Lockdown. Couldn’t view anything outside our 5k and vendors and agents were holding back listings till this week, when they could get more people through.
Good luck. It’s usually a fun ride
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It has been so far for me. But my wife is a bit more nervous about the whole thing.
My one bit of advice, if you’re buying it as your home, and you find something you adore , don’t muck around. 20k over 20 years is negligible.
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Fair point.
I’ve been running with the mentality that nothing in our price range is something I’ll adore, but will be absolutely more than just liveable.
I doubt any vendors are going to turn down offers because they’re offended. They just won’t accept them.
Agent will call you back when they’re presenting offers, and ask for a final offer.
That’s when it gets a bit hairy.
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Have you asked the agent whether they have been instructed by their client to not submit offers?
On the Vic consumers site, there is a summary of the Professional Conduct and Obligations of estate agents. It provides, Inter alia
- agent must submit all verbal and written offers to a client unless otherwise instructed by the client in writing
- must inform the person making the offer that it will not be submitted if the principal’s instructions are to the agent are to not inform them.
You could always ask the agent if he/she has written instructions from the client and ask to see the instructions.
Buyers agent…Trying to buy my first house now and really like the look of a couple via house and land package. Will a buyers agent help me out with that? Or are the prices fixed?
I really just want someone who can find me what i want and look over my contract if possible.
Know anyone good?
It wouldn’t hurt to have a chat. I know Jobe Watson has a company that works in that space. I also know someone and would be happy to pass on her details if you want.
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I told him it was my understanding that he was threatening to break the law. He said no, no, no he was just trying to provide some advice to get the best outcome.
The best outcome for the vendor
Did he say he was acting on client’s written instructions?
Thanks Darli. Wouldn’t hurt to try.
A question to some who might know…How often does the bank valuation of a house differ from the asking price when it comes to house and land packages? As in the price you bought the use is 600k but the bank thinks its only worth 580k…
Rarely. The house and land package guys usually have contacts in all the major banks. You shouldn’t have a problem.
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Quite often differs a little bit.
Bank valuation is what they reckon can get if they have to kick you out and dump the property ASAP.
Which is different to what you’d get, selling it properly.
I’d be surprised if it was ever off enough to affect the validity of the finance.
(Unless you were unlucky enough to sign an offer just before a big market crash)
Nope.
Two banks valued my place at $65k more than i ended up getting for it. Bastards.
Usually when the banks do a valuation it is just a drive by. Is this place similar to what has sold next door/down the road/around the corner and what is the average sell price for this suburb? They don’t look at the quality of the taps and what you have done to the kitchen to make it worth more - or less.
The banks just want to make sure that they will get their money back if it goes pear shaped.
Has the property been to auction prior?
What did it last trade for?
Place next to mine went for Auction, reckon the market would pay 850k. The owners overpaid 950k 18 months ago. So it passed in and is just sitting on the market.
I wouldnt target property unless its first time on the market in years. Everyone needs some sort of capital gain, even if they have gone backwards in real terms.
That and the rental market is fine.
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