Quickest transaction I ever made.

as you said Brisbane is going nuts , if it falls through , a different buyer is possible , almost as quickly other agents would have heard the gossip and most are HUNGRY

 

UPDATE:

This deal is put to bed! Officially offloaded to a proud new buyer.

So from what I hear the buyers have their own PPOR sold as well for 50k more than they expected. The tenants who are moving out are actually going to rent another place from me 1 suburb over on a 12 month lease. It was my agents idea. I had one to lease and they needed a place. No need to do any checks etc easy approval!

Wish they could all be this easy. I gotta say my solicitor is super proactive to get all the legals done and chase things up. When you have a good team working with you, things just run so much smoother.

 

Incredible result Sackie, congratulations

I've always wanted to do this. But I have always been afraid of bothering my tenants with random inspections from potential buyers. I am worried that the tenants could become fed-up with the inspections and move out. My question is, do you allow any interested buyer to inspect the property or do they need to make a decent offer before they can inspect?

 

The latter. It needs to be a very solid buyer qualified by the agent before i'll usually let an agent show buyers the place. I've never had issues with tenants in the past. The agent was a little naughty in this case and just turned up to the home to show the buyer without letting me know. But it all worked out.

 

Nice outcome. Well played.

 

Thanks @fols . It's a price I'm very happy with even if I miss out on some growth on the top.

It's a simple approach a mentor of mine passed on in the past. If you think your in the beginning/middle of a boom but times are uncertain ( for whatever reason), rather than wait longer to try and sell for more, only accept fantastic offers at the top range to sell. This will hopefully allow you to lock in a great price without having to stay in the market longer. If you miss out on some growth at the very top, so what?. Perfect timing is impossible unless it's luck.

 

These are the drivers of the market - greed & fear. You have jumped off, not out of fear, nor held on to the last minute (greed).

 

@fols If I remember correctly you like me, have significant holdings in Sydney's East? Are you planning to keep holding to ride it more or thinking of any selling?

 

Hey mate. Only sitting on one in North Bondi. Happy to hold, it throws solid cash.

That said, I am looking to offload the tail of my portfolio, about 6 properties. Maybe late this year or early next year, depending on exactly whats happening in each of the markets.

 

@Sackie I am looking to sell my PPOR off market in Sydney. Should I expect to pay the agent a lower commission for an off market sale since there is less work involved for them? My agent is asking for 2% incl GST which seems a little high? House is worth around $1.8-$2M if that makes any difference.

 

2% is definitely high. I'd try get a more competitive commission rate.

Re off market, I have sold off market in boom times and if you're selling off market, I'd want to be absolutely sure the offer is a ripper, both in dollars and terms. Otherwise, I'd definitely go to auction, especially for Sydney.

 

Yeah I just don't want the stress of an auction campaign and open houses. I wasn't planning to sell at all and I am happy to stay put. But with rapid price rises recently, this thread planted the idea in my mind to try my luck for an off market sale. And like you said - I will only accept a crazy FOMO offer well above market value. That's why an auction could potentially be a waste of time & money for me.

One more question, is it possible to engage more than 1 agent for an off market sale? Or does it need to be exclusive? Sorry for the newbie questions

 

If it's not exclusive then there is less incentive for an agent to achieve the result.

 

I would like to have an agent like him/her! Promised a nice selling commission if I get a nicer price (now expectation runs high and wild with Brisbane boom)

 

Interesting read