Update from November...
I've got stuck into researching properties in my local area after spending WAY too much time on the forum over the last 2 months
Was casually looking on RE.com and doing the standard Sunday drive-by of all the properties that I knew were on the market to see if anything interesting was happening. Came across a place that I hadn't really taken too much notice of while checking out another. It had a faded sign on the front lawn (weeds) and had obviously been vacant for quite a while.
I looked the address up on RE.com and the ad came back 'renovate and prosper'... Very interesting I rang the agent who lives 3 hours away and organised an inspection- apart from the 1960's wallpaper, LINO in 2 of the bedrooms and old school kitchen, it all seemed to check out ok. I did some research on the house and found out that it had been on the market for over 3 months and the elderly owner is sadly on her death bed.
The agent hinted to me that if the vendor passed away while we were in negotiations that it could take up to a year to finalise (something to do with the power of attorney??)
Anyways, I offered $30,000 below the advertised price and because of the circumstances, the offer was accepted almost straight away! I negotiated a longer than normal settlement and early access to undertake some renovations. Received word today that my finance was approved (was fairly tight going as I've only just bought another IP) and am over the moon.
Now it's time to get my hands dirty with my first reno! cant wait!
I've got stuck into researching properties in my local area after spending WAY too much time on the forum over the last 2 months
Was casually looking on RE.com and doing the standard Sunday drive-by of all the properties that I knew were on the market to see if anything interesting was happening. Came across a place that I hadn't really taken too much notice of while checking out another. It had a faded sign on the front lawn (weeds) and had obviously been vacant for quite a while.
I looked the address up on RE.com and the ad came back 'renovate and prosper'... Very interesting I rang the agent who lives 3 hours away and organised an inspection- apart from the 1960's wallpaper, LINO in 2 of the bedrooms and old school kitchen, it all seemed to check out ok. I did some research on the house and found out that it had been on the market for over 3 months and the elderly owner is sadly on her death bed.
The agent hinted to me that if the vendor passed away while we were in negotiations that it could take up to a year to finalise (something to do with the power of attorney??)
Anyways, I offered $30,000 below the advertised price and because of the circumstances, the offer was accepted almost straight away! I negotiated a longer than normal settlement and early access to undertake some renovations. Received word today that my finance was approved (was fairly tight going as I've only just bought another IP) and am over the moon.
Now it's time to get my hands dirty with my first reno! cant wait!