Letter box drop leads to over $400k BMV purchase in Sydney

It all started about 10 weeks ago. Like most people in Sydney it’s been hard to find a house to buy, with week after week of searching with no luck and frustration my wife and I decided to do a letter box drop. We had a few calls with people wanting way over market value and over our budget as to be expected.

My wife was on her walk the following week delivering pamphlets an older gentleman happen to be outside his house. They got chatting and he was not really interested in selling his house, but was happy to show my wife around. She called me at the time and I said wow this is the one we need to get this! He was also quite into investing in property in his early days and his main comments were how he hated dealing with REA’s and how the commission was ridiculous when selling. My thoughts were beautiful he doesn’t want to go through an agent if only we could convince him to sell.

The following week we called the gentleman and made an offer that was $200k above what next door sold 6 months earlier as he was already aware of the price. He said that’s a great offer and I will think about it and to give me a call in a week or 2. So as 1 week pasted we said have you made a decision and like always he replied I will think about it. So I upped my offer another $100k. And once again he said call me back in a week or 2. Meanwhile week after week nothing came up for sale that suited us.

Finally! One freestanding house (yes one in the entire suburb) finally came on the market it was only a street away from the other one, although not a good we thought well this guys doesn’t want to sell anyway let’s forget about it and chase this one that’s going to auction.

As more weeks went by the property that was going to auction started to get a lot of attention as you would of except being the only freestanding house for sale in the suburb. So we put a strong offer in and that got rejected and was told it was going to auction regardless now because of the high interest.

The following week we called the other gentleman back and told him we were interested in another property and he said he decided he weren’t interested in selling as he needed more time. So before the call ended I upped my offer another $150k more. He said I will let you know in 10 days when we get back from Holidays. Our instant reply was you have 3 days to decide as this was just over a week from the auction. The call ended there giving us the intention as he was firm on not selling.

That following Saturday we went to a mates for a bbq and was telling them about the auction we just witnessed selling for a suburb record for a semi on only 300sqm they were gobsmacked. Later that day my wife’s phone started ringing “holy $h!7 was her reaction” the gentleman was ringing us for the first time. My wife’s eyes lit up with a huge smile and whispered he’s agreed to sell. Yes!!!

The following Monday was a frantic week as we only had 5 days until the auction.To our stressful delight we exchanged at 4pm that Friday afternoon.

That night and the following day we were quite nervous as we went to watch the auction. End result it sold $370k over what we just paid! The block was smaller and the location was not as good. We told the agent after the auction and said you just got a bargain by $400k plus. As you could imagine we were over the moon!

Now it’s on the next phase building our dream home

Thanks for taking the time to read our story

 

Well done mate, persistence pays off

 

Now just hope that there is no sign of dimentia, lack of capacity, undue influence, power of attorney etc affecting the ability of the vendor to enter into a contract.

(Always the optimist ).

 

To snag a house for 400k under during a boom is crazy! Ask the Mrs if she can make some pamphlets up for me

 

This is brilliant - well done and congratulations!

 

This is brilliant, congrats

my experience with mail drops is the sellers get greedy and they ask much more than what property is worth. Your market is rising so quickly, well done

do u mind sharing the area???

 

Thanks MTR not ATM I am keeping it under my hat for a bit longer

 

Persistence and a bit of self initiative pays off!!

 

I am tempted to do the same in Perth, one particular area, but my experience has been bad. Lots of time wasters trying to take advantage

 

Congrats. So is the vendor all signed up?

 

Congrats!!! A bit of work on your end, but saving 400k...
Awesomeness!!!

 

Vendor will be seething though.

 

Yep all done and dusted just waiting on settlement

 

He was happy after all he got almost $500k more than his neighbour 3 months ago

 

Yes this was us early on in the campaign.

 

Lol
They play dumb, yet they know when the market is booming, re agents been cold calling

If it works brilliant. I got two replies and both just thought they win lotto

 

Congratulations! That's a great result.

 

@josh123 nice one mate! Make sure the new house has a massive garage for the Camaro. Also id like pamphlets so @craig s and I can get some deals out in gods country Mount Druitt.

 

Lol! Unfortunately the camaro had to go sold it before Christmas to make space . But yes the new house will be designed around the garage lol. And a new toy to follow

 

You loved that car! You should of stored it away... I'm sure you got more than you paid as muscle cars are HOT. Looking forward to hearing about the new build and of course new toy. Well go for a cruise up the coast.