When I asked about the difference in the BER, the answer was the lower price is for quick settlement and a higher deposit whilst the higher price was for standard settlement time. What is standard settlement time, 30, 60, or 90 Days?
C2
“Is it true the more you owe the more you grow until the bank steps in?”
G’day C2…
What’s the time over there?
BER?
Standard settlement time 30 days …usually Auctions. 60-90 days negotiable 45-60 usual.
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]G’Day Bill,
How long were you in realestate? Buyer Enquiry Range (BER). It’s 3.39am as I post.
C2
“Is it true the more you owe the more you grow until the bank steps in?”G’day C2…
30 years… but out before the BER came in.
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]I don’t particualarly like the ‘Buyer Enquiry Range”.
I recently looked at a property with a BER of 140k-175k.
With this property, the lower number was just to get people in the door. They weren’t interested at all in hearing offers at the lower end of the BER.
Interestingly, a couple of weeks later it was re-advertised with a BER of 125k-155k and again any offer on the lower end of that scale was scoffed at.
I think they assume that if you’re looking to spend ‘X’ amount of dollars, they should be able to get you to part with 10% – 15% above what you really wanted to.
Gordon
Invest in People for a Prosperous Future!
Yep, even in one of the brochures ‘advertising’ why Buyer Ranged (the Pillings system – what a w#$%) says that you get more lookers if you have a range. Then it’s up to the agent to try and squeezed that extra amount from the buyers, and to also squeeze you down.
When I see a BER now, I just take about $10K off the top of the range and believe that’s what they want to get. Although in the recent ‘hot hot hot’ market, some prices achieved were well above that range.
I went to an open house the other day, and got a call from the agent the next day (Sunday) asking was I interested. I was looking for a friend, so I told her this. She told me then that a full price offer had been made the previous day, but that the owners hadn’t accepted it yet!! Wanted her to contact all prospects, and obviously start a bit of a bidding war. I couldn’t quite believe it. We listed a house a couple of years ago, and it sold on first exhibition at our asking price. Did we ask too little, or was our agent smart enough to price it, and have buyers on her list who had missed out previously on similar properties and would be willing to jump at the right house. I think the latter case was true, but even if it wasn’t, we would have accepted the offer, and left it at that.
As for standard settlement time – any NSW contract I have seen is 42 days. ACT it seems they like 30 days. I keep negotiating to at least get a 60 day settlement.
Cheers
MelCol
Standard is 42 days in NSW, but can be whatever you negoitate. Just remember, any shorter and some banks will have problems settling the loans in time.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
We’ve bought a few properties, sold one, in Queensland this year and settlement was 30 days. Our Qld conveyancer said it is usually 30-45 days providing there’s nothing unusual in the contract.
All our NSW properties have settled in 42 days or by negotiation, except for the last because the vendor’s solicitor forgot to notify the tenant that the property had been sold. We didn’t settle as we did not want the problem of giving notice to the tenant which would have been 60 days as owners, and maybe having problems if he had not moved. A nuisance as we should have finished the renovating by now.
Anna
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