.

 

Buying the wrong place entirely is a mistake I hadn't seen happen first hand before, this wins hands down for me! Thanks Cate for making my morning.

 

Buying the wrong block happened to a couple I knew a few years ago. Wanted to build, standing in front of the vacant land, phoned the agent, gave all the details, etc.

Trouble was there was an error by someone about which block and they discovered they had bought the block further down without the views they were expecting. Probably didn't go and actually verify the exact details with the agent or in other documentation. The block they wanted had already been sold by then.

Blame flew everywhere but it was too late. Not a very happy outcome except for the seller of the land. Probably paid over the odds as well.

 

I guess it never occurred to me that this could happen as my due diligence process includes checking the street number against the lot number against the title maps, calling council, quoting lot number, discussing specific block dimensions and easements/restrictions, etc. This makes it difficult to mistake a block without that even being my intention.