Terry 4 corners of a contract when I did legal studies – 2 parties, agreement, consideration, and the item.
If a vendor has signed a contract – I dont think he can withdraw and as far as I know – he does not have to sign within 3 days. You get 3 days cooling off but that starts the moment the buyer signs the contract. The vendor can still sign 5 days later and your cooling off has ended – that was my experience as a real estate agent. You need to put clauses in the contract – the offer – to be signed within 2 days or 3 days so that it has an end date.
I always thought it was one sided that a vendor could not take a higher offer.
Ian Reid had a contract that allowed the vendor to take a higher offer if one came along after the contract had been signed. I am not sure if the still do that – and there was uproar among real estate agents that they could do this.
But a contract is a contract is a contract in my view. The vendor should be allowed to get out of the contract as much as the buyer is allowed to.
If the vendor has signed and you want to get out of it- you could end the contract my mutual agreement – if you both want out.
if you have not been informed the vendor has signed or not – then write to the agent straight away and YES have evidence you sent that withdrawal.
Terry – vendors dont pay a deposit. If you are thinking that it may be void of the “Buyer” has not paid a deposit – this is not correct either- if you signed and did not pay a deposit then you are still liable for costs if the vendor decides he wants to go ahead and you dont. The deposit is “hurt” money- the vendor can access if you dont go ahead. If there is no deposit – then it is harder to get that money.
There was a case locally where the buyer did not pay a deposit- the agents got into a bit of trouble – not much and the case went on for a while – the vendor I dont think got anything because the buyer did not have money. But if you have something to lose – like your own house – you can be sued.

Winadil there is always another property around the corner. Dont get sucked into “you have to do it now” or “this will be snapped up soon”.. it is just a matter of the right one will be the right one when the time is right for you. We all live in houses and we all buy and sell houses – there is always another good deal coming by.
Jacm is right – you need to listen to those who deal in property.
Jamie and Richard have a depth of knowledge. You can listen to Uncle Bob but take care that he knows what he is about – and take it as something to be aware of- dont let it affect what you know is a good thing to do.
In my experience – its about having the knowledge – and yes there is always a “risk” but it is a managed risk.
It is a good idea to chat with Richard and/or Jamie and make a plan based on what you can do.
I have met ONE ONLY financial planner who can make a difference- where she changed one thing to cost you less out of your pocket. In the main- other planners have sold me insurance and that was about it…………..

Jamie is right- get a valuation or appraisal done – yes they are free and I have heard them used before – its more than most people do at the time. A valuation can cost up to $1000 – that is up to but not necessarily.
I am not sure if its about the lender in changing the loan from PPOR to IP – its more about tax implications and how you are structured in the first place. ATO likes to know what your intended purpose was in the first place.

As I have suggested in another post – look for when the media has mixed messages – about now in Melbourne.
I have seen some news say prices are stable and in fact have gone up – that is true where I live – prices have not gone down.
Some prices have gone up closer to the city.
There are also reports that there are less properties on the market – which again leads to demand from buyers and higher prices.
From where I am- prices have already hit bottom and are rising again.
Try looking at median prices in your area- and see if you can find something lower. That will tell you something.
And as Noob says – find more properties like the one you have – it is bringing you in cash.
I dont know if you are complying with “rooming” house regulations where you are – better check that with your local council.

Jamie is correct in this instance- you need to think about what’s in it for him- for both the broker and the Real Estate Agent. My first thought on the real estate agent was “why are you taking advice from a real estate agent”… they dont give advice. Not forgetting that I was a real estate agent too. Not many of them know how to spell investing let alone understand it……….
And there is something in it for your broker as well- he gets the re finance trails.
As Jamie says – you need to think what YOU want to do.
Then go to an accountant – see what he says.
The hardest thing in changing the PPOR to an IP is around taxes and changing a loan- I am not sure how that works but I have heard others – not my experience but from others- that there are implications in changing the loan from PPOR to IP. From a tax point of view – you can move out and make it your IP – done that myself – but I am not sure about the loan.
Get an accountant who KNOWS property. That will also be hard to find. If you need one I can suggest a couple.
After that – your broker’s advice is important.
Listen to your real estate agent only as far as appraisals go. Get another agent to suggest a rental return – ask a property manager if you should sell it and see what they say. I bet the answer will be NOOOOOO!

Opee, I dont have a view on whether OTP is good or not- I have seen posts on this site re Park Trent. I dont know how they are.
BUT if you ARE looking in Brunswick- have a good look at it- it has become the place to be.
If you cant afford it- maybe look at the next suburb out.
I also like Thornbury and Preston for investing- not too popular just yet but close to everything.
I remember when Brunswick was not so popular – then someone said rent was cheaper in South Yarra! Just look at Brunswick- how close to the city and how much is close- tram, train, shops, Highpoint,…………… Heck I even used to walk from Uni to work in Brunswick!
Ok, off my soap box… Brunswick I think is a good place to invest- close to so much… hospitals.. universities – not just one university…

Jennie, do you mean – what does “PM” mean? Private Message me?
In my view – you might like property managers who others simply don’t get along with.
It is always a good idea to keep your ear to the ground – but also do your own research.
And remember- “What Peter says about Paul, says more about Peter than it does about Paul”.

JacM I am so with you. I would love to know more about Geelong and what you know. I will PM you. I think Geelong is a good place to invest – even more so now with the “lay offs”- yes definitely one to watch.
Not with the stigma thing or anything – but I dont think rental will be affected in this area – Centrelink is still at work.

I like the Bird cage thing too!
I know in Altona there is a “bird cage”… again where the streets are named after birds.
I have thought Geelong for quite some time- and it is so nice how they have improved the fore shore.
Yep – drive around the shopping centre.
Oh, BTW- I live in one of those “lower demographic areas” in Melbourne….. prices here are still going up………….

No Freckle, I am not kidding. As Nigel says – this is a quick headline grab. IN my experience as a real estate agent- yes the media is about 3 months behind. When you start to hear mixed responses from the media – this means the market is turning.
On Saturday evening news on channel 9 they reported that prices had in fact risen in inner Melbourne.

I would imagine the bank would ask for the $100,000 short fall- I cant see it any other way- they want their money or the purchaser would take the hit for the $100,000 as Terry says