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I want to buy the property, what do i do next?

Discussion in 'The Buying & Selling Process' started by Darlinghurst Boy, 9th Jul, 2015.

  1. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    i have decided i want to buy a studio apartment.sydney NSW
    Whilst they havent accepted my offer of 575k i think they will tommorrow.

    What do i do next? If the agent says ok can he still see clients over the weekend to get better offers? Im scared they will get a higher price over the weekend for it or tell me he did just so i pay more.
    Should i rush out to the bank and get a 10% deposit cheque??? Would that hold it firmly?

    I dont need a building inspection so i ask for the contract then i imagine find a conveyancer?
    Any conveyancers can help me in Sydney City if you could contact me.
    Should i put 10% or 0.25% and if i put 0.25% can they still sell it higher over the weekend?
     
  2. vtt

    vtt Well-Known Member

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    Get a copy of the contract and get it reviewed by a lawyer or conveyancer before you commit to anything. It is not a done deal until you have signed the contract and the vendor (seller) does too.

    Have you got your finance in order? Some banks will lend less if it's a studio below a certain m2 floor space.

    Dont rush in and regret it later.

    vtt
     
    Perp likes this.
  3. S.T

    S.T Well-Known Member

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    I'm not selling anything
    Buy the agent a box of Roses chocolates
     
  4. Big Will

    Big Will Well-Known Member

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    If your offer is accepted and you have a signed CoS they will just be keeping it open in case something falls through.

    If your offer isn't accepted then they can look for a better offer. Did your original offer (that is being reviewed) have a sunset clause on it?

    Even if you do they can still ignore it and it is then back on to you if you wish to resubmit your offer.
     
  5. WattleIdo

    WattleIdo renovating Premium Member

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    Buy yourself some chocolate (not too much) because if you're going ahead it's a combination of thinking clearly, going step by step, making a firm decision, letting go, doing your best, not panic-ing, handling disappointment if it doesn't get accepted. And that's just the beginning.
    Have you got the bank's approval yet? The bank/your broker is your friend at this stage of the game.
    Also, does this property truly tick your boxes? If so, go for it.
    It's like tennis. Once you make your offer, don't contact the agent again until you hear from him/her. This can be excruciating so give him/her a time by which they must get back to you. E.g. 2:30pm Saturday or 7:30pm Friday.
    Good luck.
     
  6. Hodor

    Hodor Well-Known Member

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    What vtt said. Until you have an exchanged contract you can be guzumped.

    Have you got a broker and finance organised? You haven't mentioned this. Studios can be tricky.

    Others have mentioned a Conveyancer, you should have this lined up before signing.
     
  7. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    sounds like inner city and Studio.

    Less than an 80 % lend
    yes ?

    ta
    rolf
     
  8. sanj

    sanj Well-Known Member

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    575k for a studio? Is that normal for sydney now?
     
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  9. MTR

    MTR Well-Known Member Premium Member

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    I think the median of Syd is now close to $1M and still rising, I would not be surprise... probably could have paid half the price 2 years ago.

    MTR:)
     
  10. sanj

    sanj Well-Known Member

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    That's median for houses I believe, isn't overall dwelling median much lower? So units I think is in the 700s or so, could be wrong.

    Either way that much money for a studio doesn't have a lot of room for good capital growth imo
     
  11. MTR

    MTR Well-Known Member Premium Member

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    Sorry, yes of course, median for studio much lower, and studio means perhaps 40 sqm+ but under 50 sqm.? Studio will be put together with unit stats
    Perhaps someone from Syd can tell us the median for this product in Syd.
    I recall looking at studios just prior to the boom I think it was Potts Point, tiny studio selling I think for around $320K.

    MTR:)
     
  12. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    If it has views and a LUG and is newly renovated or newly built, $575k isn't ridiculous...but is definitely on the high end.

    That's more like a 1 bedroom + carspace price than a studio.
     
  13. WattleIdo

    WattleIdo renovating Premium Member

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    Maybe have another look at Harris Park? You can get a 2-bedder and renovate and still walk away with $100K in your pocket.
     
  14. MTR

    MTR Well-Known Member Premium Member

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    Thanks Steven:)
     
  15. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    If you can tell me where in Surry hills darlinghurst i can get a 1 bedroom with carspace at 575k i will buy .
    I will have the money to you before monday afternoon.

    Likewise anyone know i will pay you a spotter fee if u see. 1 bedroom with carspace under 575k even under 600k or if you have or know please drop me a line im desperate for 1 bedroom in my area with a carspace .
     
  16. Gockie

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

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    Let all the local agents know (dont tell them you're desperate though)