Good evening!
Ok, so I am new to all of this property buying business and have a few questions. A little bit of background for you... My partner and myself live near Melbourne, Vic, currently renting. We are looking to move out to country Victoria in the near future as we have family scattered from here to Lakes Entrance and we would love a couple of acres for ourselves.
We have found a property we could work with and have been offered conditional pre-approval for the loan and we have ordered a building inspection to take place on Monday. We have not put in an offer as yet.
The property is in an area where not much has sold for quite some time. It is almost 2 acres and has a 65 year old dwelling on it, solid and livable but in need of a fair bit of work. There are overgrown orchards and veggie gardens and a mess of chicken/bird coops and old water tanks on the property that we would need to neaten up/ pull down etc... We are not worried about the time it will take to do the work needing done, as we can do it mostly ourselves, but there is a LOT to do to get it up to scratch. It has been for sale since November, 2013 and it's asking price is $187000.
1. Any suggestions on a reasonable offer for this property? We don't know how low to go... We are thinking of $160000, but it's going to cost us a bit to fix fencing and flooring in garages and to clear the mess so we'd like to keep as much money in the bank as possible for that! (They have had no other offers to our knowledge, and the Section 32 was only completed today).
2. Would it be better, in your opinions, to get a conveyancer closer to the property that knows the area and regulations better, or someone closer to us that we have easier access to?
3. The bank were unsure about the valuation process of a Rural Living Zone property and have said the loan may be rejected if it can't be valued high enough... Has anyone had experience with this? (We do have the 20% deposit so LMI isn't necessary, but I don't think she had much experience in this area).
Thank you so much in advance!
I have been reading many of your threads and you've all been so helpful so far!!!
Any help would be welcome
Lainey.
Ok, so I am new to all of this property buying business and have a few questions. A little bit of background for you... My partner and myself live near Melbourne, Vic, currently renting. We are looking to move out to country Victoria in the near future as we have family scattered from here to Lakes Entrance and we would love a couple of acres for ourselves.
We have found a property we could work with and have been offered conditional pre-approval for the loan and we have ordered a building inspection to take place on Monday. We have not put in an offer as yet.
The property is in an area where not much has sold for quite some time. It is almost 2 acres and has a 65 year old dwelling on it, solid and livable but in need of a fair bit of work. There are overgrown orchards and veggie gardens and a mess of chicken/bird coops and old water tanks on the property that we would need to neaten up/ pull down etc... We are not worried about the time it will take to do the work needing done, as we can do it mostly ourselves, but there is a LOT to do to get it up to scratch. It has been for sale since November, 2013 and it's asking price is $187000.
1. Any suggestions on a reasonable offer for this property? We don't know how low to go... We are thinking of $160000, but it's going to cost us a bit to fix fencing and flooring in garages and to clear the mess so we'd like to keep as much money in the bank as possible for that! (They have had no other offers to our knowledge, and the Section 32 was only completed today).
2. Would it be better, in your opinions, to get a conveyancer closer to the property that knows the area and regulations better, or someone closer to us that we have easier access to?
3. The bank were unsure about the valuation process of a Rural Living Zone property and have said the loan may be rejected if it can't be valued high enough... Has anyone had experience with this? (We do have the 20% deposit so LMI isn't necessary, but I don't think she had much experience in this area).
Thank you so much in advance!
I have been reading many of your threads and you've all been so helpful so far!!!
Any help would be welcome
Lainey.
