I'm a regular reader of this forum and this is my first post. I found there are several forum members like SeaChange living in Upper North Shore so I would ask some questions regarding bush fire prone houses in this area.
Today we found a house which is a perfect match for our house hunting in the Upper North Shore area. After we check the purchase contract, we have a big concern. This house is bush fire prone so I have the following questions.
1. The agent told me the vendor is looking for mid $1m and it will be auctioned within weeks. Since both my wife and I really love it, I would like to take it before auction, which is possible as shared by the agent. Since it's bush fire prone, I want to know how to give the agent an offer? I assume to offer $100k less than the expectation. Is that an offer good for me? How to use this bush fire prone condition as a bargaining power?
2. I also assume that we need the bank to value the house before I sign the contract. For example, if the bank that will loan the house just values it $1.3m, I would not agree to pay the house for $1.4m. I believe most banks will try to under-value a bush fire prone house so I assume it's very necessary to seek how the bank thinks about the house before we make a deal. Feel free to correct me if I'm wrong.
3. Finally I assume the insurance will be very expensive for such a bush fire prone house so I want to know a ballpark figure for such a house we need to pay for the insurance compant each year.
Sorry if I have asked too many questions.
Today we found a house which is a perfect match for our house hunting in the Upper North Shore area. After we check the purchase contract, we have a big concern. This house is bush fire prone so I have the following questions.
1. The agent told me the vendor is looking for mid $1m and it will be auctioned within weeks. Since both my wife and I really love it, I would like to take it before auction, which is possible as shared by the agent. Since it's bush fire prone, I want to know how to give the agent an offer? I assume to offer $100k less than the expectation. Is that an offer good for me? How to use this bush fire prone condition as a bargaining power?
2. I also assume that we need the bank to value the house before I sign the contract. For example, if the bank that will loan the house just values it $1.3m, I would not agree to pay the house for $1.4m. I believe most banks will try to under-value a bush fire prone house so I assume it's very necessary to seek how the bank thinks about the house before we make a deal. Feel free to correct me if I'm wrong.
3. Finally I assume the insurance will be very expensive for such a bush fire prone house so I want to know a ballpark figure for such a house we need to pay for the insurance compant each year.
Sorry if I have asked too many questions.