For People Who Have Bought Sight Unseen

[Lucyinthesky]

Hi,

I am considering buying a unit sight unseen and was wondering how others who have bought properties sight unseen have gone about it.

thanks, just looking for a few tips and things to look out for.

 

[alexlee]

Given that you're going sight unseen you don't really HAVE anything to look out for. The only thing you can do is make sure your research of the area and prices is solid and get a detailed building and pest report.
Alex

 

[karina]

These are the things that I look for when buying sight unseen

1. speak to a few property managers in town and ask them about the street etc, get them to do a market appraisal for you. If its a bad street etc the property managers should be able to tell you this.
2. pest and building inspections.
3. talk to the council to find out about zoning etc
4. make sure you are paying the right price, various reports available for this rpdata, residex etc
5. maybe speak to other agents in town (not the one selling the property) and ask them what the street is like etc

 

[Lucyinthesky]

Thanks for your replies guys. Never bought site unseen before so all new to me.
Will be getting building and pest report done and will ask other agents for rent appraisal, thanks for that Karina.

 

[luce.rocks]

Make sure the property is where you think it is! I saw a really cheap terrace in Redfern for sale last weekend. Asking $369K for a 2br, 2 storey. I was beside myself. The map on the ad on Domain showed 21 Vine St as being on the Chippo/Darlington side of Abercrombie St. I called the agent and made a verbal offer of $355K. He said he'd rather that I come along to the open house before I made any offers. I said fair enough, and put it down to the fact that he wanted to see how many people he could play off against each other, afterall, this was a 2 storey, 2 br terrace in Redfern/Darlington for $369K!

Did an early morning drive by before the open house. The terrrace was not on the Chippo/Darlington side of Abercrombie. It was on The Block. Well, 3 houses down from The Block. Really scary. I let the agent know that he ought to update the map on domain if possible, and left.

So that's my advice. Make sure the property you're insterested in is really, truly, where it says it is.

 

[jasperjue]

I don't see any reason to ever buy site unseen. The real estate agents have digital cameras and would happily send through as many photos as you like if you are serious. Coupled with a building inspection and its probably as good as rocking up to an unknown neighbourhood and hurrying through a house in person.

 

[karina]

photos are a must. I didn´t even think of noting this down as I don´t think too many people would buy a property without even seeing photos, although I am guilty of signing contracts without even seeing photos so as to not miss out during the WA boom. Things were moving so fast in geraldton back then that properties were going under offer within hours so if I waited for the agents photos it would have been all too late. I was then able to do my due diligence within my (get out clause like )finance clause.

 

[1974Angela]

I think using Google Earth is a great tool also, recently thought about buying two interstate properties (in areas I am very familiar with, but nowhere near at the moment) and after doing a GE search found one property was across the road from a piggery, and the other next door to some processing plant - pays to check out the neighbours!

 

[suzieq]

I agree, Google Earth is a great tool. I have brought 2 properties over East site unseen, but I only buy using this method if the property is either new or near new (thats just me!!).

Of course I do the usual DD and get pics etc.

cheers

sq

 

[sheiks]

Karina has covered most of your bases.

I have bought sight unseen before . If you are interstate, it usually helps to put your offer subject to satisfactory viewing by you or your representative. Most vendors and/or their agents will give you a reasonable amount of time to travel if you intend doing so.

I personally haven't done the travel myself but it has given me the time I need to organise PM's to have a look. I have also maintained an ongoing relationship with REA's from previous dealings I consider ethical and helpful.

Networking with the right people on the forum could also come in handy if you need a second opinion. I have an informal reciprocal arrangement with contacts I trust on the forum to check things out should the need arise.....haven't had to call upon anyone yet

Having said that talking to REA's, PM's and Google Earth in addition to all your pre-offer due dilligence should suffice.

 

[Cherry Pro]

Hi - I've recently bought two properties sight unseen and apart from
all that the other forumites have mentioned, it pays to do a search on
the suburb in the forum and find out out who else has shown interest
or bought in that suburb. I have then personally mailed them and their
views as 'someone in the know of things' has been valuable.

Good luck !

 

[cgw]

Perhaps you could also get an independant valuation on it. Maybe ask the agent exactly what is next door, and nearby to it, eg shops, carparks. I have noticed on google, it isn't always that clear.
EG one place the RE said it was opposite a school, but when I drove past, yes it was, but immediately in front was a park and creek, then the school grounds, which made it look more appealing, than just a school.

 

[tubs]

Why dont you tell us at least the suburb the property is in. There might be some local knowledge floating around here that could tell you where to avoid in the area, or someone might even be able to do a quick drive past the house.

 

[depreciator]

I bought a little block of flats in regional Tassie a few years ago. I had to move really quickly and there was no time for a written building inspection. I asked the agent for the name of a local builder. I called him, put $200 into his bank account, and asked him to go to the property with his mobile phone and a full battery. Then we talked for an hour while he walked around the place. I think he enjoyed it.
Scott

 

[Lucyinthesky]

Thanks for the replies guys, while I have been procastinating it has been sold. Was in Wollongong. Looking around for something else. Would prefer a house over a unit so maybe it was just as well.