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An agent can refuse to deal with a buyer if he/she has exclusive rights to manage the sale, it may not be ethical but it is legal. I suspect your friend may have previously enlisted the help of this particular agency to scour for suitable properties for him specifically to buy and then when the loyalty card was not returned the Principal became angry?. A few older school style agents would cross the road rather than say hello to someone who did not list a property with them and who had previously had dealings with them. After all- real estate people are a highly competitive breed, they need to be to succeed. This agent's demand for loyalty stems from days of old when agents relied on loyal clients for their income ie pre internet days, when they took you around in their car to show properties. The commodity was people versus today where property is viewed as product and agents move product. They have moved away from personalised relationships with clients, (as has your bank manager largely). due to technology, automation and the decentralised nature of modern human contact.
I would invest in Scarboropugh now. I think Western Australia is a good place to have your money at the moment and given the proximity to the city from Scarborough ie next to City Beach and Scarboroughs iconic status, l dont think you can go far wrong. In fact the prominent reason Scarboro is so deflated in price terms is due to the City of Stirling being slow to act in terms of the Scarb. Seas Project and developers needing big cash reserves for 458 high rise projects in Scarbrough as well as GFC. Moreover given W.A and Darwin in particular are not only gateways to mining and all the boom has and will have to offer in future, W.A like Darwin is geographically close to Asia and rising S/E Asian tiger economies as well as Indonesia. Given that Perth is so isolated from every other city in the world (the most isolated l believe) its gepgraphic stance to Asia as a western democratic hub makes it more aligned with Asia than it is with the eastern seaboard. L believe in time, Asian capital will flow into Perth as it is already showing signs of. First the business money begun to relocate from Melb and Sydney to Perth ie many of the the mining headquarters of major companies began to relocate to Perth recently. Our CBD is currently undergoing expansion due to the lack of large capacity central office space. Asian investors have traditionally gone east where the larger populace resides but this will change in time as cross culturally, Perth people travel to Asia as frequently or more frequently than they go East these days for Rand R, the reverse will also occur over time. . Also rents are massively on the rise in Perth; always a forerunner in my personal opinion to property price hikes, note the above is all personal opinion only and not to be relied upon.
Hi Steven,
I agree with Jamie's comments – educating yourself first. However decide why you wish to purchase firstly ? Is it to make money? Is it have somewhere to live? Is it for independence reasons or Is it a combination of factors? And if a combination then prioritise the importance as a percentage ratio of your final decision making process. This will help you to clearly identify your needs and why you are buying. From there you will make a better informed decision and will decide whether to buy emotionally ie you intend to personally enjoy the property , or whether it is purely a commercial transaction . If your decision is purely to make money then EMOTION has to be left behind., and this is not easy to do. Talk to as many people you can who have bought property as an investment, consider a buyers agent who you pay a fee to who may act on your behalf and when and if you do proceed to make an offer ask for a full due diligence addendum incase their is something you are unaware of. The due diligence can cover the trickier aspects and pitfalls that arent so obvious such as council regs and building compliance. issues. Due diligence can also involve a second opinion such as a sworn valuation or getting a respected person such as a parent , uncle, builder, accountant etc to look over the property after the offer has been made to check in case there is something you have'
nt considered. . Being a younger person, a thorough 10 to 14 day due diligence addendum can almost act in a similar way as a cooling off clause does. In my experience l have used due diligence addendums for very young buyers as a matter of course with the sellers consent and whilst no young buyer has exited an offer because of due diligence escape clauses, they have acted more as reassurance for the buyer that : A what the selling agent has disclosed is true and reasonable and B to deflect other family members from shock horror pancking that their young relative has been taken advantage of. Once family members are assured you have make a good financial decision and that you havent been tied up in an immediate and binding way and that you have done your homework prior to the purchase then all parties to the transaction rest easy and are not defensive. Hope this info helps.
