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The Buying Process

Discussion in 'The Buying & Selling Process' started by Zac Goodman, 5th Jan, 2016.

  1. Zac Goodman

    Zac Goodman New Member

    Joined:
    5th Jan, 2016
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    Location:
    Queensland
    Evening all.
    My wife and I have purchased a number of properties and each time have found the process different.
    We would love to hear from other buyers in how you have found the buying process, who you use to guide you through the process and what aspects you found were good and bad.

    I look forward to hearing your own experiences.

    Thanks
    Zac
     
  2. The Y-man

    The Y-man Moderator Staff Member

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    18th Jun, 2015
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    906
    Location:
    Melbourne
    Pretty similar within a state - quite different across states.

    In Victoria, minor differences in individual agency practices, but the core REIV procedure is the same.

    Agents have been pretty good at explaining their particular peculiarities in the process.

    The Y-man
     
  3. psylink

    psylink Active Member

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    Location:
    Brisbane
    Only ever bought in QLD but find the process very similar each time. Obviously different tactics when dealing with the REA and trying to extract as much info out of them as possible for negotiation... but REIQ contracts and apps that handle digital signatures make life a breeze.

    Worst part of the process for me would be quiet agents. I'm all GO GO GO and just want answers/contracts asap.
     
  4. pinewood

    pinewood Well-Known Member

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    8th Jul, 2015
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    Location:
    Vic
    Good question @Zac Goodman! Along the same lines of the buying process, I would also like to know what are the tips used to negotiate price. Do the seasoned investors use the same tactic for their purchases? e.g. Is there a risk of not being taken seriously if one's offer starts too low?
     
  5. LifesGood

    LifesGood Home Building & Development Consultant Business Member

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    26th Jun, 2015
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    Location:
    Perth WA
    Pinewood it all depends on the competition. If there is a lot of interest around the property, lowball offers won't stand a chance. Best to go in with your best foot forward, or be prepared to lose the property. Don't just expect that there'll be a negotiation.

    On the flip side, if the property has been on the market for a while and you can sense signs of desperation...grab yourself a bargain :)
     
    pinewood likes this.
  6. Zac Goodman

    Zac Goodman New Member

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    5th Jan, 2016
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    Location:
    Queensland
    @pinewood I think Lifesgood has given some insight into the answer, however I believe there are two parts to your question.
    The truest secret to an investors tactics is the ability to walk away as Lifesgood suggests. Property potential, zoning and yield are my biggest criteria; if they meet these we have the ability to put in offers and walk away. Often we will put in an offer "pre-market" to avoid the competition, however you need significant networks to do this.

    As with all negotiations the ability to walk away is often the strongest tool.

    However - with your principle home, or one your need to buy negotiating can be difficult. The best advice I can give you is to do your research, know the comparable sales within the region and get the real estate on your side - they often want the sale as much as you.

    Sometimes you will find a buyer that can wait - this makes life difficult.


    The biggest struggles we have had is buying in locations we don't have networks; using Building & pest and often conveyancors that are local to the property is difficult to find trusted people.....does anyone else find this?
     
    pinewood likes this.