Putting offers in makes my tummy flip!

Oh gosh, playing the waiting game on two properties.
One that I really want as an investment. But... I've put in a really good offer and the REA is telling me that the vendor wants to wait for another 4 prospective buyers to go through the property tomorrow.
Yep. The fear of missing out is making my tummy flip, and I feel quite agitated.
I hate this bit. I'm trying to build up our portfolio.
Any tips from seasoned investors that have done this kind of thing loads of times?

 

Get over it. Never want any particular property. Always another deal next week.

 

Gee thanks. Dam that being human bit! LOL.

 

How do you think seasoned investors do it?

 

I don't know... but I'm thinking a coffee, tim tam and some well timed 5km runs. Keep busy. LOL.
It's one thing to be outwardly unemotional about these things, but a whole other thing to be like that in your own space.
Your right of course.

 

Having purchased 4 properties by now, every single time i buy I either have buyers regret or get too anxious waiting for the confirmation.
Lucky my partner is the complete opposite of me.

 

Quite normal feelings here FOMO and especially when it comes to something that can be as emotional and expensive as real estate. After all, we're talking LOTS of $$$$ signs....

From a strategic point of view, have you done your due diligence ie: contract review, building/pest inspections, finance good to go? If so, and you believe a signed contract with a cheque (and potentially a 66w, depending on situation, location and your finance) will make a difference then rock up to the agent's office tomorrow (following the inspection with the other 4 buyers- make sure that you're there observing, listening, verifying interest real vs not etc) slap it down on the desk and let him know it's good until COB tomorrow. Works even better with a 66w but, if not, at least he can gauge your serious intention and work on the vendor (if he's that type). Make sure that you are clear on deadlines and your intent to withdraw the offer by xxx pm if it's not accepted and verified with an exchanged contract. Good luck

 

I'm not spending $ on building/pest inspections ect for a house that we haven't got. Too easy for someone to pop in an above asking price offer and we won't even get a look in.
The owner hasn't got a section 32 ready because they are waiting for a buyer. The property has been on/off the market for a while and is in pretty rough shape (mostly just cosmetic).
Finance is going to be organized once the offer has been accepted as we are signing subject to finance, then we hand over the reins with the finance to our mortgage broker and accountant. I've already spoken to our accountant and he told us that a loan shouldn't be a problem. We are self employed, so we need to hand over all our books.

We missed out on a similar property a little while ago, because of the buyers being grouped in inspections together and then above asking price offers were put in.

Bugger it. If it doesn't happen there are always other opportunities! I'll let it fly for now

What is a 66w?

 

I can't stand waiting for offers to be accepted. Regardless of whether it's in IP or PPOR, I can't bear to wait. I always put in a time limit to make sure I'm not left hanging for too long!

 

It doesn't sound like you have created any urgency for them - especially with it being subject to finance and B&P.

Generally you get the best buy price with an unconditional offer with a short expiry time (because you have so many other interesting properties that you are close to closing on). It does require you to be very organised and ready to go - or you can give yourself perhaps only a week or so before it goes unconditional.

 

Ask 4 of your friends go through the place

 

If its to be; its to be. If it isnt; it isn't. The vendors of our PPOR didn't accept our offer for a few weeks as they wanted to make sure it was really the best offer they could get. Luckily for us the market was quiet and they didn't get a better offer.

 

When targeting IP purchases in the past I have submitted a formal offer which stands for 48 hrs after which the offer will be rescinded along with terms and conditions (timeframe of settlement etc.)
Different pathway taken on PPOR purchase as these are emotional purchases and may require more toing and froing.

 

Recommend all offers have an expiration date. RE agents aren’t the only ones that can create pressure in a deal.

 

How can you submit an offer without a s32?
Is this just a verbal offer?