There are a lot of comments made to buy CF properties in regional areas, in which I would like to do myself under $100,000, but I don't know how to do that if it is in another state.
I am unable to travel at present, so how do I go about buying, would it be sight unseen or would it be best to get a buyers agent to do so?Please advise
1st step: Do your homework on the area you are purchasing in, check realestate.com.au for property in the are and make comparisons from there.
2nd step: Get the agent to email a comprehensive photographic record of the property.
3rd Step: Review the contract from the agent. Look for any 'Special Conditions' or Easments & Encumberances, then check with your Solicitor / Conveyancer for clarification.
4th Step: Check with the local council to see if there are any developments either commenced or planned that may have an impact on the property.
5th Step: Engage a Building & Pest Inspector (not the one the agent recommends – choose an independent contractor), not only will they let you know of any potential problems, but if you let them know that you haven't inspected the property, they would likely assist you with some first hand local knowledge and would let you know if the property represents value in its current condition and location.
6th Step: If all is good, GO FOR IT!
I've sold property to clients sight unseen, and always try to highlight the good and the bad points. By doing this, the clients leqarn to trust me and are happy to proceed. If your agent seems a bit sheepish when questiones on a concern of yours be very wary, as unfortunately, it's no secret that there are rogue agents in the industry (who give us all a bad name).
Hope this helps
Try checking out the new Margaret Lomas book – "20 must ask questions". It is a sort due diligence ABC and whilst I never take any book as absolute gospel, it does actually recommend that buying "site unseen" is a better way to go as the emotion of seeing a place is removed from the equation.
Good Luck
you can't always rely on your building inspection – you need ensure that they are properly briefed and also insist that they include photos of the property. I was looking over one today where there are some major discrepancies with the existing building and the report – they guy hasn't picked up some minor structures: a sizeable pool and about 200 m2 of pergola!!!!!
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