Missed it by that much.....

[johnnyb]

I've been in the market for another IP and recently found one that matched my criteria. Some previous contracts had fallen over because the buyers wanted vacant possession and there was a stuff up with the lease meaning the tenants were going to stay till July.

It seemed like a good opportunity so I lined up an inspection. About 1hr before the inspection the agent called me to say the vendor had offered some cash to the tenants to get them to vacate, which they had accepted, so one of the previous contracts was back in the picture.

Oh well, back to the drawing board.

Anyone else got a story where they missed out on a good buy at the last minute through no fault of their own?

John.

 

[ozi]

Hi John,

Not much you can do apart from moving onto the next deal. There will be another one next week. All you can do is keep trying, eventually you will succeed.

I've had this happen a few times where cashed up owner occupiers come and pay way more than what the property is actually worth.

Cheers,
Ozi

 

[BoatBoy]

We've had a go at a few where buyers have bought over the phone sight unseen for a fair bit more than the advertised price.

Other's where we were told to put our best offers in an envelope and the owner would pick the winner.

A bit tough when you are trying to get them under the ask, but looking back 2 years ago, I wish we'd payed the seemingly outrageous prices.

Ain't hindesight wonderfull.

BB

 

[djones]

I am sure the ones buying unseen over the phones are from WA. They seem to get to every property that i can get my eyes on...

 

[geoffw]

Before the boom really hit, but after it had started, I had the chance for a decrepit block of flats- 20 units, 10 1BR and 10 2BR, in Queanbeyan. They were badly maintained, only 6 were rented, the others were squatted- but even with those 6 it was CF+. They were all structurally sound- but the graffiti and rubbish really made it look bad. I was offered the deal, but it was too big for me.

I approached 2 other people. The first really saw the value (a former forumite) but could not move. The other got really excited, and was ready to go- when his accountant changed his mind, and suggested that, as he had all this money avaiolable, he should REALLY buy mannaged funds instead.

I found a third person- he was a seasoned property investor, and very excited. We called the agent on Monday morning- to find that somebody else had offered, and had been accepted, an hour before.

The figures were something like- $750K buy, $250K reno, strata title, worth $1.5M sold. Which is what the new owner did.

It probably would have been worth $2.5M+ now

 

[sailor]

The Beach House

I found the house of my dreams...a house right on the beach with uninterrupted 270 degree views. Three contracts fell over on this property before I got to sign a contract. I just used the LOA because I really really wanted this property...and now tis mine!

 

[johnnyb]

I just used the LOA because I really really wanted this property...and now tis mine!

This was just an IP, which I wasn't really fussed about, so maybe the LOA was working for me too

 

[sailor]

Now there's a thought Johnny!

 

[silas]

Hi What is a LOA

Silas

 

[geoffw]

Hi What is a LOA

I think, Law of attraction.

See http://www.somersoft.com/forums/showthread.php?t=27539

 

[silas]

Thanks Geoff