OFI conduct by potential buyer

Discussion in 'The Buying & Selling Process' started by Burramys, 28th Nov, 2019.

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  1. Burramys

    Burramys Well-Known Member

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    I was at an OFI with a friend last weekend. I measured two rooms to see if the plan was accurate; it was. An offer was made and I said that I could write a cheque on the spot for $10,000, well short of the 10% deposit but enough perhaps to show sincerity. My friend later said that measuring and offering to provide a holding deposit were odd. I measure all properties that seem to be likely contenders, just two rooms, and have provided the selling REAs with cheques. Is this unusual? Could a very low deposit of, say, $500 be provided?
     
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  2. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    I regularly see people offer $1000 at the initial offer stage, with more to follow when the contract becomes unconditional.

    I don't think measuring rooms is very common but good on you for doing it.

    What plans do you compare the measurements too? If it's the plans in the section 32 you could expect them to be accurate, but this wouldn't contain internal plans for anything other than an apartment. If it's an agents drawing, you can't expect this to be accurate.
     
  3. Burramys

    Burramys Well-Known Member

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    Peter, thanks. I was unsure if offering a low deposit was common. I offer a deposit to show that It's a real offer. A year ago I gave a personal cheque for (from memory) $2000, and then took another personal cheque to the bank to make up 10%. Vendors did not like personal cheques at settlement.

    I was looking at a house and comparing the flier measurements with mine. The dimensions are important, but have to be taken into account with how the place looks. Most plans on websites are reasonably accurate, if often very hard to read. The flier is plan is much easier to read.

    A house I was looking at several years ago seemed fine on paper except one room had no windows. I could live with that, spend maybe $1000 on a skylight, perhaps two. The big negative was the ceiling height, around 2350 mm, very compressing. Living there did not appeal at any price, and it would not get a good rent.
     
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