Hi All……..
I am inspecting my first property on Sat…
$43000 needs a bit of works etc….I am wondering, should i get an independant valuer to look at the place also on the day?
Also with the building inspection should i get a builder to look at it and give me a quote to fix anything wrong with it?(just so i have some bargaining power). and should i get him to look at the joint at the same time i am there inspecting it..Sorry if i sound a bit naive guys but just dont wanna stuff up too much the first time. hehe
Thanks in advance
Alex
Hi Alex
I’m not sure of the advantage of an independent valuer prior to purchase particularly given that the bank will be valuing if your taking out a loan.
Re the builder, I think it is a good idea to see if they can come along with you and check it out etc. Otherwise you could put a clause in the contract about the purchase being subject to building/pest inspection and finance.
Good luck with it
BB[
]Hey Sushi,
I think the valuer is a valid option. I know people who put “subject to valuation” on their contracts. If the valuer comes under the asking price it gives you a bargaining chip to further negotiate a price.I think taking a builder is an important step. As Betty said though either on the day or once contracted “Subject to a building inspection to the complete satisfaction of the purchaser”.
The main thing is if you think the property works on numbers negotiate the price then ensure you have adequate clauses such as Finance, Building, Pest (sometimes plumbing), Subject to a solicitor reviewing the contract to the purchasers satisfaction or whatever you want.
In a market that is moving it is neccessary to buy on price (do your numbers) then ensure have profesionals ensure it is fine under contract conditional period.
One thing to remember though Alex is that you are in the drivers seat. The negotiation is not over until settlement. You can walk from the contract prior to uncocditional on any of your clauses. Do not be afraid to walk if things worry you but don’t let fear make you walk. If adverse things come up establish reparation costs and seek a further price reduction.
Hope this helps
Enjoy
AD [:0)]
(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Thanks for your posts Betty and AD.
So AD does that mean even tho u have put in an offer and had it accepted/contract signed that you can amend it further if something else comes up that was unforseen???
ThanksAlex
hi alex
i wouldn’t waste you money on a valuer. you should have done so much investigation of prices that you have a better idea of the value than a valuer. all they do is compare with other past sales in the area of similair properties. i think we as buyers must know if we are buying at market above or below. when i refinance i tell the valuer what it is worth with info on recent sales. all the best
westanHey all,
When I talk about using a valuer I am talking about using them to get a price reduction.The are merely another tool. I personally do not do this but know where people have used this approach and sought further discount on values given.In answer to your question Alex, yes.
It ain’t over till it’s over.
The negotiation goes on until the contract sees the property pass from them to you.
In reality your time to seek reduction is during the conditional period. Yes you can ask for a discount and this is where a good solicitor is worth there weight in gold. Mine has often paid for himself many times over by getting the reductions I want.Remember to do you final inspection prior to accepting the property. A day or so before settlement go back through the property and inspect that it is what you expected. If it isn’t then call that solicitor and sought it out prior to settlement as once you own it…it is to late.
Hope this helps……
Enjoy
AD [:0)]
(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
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