Making mulitple offers

Viewing 13 posts - 1 through 13 (of 13 total)

jscott
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@jscott
Join Date: 2003
Post Count: 23
November 12, 2003 - 11:58 am
Can someone please enlighten me…
Through reading Steve’s book, the forums here and other literature on property investing it seems that it is normal practice to place multiple offers on various properties that fit your criteria at the same time – in the hope that one is successful.
What I’m wondering is – what happens if two or three of your offers get accepted? Aren’t you then obliged to go thru with the deal even though you can only afford one property? Or, do people just enact the “unable to get finance” clause in this situation? And… if you kept on using this clause would that not tarnish your name in the area?
Thx,
jason.
Billfromoz
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@billfromoz
Join Date: 2003
Post Count: 381
November 12, 2003 - 12:38 pm
G’day Jason…
You are a nice person.
As an Agent with 30 years experience…. one of my skills was to identify the “wannabee” purchasers from the “genuine” buyers if only to protect my clients .. the vendors. I recall one evening saying to the Vendor…”that guy is just like the barbers cat… all pi** and wind.
The owner said, ” but he’s been here for hours, of course he’s going to buy”. Sure enough… I get a call the next day with some lame excuse as to why he can’t proceed… I was not surprised.
I have known of “buyers” to offer $100 deposit on as many as 3 properties in the one weekend… that’s why I never valued a “holding deposit”
You are absolutely right… Agents passed the name around of the problem buyer. Nothing worse than telling the Vendor on Sat.”It’s Sold” and then the bad news Mon/Tues.
My wife would say “but the’re nice people”… my comment was….”yes, but when they buy/sell Real Estate they change”…and they do.
You are an exception… find an Agent that appreciates your integrity and you’ll have a hassle free purchase or sale.
I would do biz with you any day….
Cheers and hope you find a like minded Agent…
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]
Chriso2
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@chriso2
Join Date: 2003
Post Count: 11
November 12, 2003 - 1:13 pm
That’s a great answer, Bill. To newcomers such insights are valuable – keep them comin! []
Billfromoz
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@billfromoz
Join Date: 2003
Post Count: 381
November 12, 2003 - 1:36 pm
G’day Chriso…
I have a brother Chris..have a look at my Surname.
How about you test the waters Chriso… that was your first post… give us all a querie, question, comment… I promise to give you some help… and the next thing you’ll be posting every day/night
Cheers… and I’m waiting for your comment/Question
Bill… while I’m still awake!
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]
Chriso2
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@chriso2
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Post Count: 11
November 12, 2003 - 2:36 pm
Sorry Billy, I was off searching for properties!! Found a few that I have asked further details about – I’m sure I’ll need some info and ideas soon though.
Regards Chriso [8D]
jscott
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@jscott
Join Date: 2003
Post Count: 23
November 12, 2003 - 2:44 pm
Regarding the multiple offers… I think the best thing to do is just have a sunset clause of only a few days away. That way you can hurry up and place other offers if nothing comes of it.
jason.
Billfromoz
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@billfromoz
Join Date: 2003
Post Count: 381
November 12, 2003 - 2:52 pm
G’day jason…
Sunset cause ? Maybe.
Put yourself in the Vendors shoes.
Either it’s a deal or it is’nt?
Cheers
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]
dl_gleeson
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@dl_gleeson
Join Date: 2003
Post Count: 37
November 12, 2003 - 3:09 pm
Hey all
Bill
Are you saying you think one should only have one offer in at one time? How long do you think is a reasonable time to allow the vendor to accept or decline the offer? Also what do you think are reasonable and unreasonable clauses(outs) to put in an offer?
Many thanks
David
Billfromoz
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@billfromoz
Join Date: 2003
Post Count: 381
November 12, 2003 - 3:19 pm
G’day David…
In brief:
If I was the Vendors Agent I would expect a yes/no immediately.
But…. I never had that problem… because I sold “at” the advertised price
Subject to Finance, Building Inspection & Pest Report… maximum ten biz days
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]
dl_gleeson
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@dl_gleeson
Join Date: 2003
Post Count: 37
November 12, 2003 - 3:26 pm
Bill
By the way, where abouts are you based? I think I saw somewhere you are in Cowra. Is that right? Just that I am from Wagga and to start with would only be interested in (able to afford) country properties for a while. Havent started yet though as am 20 and study overseas for a while. No probs if you’d prefer not say.
David
Billfromoz
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@billfromoz
Join Date: 2003
Post Count: 381
November 12, 2003 - 3:38 pm
G’day David….
I’m sure I included you in yesterdays mailout.
No rush to buy in Todays Market as I believe cheaper in 2004.
My address…16 Coota St. Cowra NSW 2794
The last time I was in Wagga was doing Nasho’s in 1967…. I was 20… your age.
Went to Vietnam 1969..another long story, one day.
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]
kay henry
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@kay-henry
Join Date: 2003
Post Count: 2,737
November 13, 2003 - 1:24 am
dglees,
How are you finding the wagga RE market now? What’s the bottom end price these days?
kay henry
centurion_168
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@centurion_168
Join Date: 2003
Post Count: 4
November 13, 2003 - 7:02 am
G’day all!
Good to see that you are steadily giving valuable advice over here, Bill.
It’s been a while since we communicated via email and actually, I should be in Sydney by the end of this month.
Perhaps then we could meet in person and see if we could do this “$1m plus” games?
Should be fun. []
Cheers,
A.X.