Browse Forums Real Estate 1 Sep 17, 2011 7:57 pm So after a productive and positive meeting with the bank today, we are thinking of putting in an offer on a property, it needs quite a bit of work, mostly cosmetic structurally its sound. It has no heating/cooling, needs flooring, needs a new kitchen (we are thinking of paying ikea a visit). We went through this with our bank manager and factored this into our possible new loan. We need to do an subject to sale offer, the bank manager said that realestate agents are not usually keen on this, but the realestate agent actually suggested it...the bank manager was a bit surprised but said it was a good sign. Its been on the market for some time, I guess because there are other homes on the market that you can just walk into, with no work needing to be done... its been advertised as a duplex block with all the approvals done. My question is does this put us in a good position to offer below what they are asking? even though it will be a subject to sale offer? Our current home doesn't need much more then a bit of paint to freshen it up and we are planning on pricing it to sell - we just want to move closer to my parents as my mum isn't too well. To be able to afford to do this though, we won't be able to offer what they had asked originally.....then our mortgage would roughly remain the same. thoughts? advice? tips? We are going to have another look at the property tomorrow, and at a few others, and I'm hoping to get a market appraisal this week on our current home. Re: is our position good? 2Sep 17, 2011 8:51 pm put in an offer that you think is fair..can afford. if they say no, too low, then walk saying the offer will be on the table for the next 5 days. If they dont have anyone else, they might be in touch within the next 5 days saying 'they have had a re think' etc you could start with a crazy low offer, but you know sellers want a million bucks and buyers want to pay nothing...so put in a fair offer. If you were cash buyers then start with a silly low offer, but you are not..so that is the pay off ask them why they are selling? cos if it is immigrating, then if they dont accept your offer, go up higher but ask for the car, the lawn mower , the play set etc to be left in the house...saves them trying to sell it later etc good luck though, and who knows, all they need is a buyer, and it might be you. good luck with your house appraisal too. Re: is our position good? 5Sep 17, 2011 11:28 pm Any offer we make would be subject to an inspection (including termites). I also had a family member who was an electrician come have a look through the house with us too. We weren't planning on a crazy low offer, but pretty close to land value, anything too high and we wont' be able to afford the reno's to make it comfortable. We are going to look at some other properties still so if its too low for them then thats ok Thanks for the tips Kiwi most helpful The house is empty my understanding is that the owners bought together but are no longer together, but I'll ask more questions tomorrow when I go look through it again Re: is our position good? 6Sep 18, 2011 12:10 pm if it is empty, bit hard to ask for the car, when it isnt parked on the drive. always find out why people are selling, cos it gives you more power. A divorce, you know they all want to move on, so your price might be low but you can settle in 5 days etc. I bought a house on behalf of my olds once, as the people were going to oz, they were desparate to leave as he started work the following week..so me asking for the car, the bed, the fridge, the lawnmower and a side board,helped them not have to worry about it. They didnt care, saved them the hassle of selling/ taking the stuff to the tip always worth scabbing as much as you can!! good luck today,and hope it all works out ok for ya Re: is our position good? 7Sep 21, 2011 6:29 am Get a Residex report - most brokers send them via email for free. It analyses the property via past sales and land value and size etc and spits out a value. You can use this as a starting point. And no one should ever make an offer on a house without seeing the R P Data report that the agent will have used. This also tells you the selling history of the house and capital increase (or decrease) in the immediate area. You just ask the agent for it. If they refuse to give it to you go to an opposition real estate agent and ask them. But you must have this basic information. Re: is our position good? 8Sep 21, 2011 11:07 am An offer subject to sale doesn't put you in a very strong position IMO. Considering how hard it can be to sell a house at the moment it puts the vendor in a pretty lousy position. What if your house takes 3 months to sell and the vendor is forced to put their property back on the market for an even lower price (prices are slowly creeping downward in the mean time). The average time to sell a house at them moment is 6 weeks so they will most likely not even know if the sale will go ahead for another 6 weeks. Also if I were you I'd do everything I could to make sure your house is sold before you buy another place - you may be surprised just how hard it could be to sell for what you hoped. You can try it out of course but they would only accept if they were desperate. 9 26041 Thank you. Do I use timber floorboards for stairs or do people use timber treads? Or is both the same? 6 8211 Hi, I have had them in the past and the pros are: Versatile, i.e many different colours and styles to choose… 1 7760 |