Forum Replies Created
Even though you may be signing a standard REIV doc, I might also suggest you read it (both sides) and make sure you understand it before making your mark.
That might mean taking the doc and sitting on a bench for 10 minutes and even making a call to your legal adviser to clarify anything you dont quite understand.
And be sure to record a very specific expiry date on your offer – never ever leave it open.
In most instances, I suggest that expiry be not more than 24 hours. ie 11/10/06 6:00pm.
If the Agent says he needs more time, then just reply, “Are you telling me I should be looking at another property?” or “I need a response by then so I know what to do on another property I have my eye on.”
Enjoy
John Blackburn
http://www.propertybooks.com.auJules,
If you are not 100% sure on the numbers in PIA, drop a line to Somerset Fin Services and I’m sure they would be happy to clarify anything.
John Blackburn
http://www.propertybooks.com.auJules,
There are lots of products out there, ranging from the cheap and nasty that are jazzed up spreadsheeets, through to the expensive and complex that require a masters degree to get the input right, let alone understand what the outputs actually mean.
PIA works pretty good and seems to get a good wrap from users.
My suggestion is to work backwards – define what you want to know about the property and then investigate what’s out there that can provide it. Then from the short list, find one that is fairly easy to use and at a reasonable cost.
My feeling is somewhere between $200 to $500 tops should get you a fairly good program. Also look at the cost and frequency of updates… some have low entry and high ongoings.
The only other thing is to look at how long the provider has been around as you dont want to invest in something and then one or two years or whatever down the track find they are not around and there’s no updates to be had.
Hope it helps
[exhappy]Always a good ready to give you heads up for locations you think you know an those you know you dont [biggrin]
I will throw in a plug for a book we recently put online and became one of best sellers in two days! ( that’s becasue we released it only to our subscribers and the response was massive)
How to Grow a Multi Million Dollar Property Portfolio -in your spare time
by Michael YardneyCurrently we still have a small number of copies in stock for $33-95 delivered to your door ( ie it includes postage)
You can find it on our site http://www.propertybooks.com.au along with a link to the “introduction” pages of the book.
PS If you subscribe to our newsletter, you’ll also get a free copy of Michael’s great eBook – Understanding Property Cycles
Hi Guys,
Interesting reading on this thread but I must say how very dissapointed I am in some of the comments made… especially as many were made out of ill informed assumptions and an obvious lack of knowing the full story ( facts ).
Why is it that when something of value is built, there are always some waiting in the shadows ever so willing to tear it down… but offering nothing to replace it?
The VFA never quite got the momentum it needed. Trying to organise it on a national scale, from a standing start, was always going to be a mighty effort for anybody to take on.
So to those who put considerable time and effort into it, I do salute you… what came was good and certainly was headed in the right direction.
What we now see is nobody volunteering their time, money and effort to take over the task. So doesnt that tell you a lot about the calibre of people who HAVE actually done something already!
Maybe the VFa has run it’s course… maybe it was a great idea that just didnt take off.
But then again, maybe it CAN be recontructed on a smaller, more local scale of informal events.
I would volunteer to do this down here in Melb, however I am totally committed until early March.
If you guys can wait, I would propose convening informal meetings, outside of the VFA structure.
A representation could then be made to the VFA for formulating policy etc.
Just an idea.
Just Allan makes a few interesting points however my experience is VERY different.
Whether it’s a house or a car, I’d rather buy direct from the seller than go through an Agent.
And especially so with houses.
You see, when i deal directly with the vendor selling their house, I get a level of co-operation far inexcess of that ever achievable through an Agent.
Example ” Why are they selling?”
Agent attitude – It’s irrelevant so dont ask and if you do, I’ll give you bulls#%^@ answer.
Vendor – “It’s because we are……”By building a relationship with the vendor, I can structure a compelling offer that meets all their wants and needs… it’s call negotiating a purchase / sale.
With an Agent, you just focus on price and terms and you then get them to negotiate for you.
Of course, there are times when I am happy for an Agent to do “my dirty work” for me because it’s a FREE service.
I always hunt the F.S.B.O. ads…. but remember dealing with them is VERY different to how you deal with Agents.
it’s time you got out more…. and started thinking about expanding your library to some better quality books.
….those who mock others do so to hide their own deficiencies. [buz2]
After just one seminar, I’m sure Lewis will be flattered to discover he has been elevated to the rank of GURU and made it to GURU WATCH!
[biggrin]
Barnsey,
If we use a word often enough in the wrong context it can, over time, change it’s meaning.
I think HERO is one of those words. The marketers have cleverly changed the Sports Star into a Hero.
Here’s a really simple test…
Firstly, let me tell you about Quang…
He is well educated but lived in Cambodia at the wrong time. He knew Pol Pot’s soldiers were coming for him, so he rode his bike to the border. His only options were to either stay in a camp where eventually he would be found and executed or to cross the border to “freedom”.
Only problem was to cross the border, he had to walk through a mine field.
Each night others would attempt this and each night he would hear the explosions and cries for help… in the morning the cries would be silenced by the guards.
Would you walk the mine field? This guy did!
Second
Ross is imprisoned in a POW camp and forced to build a railway under oppressive conditions by a brutal captor.Once a week, under the cover of darkeness, he sneaks into his captor’s store room and steals food and medical supplies for his fellow P.O.W.s who are denied even the most basic supplies.
He knows if he is caught ( or even suspected of )doing this, he faces a protracted and sadistic punishment where one can only hope death comes quickly.
Is it worth the risk for two eggs, an ounce of sugar and half a bottle of disinfectant?
Third
A guy kicks 10 goals and helps his team fight back to win the match by 7 points.He is injured but gets the best medical treatment available, plus he is on $350k p.a. and some lucrative sponsorship deals.
O.K. guys, now you decide which is the Sports Star, which is the Hero and which is the Couragious person.
It’s simply a matter of perspective I guess. [biggrin]
Steve is a shadowy figure who lurks in the background of property investing forums (especially this one for some strange reason) and seminars.
He watches your every move and knows if you have been good or bad… so you’d betta watch out, you’d beeta not cry….
If you are really lucky, you might catch a glimpse of him at this event.
Now for some more confusion…..
Grreg, what happens if you receive counterfeit notes in the wad of cash?
Well, it’s the last man left holding ’em loses.
If you take fake notes to a bank or police or whoever and present them, they confescate them and you dont get any refund!
So even cash can be a risk.
And yes, there are quite a few fake $50’s going around at the moment.
So now we know the risk of cheques, bank cheques and cash.
T/T’s or direct deposit might be the go?
But hang on, I’ve been warned not to give out my bank account details.
I guess it’s like a lot of things in life… if you think too much about it, it gets awefully hard.
ps as for the rip offs with the bank cheques, well it’s clearly a matter of fraud and eventually you might be able to get something back… especially if the prosecutor shows the bank was slack… but it would be a long, long wait ( just like in a bank queue! ) until you saw anything if at all.
Once upon a time, in far away land…. a bank cheque was regarded as being as good as cash, if not better.[biggrin]
You could accept them without any fear and when you deposited them into your account, they were regarded as being “clear funds” – like cash.
Today, however, it’s a different story. Deposit a bank cheque and your bank will regard it just like any other cheque – uncleared and with a chance it could bounce! [angry2]
Bank cheques CAN be stopped by the purchaser of the bank cheque BUT the issuing bank will not do this lightly, they will need some hard core reason to put a stop on it – they dont want to undermine the value of a bank cheque by having lots of them out there with stops on them!
Which seems quite odd given that when you deposit one, they think there’s still some risk to it! [confused2]
The good news is this…. go to any property settlement house and you’ll see hundreds of property sales effected each day on the strength of handing over bank cheques as payment. [biggrin]
If you dont want the bank cheque, then ask the buyer to deposit CASH / CLEAR FUNDS directly into your bank account… if you feel comfortable with giving out your details. But tell them it MUST appear on your account as CLEAR FUNDS. You can then release the goods the following day. [biggrin]
Long answer but hope it helps!
Score – big grins 3, Confused 1, angry 1 Big Grins WIN
Viralk,
1) Where do I get the report which gives me the report of houses sold in that area in last one year (sales history in the suburb)?You can buy reports from various sources. Go to sites like domain.com.au / realestate.com.au and see the links to various info’ providers.
HOWEVER, if you can hold off for a few weeks, you can do the research yourself on properties in the area and work it all out yourself.
This is a far better scenario as it empowers you with CURRENT info, not data that’s 30, 60, 90, 120 days old ( in today’s market, this is VITAL ). You can use this to establish which Agent is telling you inflated proce expectations and what offers are really worth considering.
2) What are the cost involved in selling?
Agents commission – How much?
Solicitors fees – How much?
Anything else (No auction though) – ?Agent’s commissions ARE negotiable. Go for a drive and see some For Sale boards with SOLD on them. Knock on the door and ask them about how their experience with the Agent and find out what they paid in comms. You’ll kill two birds with this… you’ll find out who the good agents are and the going rates. [biggrin]
Solicitors fees. That’s easy…. it costs you about 25c to find out… make a few calls!
3) Is it a good idea to put my property on sale with two different agents?Be very careful on this one…. very careful.
Many people think this would fuel competition between the Agents and to a degree this can happen but it usually backfires.
Most Agents will see the property as a second class listing because they can not control the process like they can with their exclusive listings.
You may also find they bring you an offer and will apply loads of pressure for you to accept it before the other Agent brings a better one.As for Agents, well you can sell the property yourself and save the comms. I’ve sold many properties myself with no comms, less than $500 in advertising and got full price… even more!
As a starting figure, use 3% plus advertising costs. In high $ ticket areas, the % goes way down and in low $ areas, it can go higher to say, 4%, 5%, 6%.
Hope it helps.
(If I had got off that rusty nail a year ago,I’d be able to send you a copy of my book that explains all this… but there’s nothing to send you right now as I’m slowly finishing it!! )
No response to the post so i guess it means one of two things
1) Nobody here has done it despite all the talk about L/Os
2) Nobody wants to speak about it[confused2]
Best place to start is the local council.
Remember, having a heritage listing can often DETRACT from a property value as owners can be limited as to what they can do to and with a place.
It also adds a fair bit of paper work and red tape to things.
But the rule remains… if the price is right, go for it.
Scott,
1) If you plan to wrap the property, then my suggestion would be to apply the same rules you would use if you had a buyer pick out a house they want you to buy. ( rather than you buy, then then find a buyer )
2) You BUY on a L/O and reassign it to your buyer on a L/O. Guess what. I’d ask my buyer for , say, $2,500 L/O fee up front, which by some strange coincidence is the same amount you would pay on your L/O.
Scott, I’ve not done this but was working toward it a while back but wasn’t happy with the buyer’s commitment.
Hope it helps a little
Celivia,
Uhm are you gonna mark our posts now and hand out reportcards? And are you doing this to try to help people? Well I’m sure you have thought it through (ideally)
Maybe I was just lowballing you too! [upsidedown]
By the way, do you think there is such a person as a realistic idealist? Just a thought!
Enjoy
Hmmm, maybe I missed something, but here goes anyway….
1) I didn’t know that it was compulsory to accept any offer, let alone a lowball offer.
2) If the reason you are trying to protect somebody against lowballs is because they have found themself in financial difficulty due to gambling, drugs, poor business decision etc, then my bet is more often than not, giving them MORE money wont change anything. That extra cash will probably go to the same place as the last lot. So, you would actually do more harm.
3) I don’t live in communist Russia where the Govt determines all the prices.
4) How would you formulate what a lowball offer is. If it’s 20% below market value, then is an offer of 19.999% below OK?
5) And who is going to determine the market value? Give me 5 Valuers and I’ll get 8 different values!
6) What if I really want some cash fast to take up a super dooper business opportunity, so I put my house up for sale. Then somebody, gives me a low ball offer, but heck, i want that cash now and i agree to it. Would that be illegal?
OK so I have made an informed decision, but who’s going to be the judge on that? What’s the criteria here?
7) The idea sounds great, but in reality, how would you ever enforce it, let alone write legislation for it?
[exhappy]Gain 3 points for trying to help people.
[thumbsdownanim] Lose 5 points for not thinking it through.See my previous post….I rest my case… the article writter hides behind nicknames and has no courage to name names.
And by tricking you all into specualting who’s who, you do exactly what the writer wants.
There’s a saying in sales…. create F.U.D. … fear, uncertainty, doubt. Then they will come to you as “the solution”.
If you use your common sense, you’ll quickly work out the writer of the article is actually “Spruiker No 6”.
