Being from Western Au, it seems that long term settlements tend to happen when buying off a plan.
Otherwise it doesn’t happen so much, according to a few real estates. Is this a more common act in the East and does it happen in WA? If so what are the benefits to the vendor for doing so? I’ve also noticed that non of the MAP participants were from WA, is there many differences in the property market in WA to the East.Can someone put a little light upon this for me please, many thanksCHARLIE
May be you should define what you mean by longterm. I sold some land in Vic years ago and the agent said they’ll offer $x for a 28 day settlement or they’ll pay your price for a long settlement. I said how long. He said 6 weeks.
Generally I’d think unless there is a particular reason eg subdivision, deceased estate, vendor waiting to complete building of new house or for end of school term, purchaser waiting for a term deposit etc to mature, most settlements in NSW and Vic would be within 6 weeks of exchange of contracts.
If you want a longer settlement you’ve got to have that in your negotiations.
Hi,
Don’t listen to a word any real estate agent says ever! Just kidding… well mostly. The real point is, don’t let anyone tell you something can’t be done, try it and find out for yourself. It is true alot of vendors will say no, but alot will say yes too.
The house I am currently living in, I have bought with a 7 month settlement (haven’t settled yet). I am in the central coast of NSW, and like most of Australia, the market here is a buyers market. Sure I got 4 nos before I got a yes, but when everything around you is sitting on the market for 7 months anyway, and you can get a deposit and a sure sale, alot of vendors will go for it, where ever you are.
At the end of the day, it cost nothing to ask. Some will say yes and some will say no. What is the advantage to them? None aside from the fact that it may be the only offer they have had in such a depressed market.
Dan.
The most important thing is to make the most important thing, the most important thing.
Anon.
I too have had settlements go on as long as six months and a few longer than that.
There are many reasons you can use and you will get a lot of knows, and some yes’s.
I find that you can’t bargain on price the longer you want the settlement so that is the only downside to it.
WA market the same, I bought in Mandurrah and Bunbury and both were for 4months settled in six. Yes I did the naughty thing of delaying but both settled no problems.
Byronent
Adelaide SA
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