Well, this is quite simple. We understand that Real Estate Agents may use tricks to up the bid of a property, so why can't buyers do the same, to lower the bid?
It is quite funny, to think that buyers can play tricks to 'Lower the bid'. What made myself think this way? Quite simply reaction to an agent this weekend! This is in relating to a non-auctions:
So my suggestion is quite simple: have a family member or friend inspect the real estate and offer a bid the bid is higher than yours (they text you their result) and when you place your bid after theirs, check the reaction of the Real Estate Agent. Does he or she give you the facts that a high bid was placed or do they simply accept your bid to be accepted with others.
If you get a negative response or non-response ask why they cannot provide an answer now and then put them into place with a new question, 'What amount would you and/or your client be prepared to accept today for selling property?'
If they have a higher bidder and it is your friend or family - you can offer just over to that bid by $50 upwards and say, this is your final offer and if not accepted now, walk out! Do not tell them that you know that friend/family at all!
It is a risk you take but the agent doesn't want to lose any business or reputation, so they will try to keep you interested. If not, then leave!
You are never guaranteed a purchased property until a finalised initial deposit is made! Don't have your heart set on this real estate, just have your mind set on a possible goal reaching bargain!
Monday 1 June 2015
If You Have Saved A Lot - How Would You Deal With Purchasing Real Properties?
There are the few buyers that have saved a lot of money and wonder how much deposit they should pay for the property.
Well, this will depend on how your Pre-Approval Loan has been approved? That is, have you applied for 100% fully funded Home Loan or less? So, the general suggestion I have is whatever percentage of the real estate home is funded and accepted, do it that way. The use your savings for incidentals like moving in costs, household furniture (if needed), all your solicitors costs (paid in cash on settlement), immediately pay any stamp duty costs and any other necessary costs.
So for example, if a couple has saved $100,000 combined and after all above mentioned costs paid and say they are left with $60,000, then a suggested sum of $30,000 is directly deposited into the Home Loan - if the lending authority allows to do this. Then keep the left over balance of $30,000 remains keep it as a buffer, in case there are lifestyle changes that affect making repaying from combined general income!
We will leave for you to decide!
Well, this will depend on how your Pre-Approval Loan has been approved? That is, have you applied for 100% fully funded Home Loan or less? So, the general suggestion I have is whatever percentage of the real estate home is funded and accepted, do it that way. The use your savings for incidentals like moving in costs, household furniture (if needed), all your solicitors costs (paid in cash on settlement), immediately pay any stamp duty costs and any other necessary costs.
So for example, if a couple has saved $100,000 combined and after all above mentioned costs paid and say they are left with $60,000, then a suggested sum of $30,000 is directly deposited into the Home Loan - if the lending authority allows to do this. Then keep the left over balance of $30,000 remains keep it as a buffer, in case there are lifestyle changes that affect making repaying from combined general income!
We will leave for you to decide!
Friday 13 February 2015
Strata Property Buyers - Quenstion And Answer!
I haven't published a blog for a while on this blogspot, but today that will change. Although, I do not want to purchase a property I went to inspect a property for curiosity at 8/26 Hythe Street, Mount Druitt.
There was no left over profile of the property on a flyer left, as the Real Estate Agent, Adam Silva from Wiseberry Real Estate, Prospect brought 25 copies for the inspection and it had all been used up. This tells you that there are lots more potential buyers for the property then available properties, in the area I would assume. Maybe why Mount Druitt, is a "Hot Property Spot".
There was this young man who had been to other Strata Management Properties on the market and requested to the agent a copy of the Strata Management Report. The agent responded in a clear and correct manner, 'They do not supply copy of Strata Management Reports as this is requested through the buyers solicitor, once the initial deposit is paid and the solicitor will discuss the report with their client.'
This young gentleman advised that he was giving the same reports by other Real Estate Agents before, whilst inspecting these properties. Apparently, this may be legally an issue to supply this information on inspection.
From experience, I agree with Mr. Silva, agents are there to show the property to potential customers, Strata Management Report can be obtained from solicitors. There is a cost for the report to be released from the Strata Management as they will not release for the sake of releasing!
So keep this in mind when looking for Strata Management Property!
There was no left over profile of the property on a flyer left, as the Real Estate Agent, Adam Silva from Wiseberry Real Estate, Prospect brought 25 copies for the inspection and it had all been used up. This tells you that there are lots more potential buyers for the property then available properties, in the area I would assume. Maybe why Mount Druitt, is a "Hot Property Spot".
There was this young man who had been to other Strata Management Properties on the market and requested to the agent a copy of the Strata Management Report. The agent responded in a clear and correct manner, 'They do not supply copy of Strata Management Reports as this is requested through the buyers solicitor, once the initial deposit is paid and the solicitor will discuss the report with their client.'
This young gentleman advised that he was giving the same reports by other Real Estate Agents before, whilst inspecting these properties. Apparently, this may be legally an issue to supply this information on inspection.
From experience, I agree with Mr. Silva, agents are there to show the property to potential customers, Strata Management Report can be obtained from solicitors. There is a cost for the report to be released from the Strata Management as they will not release for the sake of releasing!
So keep this in mind when looking for Strata Management Property!
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