Making an offer without section 32 available (yet)/please review the letter

[alexz1011]

Hi,

This is somewhat similar to http://www.somersoft.com/forums/showthread.php?t=51894 and http://www.somersoft.com/forums/showthread.php?t=51968. But I didn't want to hijack other people's threads out of courtesy.

I am a first-home buyer and I am interested to make an offer for property with asking price of $495k+ and has been on the market for around 3 weeks. The problem is the section 32 is not available yet. So when I called the agent to ask about how I can propose my offer, I was rejected for the reason mentioned and told to wait until probably sometime this week.

Now, I am not sure if the agent is actually lying to me for whatever reasons, I wouldn't care too much frankly. What I do care, however, is how I can put in my offer as quick as possible and get it officially accepted/rejected by the vendor. The reasons being are that:

• I know my budget is quite less than the asking price ($495k+), so I wasn't very confident if the vendor would want to accept my offer or not, but I was very willing to try it anyway as I like the property very much.
• As soon as I know my offer is not acceptable to the vendor, I would forget this property entirely and start looking for others. There are a couple of decent ones out there, but they don't look as good as this one. I guess I am just afraid of being on the lost side where my offer was rejected in the end and I didn't have much time to look at the other properties before FHOG expires.

So, I am planning to construct a letter and send it to the agent asking for the possibility of putting in an offer with subject to review of section 32 later on. Here is what I have so far. I am not sure what else I should write and whether it sounds or looks good enough or not. I am not very good at writing letters such as this. Could you guys please suggest?

Thanks!

Hi Agent,

I understand that the section 32 is not ready yet. But is it possible for you to ask the vendor if he is willing to start negotiating for the purchase price now? I have a few other properties that I am also interested in, but I like your one more so I am giving it my first priority.

To show my seriousness in entering into negotiations, I am willing to put in a cash deposit as much as $5000.00 if that helps. However, my offer will still subject to the review of the section 32 later on when it becomes available.

Thanks

 

[buzzlightyear]

Alex, it is illegal for the agent to accept a deposit without a valid s32. Word-smit the letter all you like, but he shouldn't accept it.

In anycase, why are signalling such a strong interest in the property? Why can't you wait a few more days?

 

[battler]

"but I like your one more so I am giving it my first priority."

That's the last thing I'd tell the vendor.

 

[turk]

Alex, it is illegal for the agent to accept a deposit without a valid s32. Word-smit the letter all you like, but he shouldn't accept it.

In anycase, why are signalling such a strong interest in the property? Why can't you wait a few more days?

Hi BLY

Accepting an offer is illegal but accepting an option is legal.

Alexz1011, you're on the right track but you should use a solicitor
to word the offer correctly so that it is an option to buy pending
a satisfactory sec.32.

Cheers

Pete

 

[Casserole Dish]

Jumping in here as we are looking at a property with no Section 32 ready, our REA said the vendor was only accepting verbal offers. This is a cheeky ploy to save the vendor money/get them a good deal. We are now umming and ahhhing and we aren't in any rush.

It sounds like your case is different though, and they are just stuck with organising it.

TBH I don't like that little + sign after the price (this is the same in our case). It makes me think that they think they will get more than (not less than) the price.

Play it cool and wait. I know that time is money but you shouldn't look too eager! They will milk you like Daisy (esp. a FHB!)

Keep looking, there will be others...