Hi all – newbie here all set to purchase first proptery.
I feel more comfortable organsing my finance first, so that is all done.[
]My question: This may sound silly, but in what order are offers/ acceptance / inspections done? If I find a place I want, do I place the offer (subject clauses to satisfactory inspections???) wait for accpetance… then do the inspections, then if I am happy with inspections continue??
Could anyone possibly layout in what order these preliminary actions are done please?Thanks in advance
NealHi Neal
I too am new to PI and have spent almost 3 weeks researching and spending a lot of time around this and other web site learning as much as I can. I would highly recommend purchasing the Buyer Beware or Serets of Property Investment by Steve McKnight found in teh resources section of this web site.
I recently finished both and have found them to be very valuable. It is best to do as much reading about this next step in your investing strategy in order to avoid costly mistakes.
Cheers and good luck
Leigh K“If you will take on your self-doubt and laziness, you will find the door to your freedom.”
-Robert KiyosakiHi Neal
It is really a subjective question as it is dependent on the reason for buying the property, whether you want to negotiate further and a miriad of other reasons.
I will take that your not about to tear it down so as such I would be include it as a condition in the offer and only proceed with the inspection when the price/offer is accepted. This way you have a price against which you are negotiating based on the results of the inspection.
Generally we do a quick inspection ourselves as we go through so that we have an idea of the state of repair. We then offer based on some fore knowledge with the building inspection as a tool for further negotiation.
You need to be aware that you can get gezumped in a hot market or where dealing with a questionable agent.
Cheers
Hi, I am also new to the game.
The plan I use is after inspecting the property myself, 1: Offer $price- willing to pay.(once you have looked at a few properties you will get a general feel on Property values)
2: Put subject to building inspection
3: subject to finance (always even if pre-approved)
*4:Ask for long settlement, with permission during that time, to show “your occupants” through the property. *Don’t need to do this if you have occupant already to go.
Hope this helps, cheers.
Sandi[]Hi all
a real winner for us has been adding an electrical inspection clause to our contracts.
I mentioned it in a post a few weeks back. Since then we have purchased some ex-commission places that looked great but had original 50’s wiring !
In all instances we have saved between $1,800 and $4,000 by negitiating for the Vendor to carry out all or part of the works.
the B [
]Thanks so much for your responses.
Apprecate it muchly
Neal
]
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