Waiting on approval, feel like I am losing momentum

[Shuttergirl]

Does this ever happen to anyone else? We are waiting on the approval to come through for the finance for our first IP. I have certainly been researching my area of interest and was feeling all pumped and excited but by the time I went to see the broker and got everything done and now the waiting is just taking the wind out of my sails, hehe.

I know it will all be ready soon and I can start looking seriously but I just feel like I've had a break in my momentum. Tell me this is normal???????

I seriously can't wait to get this first IP. It seems like such a huge hurdle even though I'm sure it really isn't. I want to be 6-12 months down the track looking for my 2nd or 3rd and knowing it's "all good".

Words of wisdom?????????

 

[alexlee]

Focus on the goal. Light a candle, take a deep breath. You can start looking now, you know. You don't have to wait for finance approval: just don't sign anything, or have anything you sign subject to finance.

Don't get TOO excited. Excited people pay too much. You want to be detached and a little bored. Just go through the motions. Tick all the boxes. Soon, seriously, you'll look on the contracts with detached boredom. That's a good sign.
Alex

 

[Dazz]

Does this ever happen to anyone else? We are waiting on the approval to come through for the finance. I have certainly been researching my area of interest and was feeling all pumped and excited but by the time I went to see the broker and got everything done and now the waiting is just taking the wind out of my sails

I'm going through the same thing....it doesn't change I reckon. We up the ante every time, so the buzz is the same, no matter how non-chalant you become as the numbers go northwards.

It seems like such a huge hurdle even though I'm sure it really isn't. I want to be 6-12 months down the track knowing it's "all good".

Words of wisdom?????????

I'm going through the same thing....it also doesn't change when climbing the ladder.

I reckon it might when you reach your comfort level and plateau off. Do you know what this level is for you ??

 

[Norwester]

SG,

Chill........

Just wait until you've done the deal and then the buyers remorse hits you.............

Seriously though I think I was the same when I bought my first. I've just settled on my third today. Was supposed to be Monday but the vendors bank stuffed up their mortgage discharge..........and I'm like ho hum.....yeah whatever.........just ring me when it's sorted and make sure the vendor is paying for their stuff up...........

Property investing is possibly similar to watching grass grow or paint dry..............but for some strange reason I do find that it gives a great sense of satisfaction.

Just make sure you do your DD and as Alex says don't get to excited when you get to the buying part - just exercise your native good judgement and you'll be fine.

ciao

Nor

 

[Bandita]

Property investing is possibly similar to watching grass grow or paint dry..............but for some strange reason I do find that it gives a great sense of satisfaction.

Hmmm....yes the after the fact is like that, but........OK, who here does not get a high from negotiaiting and settling on a property??? (even IF/WHEN you get that horrible buyers remorse after the fact that you could have bought it for less.....but of course a few years later, you're wondering what were you stressing about?!?).......ah, the high....it's strong and addicting!! I think that's why many of us are on this this forum.....but yes Shuttergirl, be patient, and wait for the finance approval (it's SO important!!!)..... and of course you can be be secure in the fact that the buyers remorse is far worse than finding that perfect property! (you will still feel the remorse, even after you've found the perfect property at the cheapest price!! )

Cheers,
Jen

 

[jingo]

Hmmm....yes the after the fact is like that, but........OK, who here does not get a high from negotiaiting and settling on a property??? (even IF/WHEN you get that horrible buyers remorse after the fact that you could have bought it for less.....but of course a few years later, you're wondering what were you stressing about?!?).......ah, the high....it's strong and addicting!! I think that's why many of us are on this this forum.....but yes Shuttergirl, be patient, and wait for the finance approval (it's SO important!!!)..... and of course you can be be secure in the fact that the buyers remorse is far worse than finding that perfect property! (you will still feel the remorse, even after you've found the perfect property at the cheapest price!! )

Cheers,
Jen

I'll second all of that! Buyer's remorse can last right up until you purchase your next one! After a while you forget about the earlier purchase, and start stressing about the latest acquisition! It really is a trial!!

Regards Jason.

 

[Norwester]

JD,

Agreed.

The thrill is always in the chase..............


ciao

Nor

 

[TheCamel]

i'm hoping to get our second, and it's makin me a little nervous.

Rhiannon doesn't want go to own to melbourne this weekend though, so it might be sight unseen..

 

[sailor]

Yep...same here. When I've signed subject to contract the banks seem to take ages and approval comes through after the 11th hour, just as I've succeeded in chewing all the way through my penci. However, when I've refinanced to buy another property and I'm keen to start shopping the banks seem to take forever. MB told me it was because they process all the "subject to finance" loans first, and the rest of us just have to wait in line. Helps if you can keep at them, constantly remind them you are there and waiting.

 

[Shuttergirl]

Thanks so much everyone, it's good to know I'm not alone and to see some of the seasoned pros still feel like that is truly comforting.

I guess part of me is also nervous now about picking the right property. I'm not entirely sure I know what the right property is and again not entirely sure I would know a great buy if I saw it. I have certainly been following the market in the area, have spoken with agents and property managers but I'm not sure how much to try to negotiate, etc.

As I said, I'll be just really happy to have this first one under my belt and as some of you have mentioned, I'm the queen of buyers remorse so that's something to look forward to, NOT!!!!!!!!!!!!!! hehe.

 

[steveadl]

Thanks so much everyone, it's good to know I'm not alone and to see some of the seasoned pros still feel like that is truly comforting.

I guess part of me is also nervous now about picking the right property. I'm not entirely sure I know what the right property is and again not entirely sure I would know a great buy if I saw it. I have certainly been following the market in the area, have spoken with agents and property managers but I'm not sure how much to try to negotiate, etc.

As I said, I'll be just really happy to have this first one under my belt and as some of you have mentioned, I'm the queen of buyers remorse so that's something to look forward to, NOT!!!!!!!!!!!!!! hehe.

Don't stress yourself too much about trying to find that bargain either.

Once you've picked an area you like, consider buying a property report from RP Data etc. that will show you other sales in the area if you are worried about over paying. You may find a bargain if it comes up, but if it doesn't, average is good too! Who knows, you may even surprise yourself by accidently picking a bargain like I did last time