What to consider when buying sight unseen?

[see_change]

Each state state is different . Some agents in q'land will only submit an offer if you sign the contract , some it's not a problem .

One of the properties we bought in wynuum had six different prices , signed , crossed out , etc by the time the offer was accepted

The one I mentioned that we bought subject to inspection but we walked away from , by the time we saw it , we hadn't actually got around to giving the agent the deposit cheque until we inspected it . We said were coming up and he said just bring it with us .

Cliff

 

[danwatto]

Thanks Cliff that's very interesting! And a bit worrying..

I'm going to Brisbane on weekend of 27th actually to do 2 days of open houses, will be hopefully putting some offers.

From what you're saying, sounds difficult. I thought all agents had to put an offer to the vendor no matter what, rather than having the power to force a contract.

But then, each state has a different real estate institute doesn't it? So different rules..

In SA it was easy, as they have a written offer form, which clearly states it's not a contract and not binding etc etc. It really is in favour of the buyer in SA.

How do they react to verbal offers up there in QLD? Maybe that is a way round the ones who try and force a contract on you?

Did you need to use "cooling off" in that instance, how did you ensure you were out of the contract?

 

[MTR]

I'm looking to put an offer on 2 bed unit in Brisbane but can't physically get there to see it. I know the area well and it looks to be a good buy.

What do I need to consider before making an offer? If there are any structural damage this would come up in the building inspection yes?

Lots of good information.

Another thing I do is contact one of the larger valuation companies in the area.
I find out which person specifically deals with the particular area/pocket of interest and this is how I get free/great info. These guys know pockets intimately, good street/bad streets, at least this is a starting point for me, they also of course give me a very good indication on recent sales and what the market is doing.

MTR

 

[ellejay]

I've just visited my last 3 purchases for the first time, all bought unseen. Happy with them. As well as all above I get someone to walk down the street and have a quick look at neighbours front yards etc for abandoned cars, and other bad signs of potential trouble Been lucky to avoid this so far but seen some houses that I watched for ages on line and looked great, only to find in reality they have problem neighbours that could affect rentability and future selling. That's just me but you may not care if the numbers stack up.

 

[Chatters]

I visited my first purchase but my second one I trusted my local property manager to find a good one, since he would be picking it up as a rental on top of my current one so we both had a reason to find the right property.

I looked online, found a few I liked and got him to inspect them and then we made an offer and purchased it. Worked out well for me and the property manager got part of the commission for "bringing a buyer".

 

[Frisky]

Stumbled upon this thread at right time...Neptune,Property,D.T.,danwatto ....If you have any recommendation for PM's (property managers) in Brisbane, Can you please PM detail to me ?

Thanks
Nik

 

[Mike8t1]

A quick question for the previous posters. How do PM charge for a service like this?
Cheers
Michael

 

[danwatto]

Stumbled upon this thread at right time...Neptune,Property,D.T.,danwatto ....If you have any recommendation for PM's (property managers) in Brisbane, Can you please PM detail to me ?

Thanks
Nik

Mine still haven't settled yet, so I don't have PM experience yet but others have recommended "Red Rocket" and "Property Management HQ" - Lu

 

[PropertyMavens]

Buying unseen

Mark, NEVER buy unseen.

Its extremely high risk and photos can sway the property to either look better than it is or look worse.

You don't get a sense of space or floor plan without viewing and its also the streets cape and neighboring houses that will impact.

I will never buy property without viewing it or making an offer subject to inspection.

Spend the money to view it, or pay a Buyers Agent to view and negotiate the price on your behalf. It's as much about buying well as it is about not making a mistake worth $100,000's

cheers Miriam

 

[danwatto]

A quick question for the previous posters. How do PM charge for a service like this?
Cheers
Michael

Depends on the PM.

I have one that does not charge, and wants to help his clients build up the portfolio, i.e would rather have a few large long term clients than lots of small short term ones.

Others don't have time, but if you look around enough you should find a good one.

On what Miriam said - is true but definition of buy. You can offer or contract unseen, as long as the right conditions are in the contract.