2br lock up gar vs 3br plus carport

[julie]

Have put a hold deposit on a 2br villa with lock up garage but another is available with 3br and carport. Thinking of blowing the .257 whatever deposit and going for the 3br. Any words of wisdom desperately welcome. The villas are the same in all other aspects. Thanks so much.

 

[Propertunity]

Have put a hold deposit on a 2br villa with lock up garage but another is available with 3br and carport. Thinking of blowing the .257 whatever deposit and going for the 3br. Any words of wisdom desperately welcome. The villas are the same in all other aspects. Thanks so much.

Lose the 0.25% deposit and go for the 3brm - definitely worth more and will get you more in rent. (especially if they are the same asking price)

 

[julie]

Lose the 0.25% deposit and go for the 3brm - definitely worth more and will get you more in rent. (especially if they are the same asking price)

Thankyou so much. The 3br will cost 8k more than the offer I made on the 2br. But that offer is meaningless now as I am not going to buy it. I do not know the value of the 2br one as noone else has put in an offer. My offer on the 3br is 10k more than the vendor's first offer but they sell like hotcakes out here. The owners want to stay and rent the 3br until they find a new place. They do not want to sign a lease but given how long it took me to find this one they may well be there 6mths. thankyou again.

 

[DaveM]

Your holding deposit means nothing till exchange of contracts assuming you are in nsw. Until exchange you can pull out and get back any deposit without penalty.

 

[julie]

holding deposit query

Your holding deposit means nothing till exchange of contracts assuming you are in nsw. Until exchange you can pull out and get back any deposit without penalty.

Dave, I am not sure about this. I have lost the .25 as I decided not to go ahead. It is a holding deposit. I withdrew before the cooling off period but have been informed that means I forfeit the deposit. If this is incorrect it would be nice for me but I doubt it. any info always welcome. thanks

 

[Propertunity]

.... I have lost the .25 as I decided not to go ahead. It is a holding deposit.

There is no such thing as a "holding deposit" in NSW.

You would lose the 0.25 if you signed, the vendors signed and you rescinded within the 5 business day cooling off - which is what it sounds like happened.

There is an EOI deposit (expression of interest) in NSW which is what replaces the old "holding deposit" BUT:
1. It has no legal standing
2. ....and as such, most REAs would not show any interest in taking such a deposit as this.
The only thing it entitles you to, is that the REA has to tell you if another offer has been received on the property.

 

[julie]

thankyou for help

There is no such thing as a "holding deposit" in NSW.

You would lose the 0.25 if you signed, the vendors signed and you rescinded within the 5 business day cooling off - which is what it sounds like happened.

There is an EOI deposit (expression of interest) in NSW which is what replaces the old "holding deposit" BUT:
1. It has no legal standing
2. ....and as such, most REAs would not show any interest in taking such a deposit as this.
The only thing it entitles you to, is that the REA has to tell you if another offer has been received on the property.

Just thought I would let you know I bought the 3br and I feel very lucky to have had this forum to "think aloud" on. Happy with decision. What a fool i am losing money like that . I had not bought anything for a year and so it was scary getting back into investing at my age but I feel reasonably safe buying in Sydney and get good rent on the place. thanks again. julie

 

[Propertunity]

Just thought I would let you know I bought the 3br and I feel very lucky to have had this forum to "think aloud" on.

Congratulations Julie.