Would you sign unconditional?

some lenders will allow a val before application

Saves multiple credit hits

Quite useful for lends > 80 % lvr and/or busy CRAA files

ta

rolf

Excellent. Is it possible to mention what lenders if the list is not that long? Is there usually a costs associated? Is it a desk valuation or actual visit the property valuation?
 
Personally I have done that many times. Hubby does building inspection by himself and finance for us is not an issue. Unconditional offer is really good tool to use in negotiations and often vendor accepts lower offer if the offer is unconditional.
 
Personally I have done that many times. Hubby does building inspection by himself and finance for us is not an issue. Unconditional offer is really good tool to use in negotiations and often vendor accepts lower offer if the offer is unconditional.

I like cash unconditional offers too. Very tempting for a vendor to know if they sign the contract it is a "done deal".
 
Personally I have done that many times. Hubby does building inspection by himself and finance for us is not an issue. Unconditional offer is really good tool to use in negotiations and often vendor accepts lower offer if the offer is unconditional.

Ever backfired?
 
Excellent. Is it possible to mention what lenders if the list is not that long? Is there usually a costs associated? Is it a desk valuation or actual visit the property valuation?

Most brokers will be able to make more specific recomendations incorporating an up front valuation. If you go directly to a lender the deal will likely be entered into the system (and credit check completed) before the valuation is ordered.
 
Excellent. Is it possible to mention what lenders if the list is not that long? Is there usually a costs associated? Is it a desk valuation or actual visit the property valuation?

Hi FO

As Pete has Suggested it isnt quite that simple

Broker based lenders that will do upfront vals are ANZ, AMP, Homeside, CBA and others.

If desktop or full val comes down to the LVR, the locn, the dollar amount, the security, refi or purchase. We often try and force a full val wherever possible and appropriate, because it lowers our and the borrowers' risk.

There is always a cost associated. Sometimes its a monetary cost ( as in the case of CBA or doing your own panel val with for eg WBC), most often though its an investment in letting go of a bit of "control" to get obtain more knowledge and in turn increase your own value.



ta
rolf
 
Hi, I did, twice. It was intentional.

Both were successful buys & in the end, good value.

1) Offered $235K, asking price around $275K. Someone had a conditional offer at 'significantly higher' I suspect around the $265K mark. The house was rather derelict & a building inspection would be hazardous for the seller. They chose to accept the done sale rather than to chance the contract falling over. I finally closed at $240K

2) Offered $223K on the initial asking price of around $250K. I think I was the only offer although later I found out other people were interested but were waiting to see how far the price would drop. A year later the price on a similar block opposite went for $350K. I applied for subdivision & got a block down the side of this old property. Very high returns indeed!

KY
 
Ever backfired?

Nope. Making unconditional offer does not mean that you do not do your homework BEFORE making an offer. As said finance is not a problem for us as well as we also know that the offer is conservative and is within our upper approval limit. Also building inspection is done by my hubby. What else there is to be scared of? But we are continually amazed how many deals we are hearing to fall over due to finance. :confused: These then become our opportunities. In these circumstances the unconditional offer really impresses vendors and they are often happy to accept the lower offer.
 
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