How do you buy sight unseen?

http://property-investment.empowerwealth.com.au/2014/11/17/negotiable-terms-contract-sale/

 

I never used cheque books in my life until i released their intangible value

 

In theory,yes. In reality, the agent is working for themselves first, and then the vendor. So i have found that if you can make a strong enough impact on the agent then you have a good chance of it being relayed back to the vendor. Now of course this isn't always the case, but in my experience its been quite consistent. The fact is we are all influenced by our emotions whether we like it or not. Thats why property allows for great deals to be made imo. This is only my opinion.

 

Thanks.

 

In my case the agent was more than happy to sell to someone site unseen.

If a property is listed under market value (for whatever reason - in my case agent wasn't overly familiar with the area) and you send back a signed contract with
a solid offer above what they are asking for I reckon the agent will encourage the vendor to accept. They will give the old spiel 'the best offers are usually early on blah blah'.

From the agents point of view they've got a quick sale with minimal effort and in the vendors eyes the agent has achieved above what it was listed for therefore exceeding expectation.

 

Sydney to Brisbane or even the Gold Coast with 1 or 2 days car hire is cheap.
I wouldn't let this hold you back, you can do a lot in one day with an early flight up and late one back.
Just stay away from traveling at short notice in the school holidays if possible.

 

Thanks for all the responses
It seems many of you have done this before. As Spludgey mentioned in the first reply he regretted this.

Im interested if any of you have regretted a sight unseen purchase and what lesson you learnt? ?

 

Transfer the deposit into the agents account would send a stronger signal than a bank cheque as like any cheque it can be stopped.

 

i have bought properties sight unseen, well i never physically went there. Apart from all the due diligance everyone has mentioned above, i have just searched "student photographers - in 'x' suburb on facebook of all places and told them to attend inspections on my behalf. Paid them $100 and only paid them if i receive more than 50 + photos, then upload them via dropbox. Its gives accurate and up to date photos and also i give them a call whilst there and get them to look at certain things for me. they are usually more than keen to do and students are always after a quick $. If the reception is good in the area you can use Facetime on your phone to get a live video if you like.

But the DD is the most important and i only use the above method if i'm certain of a property and i want more photos or i think the agent is not giving everything i need.

 

Haha, never thought of that, another good idea!
I've sent relos/friends along to open houses in different cities before.

 

I have purchased sight unseen twice and don't regret it but I don't think I would do it again.
I once had an offer accepted on a place in Morningside subject to a personal inspection and once I saw it I pulled out. That was before street view and goggle maps though.

 

Thats a great idea, I've never thought of doing that but I might try it in the future. Agents photos are sometimes 5 years old and won't show you what you really want to see. Lighting makes such a difference in overall photo presentation.

 

Exactly, indeed, for agents quick sales are far more important than higher pricE's for vendors, make sure you take advantage of it.

 

Hi Be Dev,

Could you please clarify how you get out of contract in the last two cases (Lower rent figure by PM then market or PM feedback of visual of property and location)? Do you include this in the contract somehow?

 

@Observer

Use subject to finance and satisfactory b&p clause.

Not having finance approved is easy.

 

Isthat even possible in the hot proeprty market like in Sydney or Brisbane nowadays ?

 

You could get someone on the ground to take a look at it for you.

Simple rule of thumb though, if it's currently tenanted then it can't be too bad.