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So I do the work in June… and I invoice in early July. On the invoice do I state the invoice is for works carried out in June? (just so I'm clear)
Gumbrella Estate (an umbrella of Gums)
When did hubby sign this document. Would certainly help if we knew what it was.
My understand is that unless a cooling off period was waved (unlikely) then you can terminate the contract within a set timeframe (QLD 5 days). The agent/seller can claim a .25% penalty fee but rarely do so. (to my understanding)
My understanding is that off the plan sales are much more difficult for the agent than established property, also it is my understanding that often an agent would not be paid until settlement of the property i.e. 12 months from the time of sale as opposed to 30days on existing property. These two factors would often suggest a higher commission level or alternate arrangement i.e. 50% at contract and 50% at settlement etc.
Hee Hee Hee I am the master of Analysis Paralysis! and (yes) I dont have any IP's. I dont really have any money though so…
I read this thread with interest and being the analyst I am, I thought I'd throw in a differing perspective for debate (yep I can talk myself round in circles for a very long time, about anything, sometimes which is the best washing machine, other times what to have for lunch.. owe my head hurts).
Anyhow my theory is that if I am still in analysis mode I'm not ready. I havent yet got a clear picture on the goal or perhaps I am not confident in the outcome. Now I agree that the biggest part of this for me is a 'fear of making a mistake' and 'waiting for the best deal' but I can also say that there are many times I just wanted to jump in and purchase a property that in hindsight I would not have made money on and the holding would have caused me stress.
Perhaps those of us born with the ridiculously analytical mind, have for a reason? No not an engineer or IT tech.
Hello, just curious, why are you wanting to sell your portfolio now?
Hi Jude, Have you thought about who will be producing your marketing material for you? Is there someone who will be coordinating the sales strategy. Often the name will come from these people and the process of determining your target market and unique selling benefits.
What word or words summarize your offering and are also appealing? When someone says I live at 'X' what image does that create? Are the gum trees unique to your estate? Also developers often use a locality so that when marketed the audience knows exactly where 'x' is?
Hello all and thank you for your comments.
Sadly I don't know how to do the quoting thing. Xdrew I understand what you say with respect to the AUD being a safe haven. You mention 'it remains at an abnormal high'. Are you saying you dont expect the AUD to drop anytime soon or rather it is abnormal and thus should return to normal?
Freckle thank you for trying to help me with the $ question. Think I've almost got it. Today Silver is AUD 34.14 or 35.07US. lets say the price of silver was the same as it is today but the AUD was 50c to the US dollar. The silver is US would be worth the same $35.07 but in AUD it would be $70.14…. Am I right.
Thank you to DWolf and Kong, I had hoped you would partake in the discussion.
So with the debate on the strength and value of silver continuing. Would it be fair to say that one should only invest in such commodities when they have cash to invest with. I.e. the person that took money out of their offset to purchase silver, would find it hard to win as the price would need to rise at least 7% per annum to be in front?
It seems from what you are saying such a speculator would be better to play the rise and fall, or not at all?
Hmm thank you gentlemen, much of what I expected although I must say Richard your comment post vendor finance is one that requires great consideration.. thanks.
Sadly there is no 'stock' to speak of rather facilities. The last valuation that occured that I am aware of was in 2006 (when the business was running well and the property market was onfire) Val was $900k (although I have no idea how this valuation is calculated I presume 'real' property only but I could be wrong?)
And yes Richard there wouldnt be much to scrape equity wise out of the PPOR.. perhaps enough to cover stamps but not much more.
hmmmm..
Strange isnt it.
I thought in QLD there was a multiple buyer process. I.e. if there are two people interested in a property then each is offered the opportunity to submit their best offer.. highest price and or best condition wins.
I would have thought that as an agent if someone offers $255k but I know someone who has already submitted and offer of $260k and had it refused. I would have thought the most ethical and fair way to deal with the situation would to be let both parties (and any other interest for that matter) submit their best offer by set time. In this situation the offer of $255k may be increased my offer of $260k may have been increased and the seller may have received a greater price for the property (the best offer would have won, whether that have been mine or theirs).
I know many agents arent familiar or perhaps dont like such a situation cause its a little more complex that a standard yes or no to offer but I thought it was the legal and ethical way?
Ha ha… I am looking in Proserpine QLD, 30min to Airlie Beach and 1 1/2hr to Mackay
Also collinsville (mining community inland of Bowen)Thanks Colin for your comments. I have to say that I agree that it would be better for my case to be able to speak directly with the sellers. Sometimes I think I understand more about the market and the sellers needs than the often newby agent.
I would really like to do this but as Jamie suggested agents are not keen and I believe that often sellers are not so keen (they enploy the agent so they dont have to be involved in any negotiations). I have often thought about sending a letter direct to the sellers but am concerned this will upset agents and make things even more difficult for me?
And thanks I am not really carrying a bleeding heart rather trying to learn as much as possible from the situation to make me a better investor in the long term.
I appreciate all the advice people!
Thanks Catalyst, you could be right they may think I am a tyrekicker who knows.
I only own two properties so far as I am new to the IP journey and yes agents do know this. I believe that many think I have a good understanding of the property market in this area. They know that I am pre-approved for finance and will act quick but they also know that I am not an emotional buyer so my price is my price and if I miss out on due to that I miss out.
What I hate is missing out when my offer was more than the final sale price and I dont understand how to secure the home I want at the price I want without submitting a written offer every week for the same amount.
While I do alot of research into the market I do alot on line and in the shadows so to speak. In 12 months of looking I have only been to 3 inspections and made offers on two of them. I dont want to be seen as a time waster.
I usually talk to the agent about my offer range prior to inspecting the home, as I say I am not an emotional buyer so the numbers are where the numbers are with or without an inspection.
I always explain to the agent my reasoning for my offer, I even try to present it in a way that helps them to communicate my position when talking with their seller. Maybe I am telling to much, giving myself away…Thanks for your comments all,
ksherwell, I didnt drop my offer I kept it at $260k and I was certainly not playing games (sorry that was a typo.. dou). I wanted the home and to me and my situation the price was to be $260k. I offered to do a contract or written offer (site unseen on the spot)but the agent said no she wanted me to inspect first and was concerned my offer was too far away from asking price, thats when I said okay I will wait but can you please let me know when the expectations drop because I am ready to act at that price as soon as the seller is.
gmh454, I completely understand what you are saying about the agent that listed at $320k cannot take an offer in of $260k without it raising eyebrows but as it was 6 – 12 months after the first list, I didnt see this as a problem – the whole market moved and the agent could not be to blame.
Thanks Andrew I guess I am just surprised that the agents dont understand their vendors well or that they wouldnt contact me or particularly you if they know that a buyer is there willing to pay a particular price. I thought they would want a deal and surely picking up the phone to an existing buyer is easier than inspections and things with a new buyer.. hmm seems strange to me
Thank you I think you must be right.. I always seem to lay my cards out too early. Owe and yer I always give the agent detailed feedback..dou
Just a bit tricky cause most of these homes have been on market for 6 – 12 months so not quite the standard cycle at present. That said as prices have come back so far there is more interest entering the market so perhaps we have reached a bit of a plateu.
Guess I just have to learn to play the game a bit better.. didn't realise realestate was so much like poker!
Portfolio PI, I have certainly considered other stronger areas (and continously looking) but dont have many funds to play with so am a bit limited. I like my target area because it is well positioned to enjoy some of the benefits of the resource boom but is only 30min from the coast so I think will be positive in the long term (which fits my strategy) also nearby and an area I know well so feel a bit confident with it.Thanks
Portfolio I was offering unconditional 30 day.
JacM I dont think that price is so much the problem as timing, after all they ended up selling for less than I was willing to pay.
I really feel that the problem is in my management or communcation with the agents. After all it is they who know when the seller is starting to feel pain or starting to consider offers less than the asking. I know agents dont work for the buyer but how do you get them to pay attention for more than 5 min.
I just cant work out when to time my offers, thats why I thought I would try working with the agents and advise them that as soon as the timing was right my offer was there and I would act timely (I had pre approved finance etc).
Should I have waiting to submit my offers, I kinda knew the sellers had some realisation work to do but thought it worth a try, who knows what their situation is right.
Should I have regularly submitted the same offer to remind them I am still here and still interested.
What do others do when you like a propery, know it is overpriced and that at some stage the seller will come down to a realistic selling price and thats when you want to purchase it. How do you make sure you get it at that price and not someone else?
No money in the ATM.. wow
That concept alone would bring the world to a standstill. Is this true.. I suddenly want to stuff my matress
Thanks Richard. I just want to be sure they are working it out correctly and not making mistakes that are costly to me… too often their mistakes cost me (or their customers) money.
I am with NAB by the way.
Thank you Keiko
Sorry forgot to attach link
http://www.budget.qld.gov.au/current-budget/tax-reform/index.shtml
