Elizabeth Downs -Hot lead for low cost Mortgagee Sale

How much do you think you can negotiate down from that? Looks priced right to me. Wouldn't you be better off just offering asking price if you don't mind the work?
 
Truly Exotic said:
currently negotiating on this one, either for myself or clients

http://www.domain.com.au/property/for-sale/house/sa/elizabeth-east/?adid=2011871136

however, one of them needs a metric load of work, no HWS, no copper, termite damage, holes and internal work,

putting it up, as I probably get outbid
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My understanding for properties that come off the affordable house program (particularly ones that are priced sharply like that), is that they are sold via first & final offer once the buyers period ends.

As you have suggested - I would expect that one would likely have gone for above the initial asking price.

Truly Exotic - are you a aldeiade buyers agent? If so let me know - I'm looking for one currently!
 
Waldo said:
My understanding for properties that come off the affordable house program (particularly ones that are priced sharply like that), is that they are sold via first & final offer once the buyers periodends.
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The government picks and chooses what goes on the affordable house program.i bought this http://www.realestate.com.au/property-house-sa-mount+barker-118613843 for mid 200k in a policy area which enables me to divide into 3 building lots.I bought before it went live and they were lining up for a crack at the contract, and it never went near the AHP.
 
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Anon_ said:
How much do you think you can negotiate down from that? Looks priced right to me. Wouldn't you be better off just offering asking price if you don't mind the work?
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I wont be able to get the price down, in fact negotiations are above asking price, so im not in a very strong position.

I dont mind the work, but new HWS, new copper, you are looking at 6-7k on that alone, so you have to allow for a minimum $10k on top of buy price to get it rentable

Waldo said:
My understanding for properties that come off the affordable house program (particularly ones that are priced sharply like that), is that they are sold via first & final offer once the buyers period ends.

As you have suggested - I would expect that one would likely have gone for above the initial asking price.

Truly Exotic - are you a aldeiade buyers agent? If so let me know - I'm looking for one currently!
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yes generally the ones on the program sell at the asking price to the first offer unless there are multiple on it already, which in this case there are, but the advertised price is what the governement have decided its worth and will sell it for.

and yes I deal with adelaide, but am not in SA at the moment
 
Truly Exotic said:
I wont be able to get the price down, in fact negotiations are above asking price, so im not in a very strong position.

I dont mind the work, but new HWS, new copper, you are looking at 6-7k on that alone, so you have to allow for a minimum $10k on top of buy price to get it rentable



yes generally the ones on the program sell at the asking price to the first offer unless there are multiple on it already, which in this case there are, but the advertised price is what the governement have decided its worth and will sell it for.

and yes I deal with adelaide, but am not in SA at the moment
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Are you licensed to deal in Adelaide?

HWS + Copper does not cost 6-7k unless you mean for both sides of the duplex?

And govt doesn't decide/determine the prices of those properties. The one you're referring to is sold already as well, I think.
 
Truly Exotic said:
yes they do, after consulting with agents/valuers etc. etc.
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You answered your own question. They utilise independent valuers. When I bought mine there was no price listed (in fact it wasnt even for sale), they had a valuer go out and determine a number. That number and not a cent higher/lower went on the contract.
 
Gattuso said:
Would you just buy this regardless of the street it is in? It seems most of you talk about them or personally own them but aren't they generally in streets full of the same type of housing?
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Govt is trying hard to remove / improve all the state housing. Many have been demolished (a couple of streets are vacant land now) or renovated by Govt. And some are being sold to either first homer buyers or investors.

This should improve the quality of the area in the next year ones once it reaches critical mass.
 
2FAST4U said:
Great buy. 1500+sqm of land. Cash flow in the short term great subdivision potential in the long term once the area gentrifies more.

Edit- Just saw it's Affordable Homes the Government once again flogging off property under market value.
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Affordable Homes is targeted for First Home Buyers (no idea why they put pairs on it lol) , so are discounted accordingly. Once the eligibility period finishes, they go to market rate.
 
2FAST4U said:
Great buy. 1500+sqm of land. Cash flow in the short term great subdivision potential in the long term once the area gentrifies more.

Edit- Just saw it's Affordable Homes the Government once again flogging off property under market value.
Click to expand...

They needed a huge amount of work. Missing copper in both sides, blood stain across the ceiling, floors, paint, tiles, kitchens, soil movement, needing 1 new hot water system, 1 window + frame, had moister in the ceiling leaking down walls, no blinds. Had been patched up many times, re-tiled, holes bogged, silicon in the gaps. $30k+ easy, if no unforeseen problems.

Once stripped down ready to rebuild I think there would be more issues, but I'm sure the new buyer knows what they're doing.

Great block, can cut into 6 blocks, good returns, just needed alot of money and time to put it back together.
 
2FAST4U said:
Great buy. 1500+sqm of land. Cash flow in the short term great subdivision potential in the long term once the area gentrifies more.

Edit- Just saw it's Affordable Homes the Government once again flogging off property under market value.
Click to expand...

And its under contract already

This pair was linked a page or 3 ago
 
MattADL said:
They needed a huge amount of work. Missing copper in both sides, blood stain across the ceiling, floors, paint, tiles, kitchens, soil movement, needing 1 new hot water system, 1 window + frame, had moister in the ceiling leaking down walls, no blinds. Had been patched up many times, re-tiled, holes bogged, silicon in the gaps. $30k+ easy, if no unforeseen problems.

Once stripped down ready to rebuild I think there would be more issues, but I'm sure the new buyer knows what they're doing.

Great block, can cut into 6 blocks, good returns, just needed alot of money and time to put it back together.
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This is what I said a couple pages back and got "lmfao" and also accused I've trying to make it sound worse to pick it up myself! Lol

I have done renos before it always ends up costing more than you think.
 
Joeyv said:
This is what I said a couple pages back and got "lmfao" and also accused I've trying to make it sound worse to pick it up myself! Lol

I have done renos before it always ends up costing more than you think.
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That was me, and i didnt mean any offense by it at all. I just meant that generally get by with doing much less stuff if just getting it rentable is the aim (and having good tradie / supply contacts always helps).
 
Agree with DT. I'm doing a Reno on a property in Adelaide at the moment. Place was disgusting and needed much of what you posted - new kitchen, paint inside and out, floors, blinds, some plumbing and electrical work (incl new switchboard)new gutters, roof leaking, landscaping. I should be able to do it for under $15k. Settled Tuesday, however we've had the keys a few weeks. Inside will be finished this week. Outside next week.
 
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