How can you make an offer without knowing the terms. You need to see a contract before making an offer. What if has conditions you are not aware of. What if there is a caveat on title, or an easement etc. I would also ask for a contract before making an offer.
Still does not help me on what to do…
And Terryw I would love to read a contract but he won’t send me one, been waiting since last Thursday lunch time.
I think one thing that stops people from going forward is fear.Skills are easy to acquire, so is knowledge. Personal fear is a bit more harder to get over as most of it is subconscious
I sort of agree with your quote, but to me having enough capital to start-up a business is the hardest obstacle to overcome, I understand you can start with nothing but buying property or starting a business is not easy… anyone want to invest in my business :-)
It’s normal for an agent to allow the vendors to consider the letter of offer first. It that is accepted by the vendors then it gets written up as a contract.
What exactly is a letter of offer? I’m presuming a letter stating my offer? All I did was send him an email stating my offer and terms. Is that even legal for him to pass my email on which he said he did? I would have thought to stamp out unscrupulous behaviour that you must always present the vendor with a contract for sale?
If the agent is from a big company he/she would have some one above them talk to the boss I say
Yes I thought about this but felt this approach would create an uncomfortable situation for us both, mind you he has already made me feel uncomfortable
I’m not sure if it is exclusive, I also don’t see it advertised anywhere else. I do know who the vendor is as I was able to track down their company details down, I was tempted to call them myself and let them know their agent is telling me to take up my other opportunities.
If I never get to submit a sale contract I will be calling him out, the fact he works for a massive real estate firm does not surprise me.
Does anyone know if there are laws around this? I do not want to pass up this opportunity on this property, so im now going to sit here and wait for a call so that I can submit a contract, which is ridiculous, this guy is even a senior executive.
The more I think about it is the agent did not like my offer, hence walk away, it was not a low ball offer, and the terms were standard due diligence and finance.
Is anyone having the same problem, I still cant run my investment detective software which is bloodie annoying, especially since i paid hundreds for the software!
But if I dont have a mortgage broker, what next? I have a loan a through Myrate.com and I understand I will have to pay for the valuation, do I do this valuation before phoning myrate or should I contact them first?
Cheers Mat
Qlds007 wrote:
Hi KA010
Wow before you rush in and talk to your lender i think you should consult your mortgage broker as you are right most lenders will not:
1) Allow the property to be revalued within a 12 month period.
2) Dependant on who the lender is will require you to cover the valuation cost.
3) May not lend for business venture purposes.
Your MB will be able to look at the various options available to you and assist you in lodging the application to your benefit.
Yes if the untis were divided all would have exclusive access and all would be of equal size. Unfortunately the agenda for the meeting has already been scheduled so I will go armed with as much info as possible and put this forward to the committee.
Hopefully it will turn out to be an easy process. Thanks again for your feedback Cheers Mat
Yes I mean Body Corporate Meeting which your right will be the Annual General Meeting to be held on the 22nd October, 2007
Two other quick questions:
1) Can you suggest a proffessional body that would be able to assist in the process of putting together a formal proposal to the owners i.e should I approach a solicitior, surveyor or would you suggest just corresponding directly with the Body corporate (is it something the body corporate are not going to want to proceed with) or alternatively do it myself
2) The Annual General Meeting agenda has already been set therefore how can I put forward this idea before the meeting. I have the name, addresses and number of all owners, should I put something together and send it off to the owners individually? I agree I should give them the chance to asses and review the project themselves before the meeting
Thanks again for your feedback, fingers crossed all goes well when I put this idea to the owners Cheers Mat
P.S- Its a little exciting because if this projects pulls off it could increase the value of the units by an extra 10 – 20% (the area is quite flat)
Thanks for your reply! That is great to hear as the units are all ground level units. Sounds like my only hurdle will be ensuring all owners agree. Do you think it would be a good idea if I put together a quote or proposal of the project or will this put the owners off. Can you suggest any reason as to why the owners may not want to go ahead with such a project. Or on the otherhand do you think I should I just bring it up as an idea at the next committee meeting which is in October.
KA010, The cooling of period does not begin until either you or your solicitor receives a copy of the contract. As you state that you have not seen one, then you only have an offer and you can rescind your offer by email or fax to the agent advising such.
On the issue of Tenancy on Purchase, it is my understanding that in Qld an Owner occupier must occupy the property at any time within the first 12 months (it used to be 6 months) in order to receive the concessional rebates.
On the issue of the sinking fund. It sounds like the vendor owned all units and has decided to sell them individually. As an inline owner there is no responsibility for him to have a sinking fund and provided that the property has been maintained in a good manner (Building Inspection should clarify) I don't see this as a stumbling block.
Jon
Hi Jon, Unfortuantely the concessional period on stamp duty for a first time home buyer is 5 months and 29 days for a tenant to be able to occupy a property before you move in, otherwise you pay $8450 in stamp duty, if he moves out within the 5 months and 29 days you pay no $ stamp duty. The tenant is about 75 year old and extremelly stubborn. On the day of the inspection he was very fussy when it came to how long you were able to view the property, he had about 10 couples view the property and the tenant would be ok that is it next please, and that was after only viewing the property for less then 5 mins. Another contract has been drawn up but I doubt the tenant will be budge
Yes the thought of lowering the rent was an option however he is already on a great deal, its been one of those property's for sale whereby becuase the rent is so low people interested in buyer the property seem to not want to put in an offer. (the tenancy agreement is for 12 months 2 weeks ago) Yes delaying the settlement date could be an option, I would need atleast a 6 month settlement date as I need to reside in the property for 6 months or longer and the tenant must not occupy the property or it is regarded as an investment, which in turn rules me out for concession on stamp duty, which as a first home buyer is nil, zero zip $$'s Unfortunately because the tenant is on a great deal the tenant does not want to budge.
Its funny when you dont know what your doing we will do anything, when we get expert advice which I should have done in the first place we make the right decisions the first time round.
There is tenant who will be residing in the property for 10 months and because of this I will have to pay $8450 in stamp duty where if he had only been there for 5 months and 29 days I would pay no stamp duty. I also did not read the disclosure statement of the body corporate, there is no $$ in the admin and sinking fund as he use to own the 6 units and has only just created a body corporate a couple of months ago.
I have only just got off the phone from the real estate agent after sending him an email which read "Dear JXYZ, I can confirm that I have not recieved the sale of the signed contract for Unit XYZ, and therefore are not legally bound by the contract. I hereby withdrawal my offer.Kind Regards"
His first response was we will keep our eye out for any property for you. Its funny he pushed and pushed and explained to me that I should pay the deposit of $500 which was due today by 5pm and that I should not pull out of the contract until after 5 days and that I should pull out subject to finance. Goes to show how badly he wanted me in the sale of the contract! Lets just say I have learnt alot and will alsways ensure I send contarct firstly to a solicitor.