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Property valuation VIC assistance highly regarded

Discussion in 'The Buying & Selling Process' started by Tillie, 21st Jun, 2015.

  1. Tillie

    Tillie Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    248
    Location:
    Melbourne
    Yesterday I found 'the dream retirement acerage property'. I have spend a lot of time researching area and trying to price the property, but still struggling big time to come up with fair value. Also because PPOR now starting to get emotionally involved and that blurs my judgement. :eek: Hence I would really appreciate, if someone could provide me assistance with valuation, so that I do not completely mess this up. Any type of assistance is highly regarded e.g. running property valuation report from RP data or similar source... please.

    Also I really appreciate your personal stories, how did you manage to keep your cool and level head when buying your dream home. :oops:

    It is so easy to value investment properties or even current PPOR was more business decision than emotional. But this one... I am in the risk of loosing my head and hubby is even worse...
     
    Last edited: 22nd Jun, 2015
  2. Lil Skater

    Lil Skater Well-Known Member Business Member

    Joined:
    18th Jun, 2015
    Posts:
    384
    Location:
    Melbourne
    Hi Tillie,

    I can help you out, feel free to PM me the address and I'll take a look at it for you. :)
     
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  3. Tillie

    Tillie Well-Known Member

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    18th Jun, 2015
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    Location:
    Melbourne
    Thanks Lil for your offer. Highly appreciated!

    I'll send you private message after I have figured out how to operate the feature in the new forum.

    Cheers, Tillie
     
    Lil Skater likes this.
  4. Tillie

    Tillie Well-Known Member

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    18th Jun, 2015
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    Location:
    Melbourne
    Zillions of thanks Lil for assistance and Residex report. It is really helpful.

    As mentioned in my previous post, valuation is so much harder when it will be your 'forever' home...
     
    Lil Skater likes this.
  5. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
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    Location:
    Canberra and Sydney
    I was horrendous.

    Normally I'm pretty decent with negotiating on IPs - but when we found our current PPOR, the pressure was on! My wife loved the place straight away - and so did I. It ticked all the boxes and just felt right.

    I remember looking at others at the open house like they were enemies! How dare they try to buy "our" dream home.

    So onto negotiations it was. There was nothing cool about the way I approached it. I think I called the REA everyday with my "revised" offer. Each new day would be a new $10k increment - until he finally said "ok - that's what they will accept"

    I have no regrets - the place has become our home and it's where we'll raise our three kids. The area has also had a fair bit of recent growth which is a nice bonus.

    Cheers

    Jamie
     
  6. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

    Joined:
    18th Jun, 2015
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    Location:
    Melbourne, Nationwide
    The worst story I've got is actually about someone close to me last Christmas. He and his wife found a property they really loved and their hearts were set on it. The auction was scheduled for the Saturday before Christmas.

    They'd both viewed the property separately and had been fairly careful about how they presented themselves to the agent; interested but not in love with the property. They didn't show their hand before the auction and they had their strategy to not bid until it was on the market.

    The day of the auction comes. Despite the market being quite hot, the auctioneer decided to start with a vendor bit. Nobody responded. A second vendor bid eventually went out and the property was passed in for $700k without any bids.

    The agent looks around the crowd and walks straight over to them and starts talking. This person said the agent approached them as if they were destined to get this property, he was quite astounded and impressed. They eventually paid $780k for the property.

    It's worth pointing out at this point that despite keeping their cool during the inspections and visiting on alternate weekends, they showed up to the auction as a couple. With the kids, aged 5 and 3 in tow, and the wife is due to have baby number 3 in another 6 weeks. Needless to say they had 'desperate' tattooed on their foreheads.

    I think they paid at least $100k above what they might have been able to get had they not been so attached to the property. Furthermore, despite them consulting me well prior to the auction about their finance, they managed to pay about $200k over the budget that I set them, and under auction conditions. Let's just say that I didn't organise the finance and he approached the bank the pregnant wife and kids didn't accompany him.
     
  7. Tillie

    Tillie Well-Known Member

    Joined:
    18th Jun, 2015
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    248
    Location:
    Melbourne
    Thanks Jamie and Peter for sharing the stories.

    Hubby & I have purchased many properties PPORs and IPs and walked away from many more deals due to price not being right. But never we have had feelings like this towards the place. Feels like all common sense have flown out of the window. All other people in inspections are certainly enemies :mad: how dare they even thinking about it. :D

    Also the big problem is that we actually have afford to pay what a vendor wants, but I feel that the property is overpriced and do not want to pay that much. But at the same time I have this nagging feeling what about if I am wrong and we are going to loose it to someone, who is ready to pay the required price. My insomnia has even got worse because I can not sleep because of this house. I am normally really cool headed, but now behaving like a complete lunatic. :(

    The property is really difficult to price, because there has not been any other one like that in the market in a last couple years. Special thanks for LIL for running Residex report me. It gave me a little bit more confidence to trust my judgement.

    The post edited by Tillie as following a good advise from S.T. Thanks mate!
     
    Last edited: 22nd Jun, 2015
  8. S.T

    S.T Well-Known Member

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    I'm not selling anything
    Hey Tillie, just be a bit careful about divulging too much information about the property on a public forum, on SS, we had instances of people being 'gazumped' by Buyers agents and others who have specific briefs for clients and your property might suit them. Not saying this is the case here, but might pay to keep cards close to your chest on with this one with the emotions running rampant.
     
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  9. Tillie

    Tillie Well-Known Member

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    Location:
    Melbourne
    Just updating about negotiations. Sadly vendor's price expectation is unrealistic and even if we love the property we are not willing to pay soooo much for it. :( There are no precedent for it in the area. The owner is multimillionaire and do not need to sell if he does not receive his price.

    So we will be moving on. Thanks for everyone for helping us with this one.
     
  10. Lil Skater

    Lil Skater Well-Known Member Business Member

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    Location:
    Melbourne
    Oh no :(

    There will be another one come along, I'm sure, and it will be better :)
     
  11. Big Red

    Big Red Well-Known Member

    Joined:
    29th Jun, 2015
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    109
    Location:
    Melbourne
    The best deal of the century comes around every week. We learnt the hard way lol or lucky way. We had Peter to assist us which was great but obviously it takes time.