Negotiating after B&P
- Thread starter JWR
- Start date
Gotta factor in airfares of $138 return X 2 people!
tell him hes dreaming the only reason they gave you an extra month is because that was probably alot more convenient for them than it was for you, doubt you will be getting anything else from them other than a little "claytons" good will here and there that benifits them more than it benifits you, ie you cleaning up the place commiting your time and energy and money will just be an added bonus for them if you cant or wont for whatever reason settle also makes it harder for you to walk away.
just who is playing who here?
Who were you Vaughan? Were you the one with your family - a tall young boy ? (guessing your son)
Edit: Two doors were missing - one from the bedroom and another from the laundry
Yes that was me! (and him)
One of the doors was in the driveway out the back.
We took a quick look at that place and budgeted around $20k to $25k for:
new guttering
kitchen
bathroom
polish floor
paint inside
Having said that, the place was liveable as it was and for an owner occupier was OK. I chatted with the agent/auctioneer and bet the place would go for $220k, with $215k being good for the buyer and $225 being good for the vendor. My son bet $20,001 (i.e., mine + $1). Wife reckoned $205k tops.
I think the new owner got an OK deal. Not cheap but fair.
I'd be really keen to find out what the outcome of your negotiations are.
I think you must remember that whilst the agent may be young and seem naive, she will likely have more experience in property transactions than you do.
Also - she has no doubt discussed this situation at length with the RE agents sitting at the desks next to her in the office, and would likely have been advised of your not-too-original tactics.
If I were the vendor, I would simply ignore you. I'm only 23 (so don't deserve your respect), but I know that a buyer with genuine concerns regarding a B&P would name their price, or crash the contract. They could presumably wait until your B&P clause elapses and you settle at the original price, or you make a new offer in writing. That's what I'd do.
If I read that letter you were planning on sending to the agent, it would confirm that the issue is non-existent and you are undeniably negotiating for sport. A bank valuation is NOT thorough (sometimes done by driving past the property in a car) They're basically checking that you haven't tried to borrow $1M on a unit worth roughly $100K. All agents and solicitors know this. A bank would never tell you that the floors need polishing before they approve finance.
Please do keep us posted.
I think you must remember that whilst the agent may be young and seem naive, she will likely have more experience in property transactions than you do.
Also - she has no doubt discussed this situation at length with the RE agents sitting at the desks next to her in the office, and would likely have been advised of your not-too-original tactics.
If I were the vendor, I would simply ignore you. I'm only 23 (so don't deserve your respect), but I know that a buyer with genuine concerns regarding a B&P would name their price, or crash the contract. They could presumably wait until your B&P clause elapses and you settle at the original price, or you make a new offer in writing. That's what I'd do.
If I read that letter you were planning on sending to the agent, it would confirm that the issue is non-existent and you are undeniably negotiating for sport. A bank valuation is NOT thorough (sometimes done by driving past the property in a car) They're basically checking that you haven't tried to borrow $1M on a unit worth roughly $100K. All agents and solicitors know this. A bank would never tell you that the floors need polishing before they approve finance.
Please do keep us posted.
I'm only 20 so don't deserve your respect
We are just getting quotes atm - I think I will get a couple of k off though - and an extended settlement and early access - so worth the effort.
The hard thing was that I was negotiating on a property I bought for a steal - and trying to get an even lower price. Also basing my original low offer on the small issues mentioned earlier didn't help.
But you don't get what you don't ask for.
I've got another turn now in a different property as I am buying two at once.
Here's the situation - I will approach it in a different way.
This one is in SEQLD - bought for 102.5k SO FAR - and a 1300sqm corner block. The one next door on a 900sqm block sold for 300k in 2009.
This property is unbelievably cheap already (I negotiated down from 250k - but over 12 months so wasn't just a 'lucky buy'.)
My PM took 177 pictures so I feel like I know everything there is to know. Also spoke with her for 2 hours on the phone so know exactly what to negotiate.
This is a mortgagee sale so maybe there is a different way to negotiate?
Here are some of the problems:
- at the rear there is a peice of roof missing (maybe 1m wide by 3m long) - just requires some aluminium as the bones are still there.
- also there is a little water damage in the back wall due to the missing roof - so I am going to argue the whole roof needs replacing!
- the edge of the house is RIGHT on the boundary of my land after the val came back. Is there any way to negotiate that I didn't know about this (which I didn't)?
- As a result the carport/garage I am planning will not be in a traditional position - so its a bit awkward from that point of view.
- the fence on one side is broken. Next door there is a pool without a pool fence - so the PM said that I will need to fix the fence before tenancy - this will be costly and a safety/legal issue so I'm sure the bank will squeal on this!
- in the re.com pictures the roof is green but the ones the PM took it was white faded with green. Not sure what I can argue here but lets think of something!
- needs a good clean and polish - don't think I can argue on that?
The approach I took with the first property didn't go as well as I thought (but was still good) so I will be adopting a different method.
All suggestions appreciated!
We are just getting quotes atm - I think I will get a couple of k off though - and an extended settlement and early access - so worth the effort.
The hard thing was that I was negotiating on a property I bought for a steal - and trying to get an even lower price. Also basing my original low offer on the small issues mentioned earlier didn't help.
But you don't get what you don't ask for.
I've got another turn now in a different property as I am buying two at once.
Here's the situation - I will approach it in a different way.
This one is in SEQLD - bought for 102.5k SO FAR - and a 1300sqm corner block. The one next door on a 900sqm block sold for 300k in 2009.
This property is unbelievably cheap already (I negotiated down from 250k - but over 12 months so wasn't just a 'lucky buy'.)
My PM took 177 pictures so I feel like I know everything there is to know. Also spoke with her for 2 hours on the phone so know exactly what to negotiate.
This is a mortgagee sale so maybe there is a different way to negotiate?
Here are some of the problems:
- at the rear there is a peice of roof missing (maybe 1m wide by 3m long) - just requires some aluminium as the bones are still there.
- also there is a little water damage in the back wall due to the missing roof - so I am going to argue the whole roof needs replacing!
- the edge of the house is RIGHT on the boundary of my land after the val came back. Is there any way to negotiate that I didn't know about this (which I didn't)?
- As a result the carport/garage I am planning will not be in a traditional position - so its a bit awkward from that point of view.
- the fence on one side is broken. Next door there is a pool without a pool fence - so the PM said that I will need to fix the fence before tenancy - this will be costly and a safety/legal issue so I'm sure the bank will squeal on this!
- in the re.com pictures the roof is green but the ones the PM took it was white faded with green. Not sure what I can argue here but lets think of something!
- needs a good clean and polish - don't think I can argue on that?
The approach I took with the first property didn't go as well as I thought (but was still good) so I will be adopting a different method.
All suggestions appreciated!
