Im not having much luck

[tiger]

All I want to do is buy a PPOR, it seems to be the impossible at the moment.

First house: Offer rejected, 3 weeks later someone else's offer of $25,000 less was accepted due to vendor dying. We were told we still have a chance, did all paper work then other people beat us to it.

Second house: Quarter acre block, great suburb. Deposit about to be handed over when pest report comes back with active termite infestation.

We've seen over 60 houses in the past few months, most are either too small or too battered. I notice houses just 20k above our max budget are more ideal so its a real shame we can not borrow more at this point.

I guess it doesn't sound so bad reading it but it is rather stressful, the 1.5 hour drive each way to inspect houses several times a week is probably where the extra frustration arises.

Just when we thought we had one in the bag we will now be spending the next bunch of weekends hunting again - yay!

I'm already thinking about house #2 yet can't even get a place to live!

Sorry this is not a purposeful post, just a rant

 

[silversands]

Hey Tiger,

That's cool. Permission to rant granted!

Hang in there! Don't ya' just love it, that usually people make comments like "the bargain of the century comes around every week!" So where are these said "bargains" when you want them?

That being said, I'm gonna join the pack and tell you that I'm sure it will. Pretty soon it will probably be your turn to get a house $25k under current market.

I reckon in most parts of Sydney you've still got six months plus to bag a bargain. Maybe at the moment you just can't see through the haze. Why not start a thread outlining what you are looking for in your preferred ppor? List preferred suburbs, minimumum requirements and maximum price and see if anyone else might have spotted your dream home during their own quest?

Or just take a weekend off from looking around and start again with renewed zeal after a rest, maybe then you'll be more switched on to possibilities.

Happy thoughts your way.

Jodie

 

[The Y-man]

Just when we thought we had one in the bag we will now be spending the next bunch of weekends hunting again - yay!

Imagine the boring, empty, purposeless weekends when you are not looking for properties!!

Cheers,

The Y-man

 

[Minxdamanx]

.

We've seen over 60 houses in the past few months, most are either too small or too battered. I notice houses just 20k above our max budget are more ideal so its a real shame we can not borrow more at this point.

Poor Tiger. Frustrating isn't it? We have spent four weekends looking - about 10 different places a day, though this was an IP so not so emotional about our choice - it's easier to be hard headed. I think we saw every house possible - some twice in that four weeks. We even started looking $50k above our range - just in case - and found a beauty in the second week which we couldn't afford (as you do). Last week out of the blue it was dropped $30K as an urgent sale and we offered another 20K under that - and got accepted. So suddenly what was no longer in our price range was a perfect fit!

I'm rambling too, but I guess what I'm saying is in our little part of the world things are sitting around not selling - if you go a bit more expensive - you may find the perfect place AND get it for the price you want.

Take care, breathe deeply, fill the car with petrol and better luck next weekend.

All the best,

 

[Rolf Latham]

Hiya

maybe u need to extend your borrowings to that extra 20 k ?

Its not unusual to keep missing the makr in an "active" market when your line in the sand is just short of what others will pay.................



ta
rolf

 

[Pogi]

Hang in there! I've been looking since March this year and found a gem last month and made an offer after that inspection weekend.

You do get disheartened some weeks but other weeks you prevail.

Just keep looking and stay strong, you will find that home.

 

[Simon]

Hiya

maybe u need to extend your borrowings to that extra 20 k ?

Its not unusual to keep missing the makr in an "active" market when your line in the sand is just short of what others will pay.................



ta
rolf

and in ten years time the purchase price will have seemed so cheap that you will wonder why you didn't buy in the better suburb for $100K more and made twice as much capital growth. $20K is a lot today but nothing in a few years time is what I am trying to say

 

[tiger]

They won't lend us 20k more so its not a possibility.

We have looked at many 20-40k above our price range in the hope they would drop. This latest one did drop 15k for us but we didnt want termites with that!

Well we will keep going and see what happens!

 

[Rolf Latham]

Hi tiger

Who is they, and why wont they lend another 20 k ?

Servicing, deposit, LMI exposure etc

Often what we think is a major issue isnt,and can be easily overcome

ta
rolf

 

[tiger]

They = the bank
I have a good broker.. she has got us the best deal possible which has to be accepted.

The agent of the termite house keeps calling me. He now says they are going to treat it, but i dont think thats good enough. He is trying to down play the damage but I've lost confidence in this property, unless they want to drop it by 50k

 

[Aaron Sice]

tell them that.

look, your line is in the sand, so keep looking. just remember that there is a deal out there with your name on it - maybe try looking BELOW your price and see if there's something suitable that just needs a basic tart-up and some garden work.

good luck anyway - i know how frustrating a position you are in.

 

[toony]

Hang in there. Stop being so picky!!!!!

 

[willair]

The agent of the termite house keeps calling me. He now says they are going to treat it, but i dont think thats good enough. He is trying to down play the damage but I've lost confidence in this property, unless they want to drop it by 50k

Tiger how bad is the damage to the property?,and have you put a contract on paper in for 50k less? due too the termites,, it's never as bad as the building inspec plays out,just think they have to cover their backsides also so in real terms as most do,, if it's only a small area in one wall or some other small area then it's no big problem, takes about 10 minutes to knock down a wall with a "BIG" Australian made sledge hammer i know nothing about the broker side of things,but if 20k if holding youback
maybe talk to a different broker,that thinks outside the box,after all even John Symond from Aussie Home Loans had to sign his first ever employment contract with the CBA last week..IMHO..
willair..

 

[tiger]

The building inspection said that termites are widespread and were found active in the foundation, roof, walls throughout the house plus the detached granny flat. from what Ive been told the process of finding the actual damage can be an expensive one.
even if the vendor 'fix' the problem, we will never truly know how fixed it is. are they going to knock out walls to see how far the termites have gone in? Unlikely, and judging by the rest of the dodgy home handyman jobs around the house this one too would be a fast and cheap one. The inspection also said there is asbestos in the walls so knocking anything out would be complicated by that.

I think that one is best left to someone who doesnt mind fixing up. It was at the very limit of our budget and would leave not much money left over, if we are going to have to fix up anything we may as well buy a cheaper house.
There has been indication the biggest price drop they would offer would be well under 20k, nowhere near 50k!

 

[Rolf Latham]

Id move on...............

Even though I have bought places with active termites and have got rid of them and managed them since, if its something where you dontmknow what you are doing ( or trust someone that does) you are always going to be wondering.

That extra 20 k to find might be easier than coping with the unknown stress of the mites .

More to the point, the bank wont really like the mites either if they are that obvious !

ta
rolf

 

[sparky23]

Which area are you looking to buy into?

 

[evand]

Tiger,

Are you looking for a house on the Woy Woy Peninsula?

 

[Aimjoy]

We've seen over 60 houses in the past few months, most are either too small or too battered. I notice houses just 20k above our max budget are more ideal so its a real shame we can not borrow more at this point.
........it but it is rather stressful, the 1.5 hour drive each way to inspect houses several times a week is probably where the extra frustration arises.

Just when we thought we had one in the bag we will now be spending the next bunch of weekends hunting again

Tiger,

Might I suggest a good BA? There are a couple based on the Central Coast - they save your week-ends, petrol, looking at unsuitable properties etc.

Sure it costs some money - but a good BA will save you their fees in purchase price & / or the stress.

Unless you like doing all that

Either way I wish you well in your search.

Aimjoy

 

[willair]

The building inspection said that termites are widespread and were found active in the foundation, roof, walls throughout the house plus the detached granny flat.

Tiger, by the sounds of that property it would be a nightmare,like the more smarter then me have said just walk away,and start on the next one
good luck willair..imho..

 

[quoll]

They won't lend us 20k more so its not a possibility.

We have looked at many 20-40k above our price range in the hope they would drop. This latest one did drop 15k for us but we didnt want termites with that!

Well we will keep going and see what happens!

Offer them less. Work out what it will cost to fix the termite problem and drop a bit more for the stigma of TERMITES. What's the worst that could happen? You buy the place or maybe you don't buy the place.

UPDATE. maybe a bit too much termite this time.

Regards
Graeme