need help with upcoming events

Hi guys, I hope I can get some of your wisdom to help in making decisions in the near future.

My current situation is that, we original found a unit that we sort of liked and the price was ok. We've lodged for an unconditional pre-approval and hopefully that should be coming through this week.

Now, it's probably been 1-2 months since we negotiated the price for this unit and it was something quite close to the asking price, and the REA has been taking me for a fool ever since, making claims that there are some "10" potential buyers that would buy the property today.

Last week, after the REA bluffed by stating that I wouldn't be able to find anything cheaper in the area, I actually did some research that there are 2 units on the market which is 5k cheaper than our negotiated price (this is still just their asking price). Also, with these units, they're actually closer to the shops and the train station.

My dillema lies in whether I should take a risk and cancel my application and restart it for this cheaper apartment. The risk is, because it's cheaper, there's a higher chance i might get gazumped by another buyer (since my bank is fairly slow). Is it possible to secure a property for 3-4 weeks?
Or, I can take the safe route and just purchase this unit as soon as i get my unconditional approval.

Finally, I was just wondering, is there a third option? Like, if i mention my plans on cancelling my offer to this REA, how likely do you guys reckon that the REA would try the bring down the price to match the cheaper property?
 
My current situation is that, we original found a unit that we sort of liked and the price was ok. We've lodged for an unconditional pre-approval and hopefully that should be coming through this week.

Now, it's probably been 1-2 months since we negotiated the price for this unit and it was something quite close to the asking price, and the REA has been taking me for a fool ever since, making claims that there are some "10" potential buyers that would buy the property today.

Let me get this straight in my head - you made an offer conditional on finance, it was accepted, and it has this long (1-2 months) for the finacne to come thru?

The Y-man
 
Last week, after the REA bluffed by stating that I wouldn't be able to find anything cheaper in the area, I actually did some research that there are 2 units on the market which is 5k cheaper than our negotiated price (this is still just their asking price). Also, with these units, they're actually closer to the shops and the train station.
If you are buying in Sydney, then you are really stretching the relationship with the REA. He is probably telling you the truth too. $5K is neither here nor there. It has probably gone up more than that in the 1-2 months you've had it off the market. (Unless you over paid in the first place).

Is it possible to secure a property for 3-4 weeks?
Yes, but not for you with this REA again - unless he and his vendors are insane. :p

Or, I can take the safe route and just purchase this unit as soon as i get my unconditional approval.
If it is OK in all other respects - yes.

Finally, I was just wondering, is there a third option?
Yes, there are many more options than just a third or a fourth but really if this is a straight up and down purchase - just get on with it.

Like, if i mention my plans on cancelling my offer to this REA, how likely do you guys reckon that the REA would try the bring down the price to match the cheaper property?
I think you might have worn out your welcome, but I admire your stance LOL :D
 
if u think it is a fair price buy it if not walk away.

Have you given any thought to what you have put the vendor through during this process?

You may not value your time at all but the agent, the vendor, the bank, your conveyancer etc probably value theirs and would prefer you went kicking tyre's else where.

I am glad i am not involved in this transaction in any way::eek:
 
Hi vahsi,

Firstly, you should ALWAYS get an AIP before you start making offers on a property.

Secondly, as prop says- the realestate agent is probably being truthful if you are dealing with Sydney.

Thirdly, there is no need to cancel your application - it's in the pipeline. Call your bank or broker.

I would not hold your breath waiting for a discount.

Regards JO
 
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