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Help with Property report & selling by set date selling process

Discussion in 'The Buying & Selling Process' started by Tillie, 18th Oct, 2015.

  1. Tillie

    Tillie Well-Known Member

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    It is so true that if you fail to secure a deal, there always will be another one around the corner. I failed to buy 'my dream home', an acrage a couple months ago, but now I have found 'my dream home' again :D A couple months ago I was absolutely devastated when someone offered $25k more and that was it. But now sunshine is out again...

    The problem in this one is that the agent refuses to give price guidance of any sort. The property is quite unique. I have done my research but not completely trust my judgement. Could someone please help and run a property report for me, please?

    Also all hints for buying process and tactics are more than welcome. The house is for sale by set date, (if not sold prior). Should I wait to set date or make a move now? Never bought a property using this method before. Pros and cons? :eek:
     
    Xenia likes this.
  2. Kael

    Kael Well-Known Member

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    Gday Tillie.

    Good job in finding a dream home for yourself :) Have you checked if your mortgage broker can do a valuation for you? Normally they can do property reports for you.

    Feel free to PM me the address if you are comfortable and I can put it into my PropertyValue account to check the estimated valuation.

    Remember though - A house is only worth what you think it is worth.
     
    Esh likes this.
  3. Tillie

    Tillie Well-Known Member

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    Thanks Kael for your offer. I'll pm you the address.

    Embarrassing to admit but I do not have a mortgage broker due to not having a mortgage at the moment. However this might change now especially, if we buy before we sell and require mortgage during the change over at least.

    Anyone here has experienced 'Sell but set date' type sales method? Any recommendations how to handle it? Should I make an offer before set date and force it to be presented to a vendor or wait to the end of campaign?
     
  4. Kael

    Kael Well-Known Member

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    I'd strongly recommend contacting a mortgage broker, so you can know exactly what you can do with the funds you have (or will soon have). You don't want to find your perfect property, then realise you can't afford it.

    If you don't need a mortgage though, then that's awesome :p I'd love to be in your shoes one day!
     
  5. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Hi Tillie,

    If this is your dream home, I would put your offer in. If you wait, you might find it's someone else's dream home too and miss out again.

    If you'd like a property report done, PM me the address and I'll send you one through - it will list the sellers purchase price and comparable sales which can be very handy in forming an offer.
     
    Esh and Rickwood like this.
  6. Tillie

    Tillie Well-Known Member

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    Update.

    We made a good pre set date offer, even REA said so. The offer got rejected. The vendor wants to go to the end of campaign. REA even said to us that sometimes vendor has to get disappointed before they accepts reality :eek: but still no price signal from the vendor...

    We have backed off and are waiting to the end of campaign before we make a move. Somehow I got impression that there is not a lot of interest above our offered price...
     
  7. Travelbug

    Travelbug Well-Known Member

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    Good luck. Yes I would just wait now. They know your offer. If you are in constant contact they will try to push your offer up. Keep cool and don't let them outplay you. Unfortunately some vendors are not realistic.
     
  8. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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  9. Tillie

    Tillie Well-Known Member

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    Update...

    Yesterday was the last inspection before announced 'set date' later in the week. We sent our friends to the inspection. Only one other couple turned up and it was their first inspection and are unlikely to buy it. Left after 15min. Interestingly the agent told to our friends the value of our rejected offer. :eek: Obviously if they told it to our friends they would have told about it everyone else as well. Our friends just said to the agent that the vendors were fools and they should have taken money and run.

    We have been thinking the entire weekend what to do. Clearly our offer has been the highest that they have received so far. But naturally others might wait to the 'set date' In the last two weekends they have not had many people in inspections.

    Initially before this weekends' inspection we were thinking to increase our offer significantly, but now we are not sure... The agent also told our friends the price, that he thinks the property will go for, which is over the original price guidance, but a little bit less than the price that we were thinking to offer on 'set date'.

    This process is really difficult. We know that vendors have to sell. They have already bought the other place and are downsizing. Maybe we are only parties, who are interested in it and might have chance to get it with our initial offer, but then if someone else is interested, they know our initial offer and might offer just little bit over and we might miss out. I hate this blind 'auction' process :mad:

    Has anyone else bought a property via this type of bidding process?
     
  10. Tillie

    Tillie Well-Known Member

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    Update:

    We got it :D thanks for the help everyone!

    In the end we decided to increase our initial offer, but only close to the value that REA had mentioned to our friend, not to our maximum value. When signing an offer, REA told us that the vendor wants $100k more than our offer, so we really expected them to come back and ask more. Especially when their 'asking' price was close to our maximum and comparative with the most recent sales in the area.

    A couple hours later we were told that our offer is the highest and the vendor wants to think about it over the night and yesterday morning we received the confirmation that they have accepted the offer. I was surprised that REA did not come and try to ask us to increase the offer.

    :D:D:D
     
    Kael, Xenia, Gockie and 1 other person like this.
  11. Hodge

    Hodge Well-Known Member

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    Congratulations. I'm a big believer in if it's meant to be then it's meant to be!
     
  12. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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  13. Xenia

    Xenia Adelaide Property Manager Business Member

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    Good news - post Some pics here :)
     
  14. Tillie

    Tillie Well-Known Member

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    Further update.

    A last couple days we have heard from two other separate REAs (neither from the agency that handled the sale) the most weird story ever.

    The 'underbidder' made an offer a little bit above our original offer on the set date, but he was expecting that the agent comes back and asks more and starts negotiation. He was prepared to pay over $150k more than his first offer. Our final offer was $30k more than his and the agent did not do the second round and we secured the deal.

    Now he is running around and complaining about the agent's conduct and 'rubbishing' the agency that handled the sale.
    L
    Needless to say that we feel extremely lucky:D:D and like winning a lotto. But all honesty we also expected the agent to come back for more and were prepared to pay more, but not $150k more :D

    Our tactic worked beutifully and we eliminated competition. Thanks again everyone for the help.

    Xenia, I'll post some photos when the next time I'll log to the site by using my laptop. I am technically challenged and not sure how to do that from iPad or phone.:eek:
     
    Gockie likes this.
  15. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Not a bad agent to buy from... but absolutely not to sell with though!
     
  16. larrylarry

    larrylarry Well-Known Member

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    congratulations.exciting times ahead. need reno? pics please :)