Some advise on units purchase in NSW

I have found a set of units I am interested in.
They are in NSW,
I haven't purchased units before and definitely not in NSW.
I am a total amateur in this area,please help :(

There currently is an offer on them from another person,however I have been told privately that they are having trouble raising the finance.:rolleyes:

I also believe that an auction has taken place with no results.
I would like to settle cash (LOC) and possibly with no terms attached to sweeten the deal.

What settlement time would you suggest for this?
What searches should I take on this set of units that aren't normally needed on a typical house?
What percentage less of asking price should I offer?
Does anyone know if conveyancing works does NSW?
Is there any new laws in NSW regarding units that I should be aware of ?eg:power,hot water systems,energy ratings etc (Am wondering why they are not tenanted)

They have no tenants at the moment and are under market value:D.

I have also contacted a dept that would rent them straight away after a reno.They use to rent them before and had 100% occupancy.

I hope to inspect them this Thursday all going well.If I like them I will be signing contract on the spot and place deposit for when and if the other contract falls through.
 
I would like to make an offer via fax / email for the units "subject to me viewing / inspecting them as I cant get there this week to look at them and there are other persons interested.

There will be no other contract conditions attached.

Would someone be kind enough to please look at it and reword it for me as I would like to send it tonight if possible.:p

Would something like this do?

I would like to make an offer for the purchase of the block of x units situated at XXX Street XXX.
My offer is for the amount of $XXX
This is subject to an inspection at my earliest conveniece,
I look forward to your reply,
Yours Sincerely
XXX.
 
I know you are keen, but if I was the selling REA, which I am not, and you came with an offer like that, subject to you actually seeing what you are offering to buy, I'd think your offer was worth diddly squat.:(
 
I know you are keen, but if I was the selling REA, which I am not, and you came with an offer like that, subject to you actually seeing what you are offering to buy, I'd think your offer was worth diddly squat.:(

I have already spoke to the REA and she suggested I submit an offer via email and that I will get the first chance once / if the current contract falls through,
Subject to me viewing them.
I have already done my homework on them and am 90% sure I will go ahead with the contract.

Just need to get the time to travel the 12 hours to view in the next week.
 
I have already spoke to the REA and she suggested I submit an offer via email and that I will get the first chance once / if the current contract falls through,
Subject to me viewing them.
I have already done my homework on them and am 90% sure I will go ahead with the contract.

Just need to get the time to travel the 12 hours to view in the next week.

Kind of sounds like trust me I'm a real estate agent.

Do you know what the existing offer is? How does your offer compare?
 
Kind of sounds like trust me I'm a real estate agent.

Do you know what the existing offer is? How does your offer compare?

I know what the current offer is and 14 days extension on finance will be up next week.
I have had my daughter view the property,she knows it well and is happy with it.
I have never come across a REA as honest as this lady,kinda make me feel all warm inside;)
 
Hiya Pa1nter, I like blocks of units and am keen to purchase in the future also

I have found a set of units I am interested in.
They are in NSW,
I haven't purchased units before and definitely not in NSW.
I am a total amateur in this area,please help :(

There currently is an offer on them from another person,however I have been told privately that they are having trouble raising the finance.:rolleyes:

I also believe that an auction has taken place with no results.
I would like to settle cash (LOC) and possibly with no terms attached to sweeten the deal.

What settlement time would you suggest for this?

In NSW`generally 42 days is the settlement period. If you are cash unconditional....i.e: LOC approval is already set to go you are in a much stronger position.

By way of stratgey I would offer your best CA$H price and if you need to offer more sweetener, go for a shorter settlement. I wouldn't play all your cards at once. Be sure to check with your (intended) solicitor how much time they need. Don't cut it so fine that you don't get to settle on time. The other side (vendor/seller) can sometimes delay; this happened to one I purchased in Sydney


What searches should I take on this set of units that aren't normally needed on a typical house?

Are they strata, BC, fire ratings title easements, caveats, etc. Your solicitor should do this. I would email your solicitor the contract to have a quick look at before you make the trip. Do as much diligence from your desk/home

What percentage less of asking price should I offer?
Does anyone know if conveyancing works does NSW?
Is there any new laws in NSW regarding units that I should be aware of ?eg:power,hot water systems,energy ratings etc (Am wondering why they are not tenanted)

Fantastic question............Why aren't they tenanted? Have they been recently renovated and therefore empty?

What are the likely rents? Do your research. Ask the selling agent and cross correlate with other PM's in that rea. Once you have an idea on rents use that to establish a likely yield and capitalise back to get your asset value. Discount your price for them being all empty and establish vacancy rates for the area.

If you go ahead, I would allow access (they are empty) for leasing to show prospective tenants through prior to settlement.




They have no tenants at the moment and are under market value:D.


How do you know they are under market value? See my point above about vacancy rates and likley achievable rents

I have also contacted a dept that would rent them straight away after a reno.They use to rent them before and had 100% occupancy.

I hope to inspect them this Thursday all going well.If I like them I will be signing contract on the spot and place deposit for when and if the other contract falls through.


The intricacies of property law in NSW is best left to those that know. Propertunity has already offered ypu some insight.

I would do as much diligence before you go to inspect them and arrange for building/pest (as relevant) ....you'll have five days to arrange that before your cooling off expires. If you then elect to rescind you will lose/forfeit the 0.25 % deposit


Also may be an idea to get some indication from your insurer/broker about landlords cover and likely premiums.............depends on the "roughness" of the area and (if regional) size of town.

Hope this helps :)
 
The email says:
Please see attached PDF file with signed contract and photocopy of my cheque.
Originals are in Express Post and will be at your office tomorrow.

Cheers,
Alan
 
Who would you suggest for conveyancing in NSW.

I don't want to see anyone,just use email / fax.

I live in Qld and only want to travel once to the area.

I just rang conveyancing works and they don't do NSW:(:

Thank you all for your patience,

Is PAMD Form 30c the normal contract for NSW?

Like I said I have only ever bought houses and land in QLD :(
 
The email says:
Please see attached PDF file with signed contract and photocopy of my cheque.
Originals are in Express Post and will be at your office tomorrow.

Cheers,
Alan
Very good Alan,
However,
To do a contract I need property details,contract etc?
Remember I'm only a painter:D
 
The selling agent has a copy of the contract on file, prepared by the vendor's solicitor. Get him to email it to you.

That's the one you sign. ;)

I just phoned REA,she is emailing me the contract tonight or in the morning.
I have just had a break in my schedule and am able to view the property this Thursday 10AM :rolleyes:

Other buyers ext finance runs out on Friday:p

Will get a chance to view contract tonight and everyone wish me luck :D.
 
Will get a chance to view contract tonight and everyone wish me luck :D.

The lovely REA, the one that gives you the warm feeling, may of course be using you as leverage to get her other buyer over the line. "There's another buyer waiting in the wings, with a contract signed, you'd better......." well you know the rest.

I hope it is not that way for your sake and I wish you well in your endeavours.
 
The lovely REA, the one that gives you the warm feeling, may of course be using you as leverage to get her other buyer over the line. "There's another buyer waiting in the wings, with a contract signed, you'd better......." well you know the rest.

I hope it is not that way for your sake and I wish you well in your endeavours.
Yeah I know,
There always are other people waiting to sign the contract if you dont:p

I have already committed myself this year with buying some land and building with tamawood.Plans are in getting drawn up.Should get a contract to sign in the next week or so.
.
Trouble with building is it doesn't get instant results like a house or units.

This is a spur of the moment madness with some extra LOC available to me.

The trip wont be a waste as I get to see my beautiful grown up daughter that I rarely get to see :p

Thanks for every one for all your help.:eek:
 
Well that was a waste of time:(

I drove 12 hours to view the property.

Did all my inspections.

They wouldn't let me sign a contract ?

I had to type up an offer on their computer and put it in an envelope

I then had to put it with the other offers on the desk.

I could have done that from here:p

Monday morning they will send them to the vendor and see who wins???

What sort of process is this??
 
Monday morning they will send them to the vendor and see who wins??? What sort of process is this??

It is called a tender process and I think it sucks (as a buyer. Probably fine as a seller). Do you still like the lady REA that gives you the warm & fuzzies?:rolleyes:

In the past I have refused to take part in this process, but if I were in your position, I'd just write in the offer "I offer $5K more than the highest offer you get in these envelopes". See if they like them apples ;)

If you don't like the number that comes back to you - just don't proceed to sign a contract.

Anyway the point is moot now. I hope you got to see your daughter :)
 
Top