Hi all,
Trying to buy my first IP at the moment and would greatly appreciate any advice.
Some background:
3 weeks ago I put an offer in on 2 bed unit in North Brisbane, it had been advertised at offers over $239k, then dropped to offers over $229k. I offered $223k subject to finance/building & pest/body corporate searches and missed out. Found out today that the owner went with a cash offer of $217,500.
Cut to now:
Another unit in the same block has come up for sale, advertised at offers over $239k. It's in a bit better condition, currently tenanted whereas the other one wasn't etc.
At the open on Saturday the agent told me they already had another offer but didn't have the Body Corp disclosure statement ready so couldn't sign any contracts.
I put in an offer of $241 (before I knew what the other one sold for!) subject to Building & pest/body corporate (no finance clause).
Now the agent tells me that he's waiting on a third offer and that mine is the lowest of the three and do I want to reconsider. I'm finding it really hard to decide what to do, is it likely this is just a ploy?
He'd previously said at the open to put in your best offer and he'd take them all to the vendor/wouldn't bid people off against each other, but that feels like exactly what's happening!
I'm considering going back and saying that my current offer will expire 5pm tomorrow and walking away..? Although I think it is a pretty good investment, maybe increase it a little and make it expire tomorrow?
Thanks in advance and sorry for such a long post!!
Trying to buy my first IP at the moment and would greatly appreciate any advice.
Some background:
3 weeks ago I put an offer in on 2 bed unit in North Brisbane, it had been advertised at offers over $239k, then dropped to offers over $229k. I offered $223k subject to finance/building & pest/body corporate searches and missed out. Found out today that the owner went with a cash offer of $217,500.
Cut to now:
Another unit in the same block has come up for sale, advertised at offers over $239k. It's in a bit better condition, currently tenanted whereas the other one wasn't etc.
At the open on Saturday the agent told me they already had another offer but didn't have the Body Corp disclosure statement ready so couldn't sign any contracts.
I put in an offer of $241 (before I knew what the other one sold for!) subject to Building & pest/body corporate (no finance clause).
Now the agent tells me that he's waiting on a third offer and that mine is the lowest of the three and do I want to reconsider. I'm finding it really hard to decide what to do, is it likely this is just a ploy?
He'd previously said at the open to put in your best offer and he'd take them all to the vendor/wouldn't bid people off against each other, but that feels like exactly what's happening!
I'm considering going back and saying that my current offer will expire 5pm tomorrow and walking away..? Although I think it is a pretty good investment, maybe increase it a little and make it expire tomorrow?
Thanks in advance and sorry for such a long post!!