Hi there.
We are in the process of trying to buy our first IP. After much reading and research, I starting looking for our first one, about 3 months ago. We are looking at properties in the median range.
So far, we have missed out on 5 IP's, both houses and units.
One, someone who had more money than us bought it. Fair enough.
Another one, the owner decided to take it back off the market after advice from his accountant. (We were told about this one for one price and before we had looked at it, the price had gone up by $8000). Pity, the figures were very good for this one.
Another one, the vendor chose to sell to a cash buyer instead. (Dam these cashed up people.)
Another one we wanted failed the building inspection with something unrepairable and major. (Phew, lucky for inspections!)
And now we are looking at another one which looks like it's not going to proceed either. This one was shown to us at one price, then the agent said that it was placed with other agents for $5000 more (but we were still looking at it for the lesser price.) Then the agent told us that the owner would do certain repairs because the unit was dangerous (water leaking from upstairs bathroom into the laundry underneath, via the light on the ceiling.) We added this info into the clauses of the contract. The plumber had been and apparently it was only a silastic job and the owner was going to be notified. Then we had over a week of backwards and forwards with actually getting the whole contract, ie all the extra pages that you get with unit buying. Signed the contract on Monday and today, got an email from the agents to say that the owner isn't happy with the clauses in the contract and the agent will contact us when they know something. Pity the subject to inspection, finance etc date is next Thursday, hey! (Think we may need an extension on that, if it's signed....)
We are buying in a city that is 250km return trip from where we live, so this is getting very expensive. It is also getting very draining, both physically and emotionally.
On the positive side, we've certainly learnt alot! And I have reached the stage that agents will ring me with a suitable property if one comes up. So that's good.
But I'm not going to give up. I just wondered if this is normal?
We are in the process of trying to buy our first IP. After much reading and research, I starting looking for our first one, about 3 months ago. We are looking at properties in the median range.
So far, we have missed out on 5 IP's, both houses and units.
One, someone who had more money than us bought it. Fair enough.
Another one, the owner decided to take it back off the market after advice from his accountant. (We were told about this one for one price and before we had looked at it, the price had gone up by $8000). Pity, the figures were very good for this one.
Another one, the vendor chose to sell to a cash buyer instead. (Dam these cashed up people.)
Another one we wanted failed the building inspection with something unrepairable and major. (Phew, lucky for inspections!)
And now we are looking at another one which looks like it's not going to proceed either. This one was shown to us at one price, then the agent said that it was placed with other agents for $5000 more (but we were still looking at it for the lesser price.) Then the agent told us that the owner would do certain repairs because the unit was dangerous (water leaking from upstairs bathroom into the laundry underneath, via the light on the ceiling.) We added this info into the clauses of the contract. The plumber had been and apparently it was only a silastic job and the owner was going to be notified. Then we had over a week of backwards and forwards with actually getting the whole contract, ie all the extra pages that you get with unit buying. Signed the contract on Monday and today, got an email from the agents to say that the owner isn't happy with the clauses in the contract and the agent will contact us when they know something. Pity the subject to inspection, finance etc date is next Thursday, hey! (Think we may need an extension on that, if it's signed....)
We are buying in a city that is 250km return trip from where we live, so this is getting very expensive. It is also getting very draining, both physically and emotionally.
On the positive side, we've certainly learnt alot! And I have reached the stage that agents will ring me with a suitable property if one comes up. So that's good.
But I'm not going to give up. I just wondered if this is normal?
