Unrealistic vendors

[sanj]

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[shuggy]

I totally agree ... I personally hate odd numbers and even detest ads stating (ie)$499,900 ... just say you want $500,000 and stop mucking around!

I also hate these odd amounts.. When i told the guy at Woolies to price his roast chooks at $8 instead of $7.95 he told me i was a tosser

 

[Melbournian]

We're looking at buying a new home, however over here in Perth most of the homes we are interested in are overpriced and have been on the market 6 months plus. Why do vendors believe that even though their property has been on the market for a long time someone will come along and pay full price. We have tried to put in some offers and the agents won't even write them up!! At what point do vendors realise that any offer is better than no offer.

Not sure about perth but i know of a vendor in melbourne who had a property on the mkt for like 1 year renovated with 3 different agents. the property was very odd with large mirrors, strange decor, tiled floors. In the end - it sold for a very high price bought by some korean student who liked it.

she did the same thing again the same area selling another property renovated which took 8 months. Sometimes it is more target market rather than anything else. understanding the locality and what clicks and attract people. had it been just another average property which had no specific attributes it would have just stood on the market for years.

 

[tess85]

Does offering cash mean that you have the FULL amount in cash eg. $500k? That means you have no finance clause and consequently no mortgage?

I always wondered how cash buyers have a mortgage for tax deductability reasons...?!?

 

[wylie]

It means a clean contract with no conditions.

 

[tess85]

Thanks Wylie. I think I see. So you can offer cash (ie. contract with no finance clause or other conditions), and still have a mortgage, but you take the risk of not having a bank give you finance and then being unable to get out of the contract.

 

[wylie]

Thanks Wylie. I think I see. So you can offer cash (ie. contract with no finance clause or other conditions), and still have a mortgage, but you take the risk of not having a bank give you finance and then being unable to get out of the contract.

That's right. Top marks

We've always offered "cash unconditional" but always had a Plan B should finance not come through (money from elsewhere to settle and then work it out).

 

[lizzie]

We're the same - we either have the cash itself to pay if finance doesn't come thru in time ... or we have 20% deposit plus costs in cash so very unlikely we'll be knocked back.

 

[tess85]

Finally I understand...I was wondering who are these super rich property investors walking around with $500k cash! Lol...

 

[Melbournian]

not sure abt others - but some overseas buyers do have 500K or more to spend in cash. Just sold a place in doncaster east a month ago. and yes cash buyers.

no conditions and no bank valuations and settlements only with the purchasers lawyer and a bank cheque

 

[wylie]

Son bought his place with cash. No mortgage, no valuation. The cash came from a family trust and he will get a mortgage to repay that loan when renovations are finished. Meanwhile our private loan to him is documented and he makes repayments just like a bank loan. So there are many ways to skin a cat.

 

[NedKelly]

Meanwhile our private loan to him is documented and he makes repayments just like a bank loan.

I hope you are paying your fair share of tax on that.

 

[wylie]

I hope you are paying your fair share of tax on that.

It is all done through the books, and via our accountant, so yes indeed.

 

[DEC]

try an add Cashed Up Buyer -- Ready To Sign Now !

But not cashed up enough to pay the price wanted