Hi,
I’m considering buying interstate without physically looking at the property.
I don’t have enough free time with work to justify visiting potential properties.
I have relatives that i trust in the areas i’m considering buying in, has anyone been in a similar position and purchased with only digital photos and relatives descriptions of property?
How is the paperwork conducted over a distance? Is it possible to fax all the relevant paperwork?
Thanks,
itsamoorey[|)]If you’re comfortable with their opinions then why not ?? It’s entirely up to you of course – i personally would prefer to inspect the property myself, but that’s just me… I genuinely believe you should get a “feel” for an area yourself…
Look at it this way, would you let someone else spend 30k of your money on a second hand car without you seeing it first ?? If not, why spend 100k or more the same way ??
Cheers,
Paul…“I want to be rich, and stupidly happy – so far i’ve only managed to achieve the stupid part…”
Very possible to do it long distance – as to whether I would buy a house that no local will offer a better price for is another thing.
Although to be fair often the locals are the last to see the potential in a property. For example the booming suburbs here are the old working class ones that are inner city and becoming very trendy. Locals will still tell you they are dodgy and that they wouldn’t live there whereas new folks see them as new Glebes and Balmains.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
itsamoorey, if you do wish to buy this way, ensure that you do research on the town, population, industry, vacancy rate etc. etc.
Also, you must get building and pest inspections!!
Cheers
MelHi guys,
Thanks for your input. I’ll definately do the
research before purchasing (doing it now). I was
hoping to hear some accounts from people who had
purchased interstate without physically sighting
the property.
Have fun,
itsamoorey[|)]Well perhaps the fact that you haven’t heard from anyone who has done this is an indication of what people think of buying sight unseen.
Good luck,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Yeah,
I’m hearing you. With work commitments etc etc
it’s an easy way for me to aquire, as long as I
have family in the location who can do the
physical inspection for me. I also have a good
friend who’s a real estate agent. I trust totally
trust him (i know… real estate agent and trust?)
So, I guess this might become my niche in the
market and who knows? maybe i’ll write a post
about it and let you all know how it goes?
Have fun,
itsamoorey[|)]
Hi itsamoorey,
I have purchased a few properties and never seen them directly, only by pictures and reports, though i wouldnt just be too startled some deals you have to make immediatly, there just so straight forward.
eg. a property goes on the market, owner must sell up, urgent trip to overseas, desceased estate, bankrupcty, even a couples divorcing want there money back quickly.
Though it depends how comfortable you feel, i have an agent that i can trust quite well, and he gives me honest opinions like, no dont touch this one or that one, but will tell me which one is best. It depends on what type of relationship you have with your agent as well. Another thing too is, if you deal with one agent directly who knows what you purchase or has a very good idea, they will keep those properties aside for your, before even releasing it to the publics view.
In the end its up to you, but if plan carefully and know your stuff. If you have the confidence, then feel free too.
cheers
s.i.sSave on a regular basis
“People forget that by saving just $3 per day and investing it sensibly over a working life, you’ll end up with around $1 million.”You always have the building inspection clause to cover you as well…
Thanks s i s,
Did you have any major problems in regards to
paperwork or was there anything that frustrated
you in relation to the purchase? I’m going to buy
my first two IP’s during the next few months. The
main reason that i can’t be present at the sale is
due to the remoteness of my work.
Thanks for your advice.
itsamoorey[|)]
Hi itsamoorey,
no major dramas, mainly what will happen is, a contract will be drawn up and either emailed or faxed to you, from this point you do, your normal quick check over the contract and if satisfied signed and dated, fax it back to your agent, and he will get the vendor to sign it. Doing this will not quite close the deal, but the property will be under contract.
The orginals of the contract, must be signed in the same way as the faxed copies are. Simply as pie, just make sure when you do the contract, you specific subjectives in their for your own protection.
cheers
s.i.sSave on a regular basis
“People forget that by saving just $3 per day and investing it sensibly over a working life, you’ll end up with around $1 million.”SIS,
just wondering, when u do that signing and sending it back, i would assume that you have ur solicitor looked at it beforehand?
Kev
I wish I have people I can trust that would inspect the property for me.
Often as soon as the agent finds out that you are out of town, you are less than a potential buyer[
]
SIS,just wondering, when u do that signing and sending it back, i would assume that you have ur solicitor looked at it beforehand?
Kev
Hi Motivstorm,
to be honest i dont bother getting my solicitor to have a look, its just lucky in my experience that in my young age, i have had the opportunity to be exposed to many contracts and agreement forms, well before property investing and being able to learn quickly and identify any changes that need to be made. But if there are any changes that are needed, and i have already signed the contact, i will tell my solicitor to make the changes and put them forward to the other party and their solicitor. But there is a thing also in the contract that is a cooling off period anywhere between 2-7 days ususal, so if any case, i can always terminate the contract in that time.
hope this helps
cheers
s.i.sSave on a regular basis
“People forget that by saving just $3 per day and investing it sensibly over a working life, you’ll end up with around $1 million.”
A good course i suggest you learn is “Risk Management”, many of my friends who i went to college with up in Brisbane, during our studies, we had to do this course, and what i can tell you is, that nearly every single one of my class mates who im good friends with and are also in the age bracket of 19 to 22, we have never been exposed to such a different way of learning, that has helped many of them and myself to obtain IP or PPOR with the ease and comfort from that learning.
If you are interested in that course, call up your local tafe and ask if they offer that subject. I would say its a must learn if you want to be able to analysis risk and to have more confidence than being worried or stress or unsure.
hope this helps
cheers
s.i.sSave on a regular basis
“People forget that by saving just $3 per day and investing it sensibly over a working life, you’ll end up with around $1 million.”4 out of the last 5 properties I have bought in the last 4 months I havent seen – 1 is interstate and the rest are outer Melb. I use buyers advocates and have been happy with the results, no issues at all.
4 out of the last 5 properties I have bought in the last 4 months I havent seen – 1 is interstate and the rest are outer Melb. I use buyers advocates and have been happy with the results, no issues at all.Could you please explain to me how does the buyers advocates work for you? Thanks.
If you tell where the property is, maybe there is someone here who will go and make an impartial inspection and email the results.
I would do it for a small fee if it was in Brisbane or the Sunshine Coast.
Name your criteria and I’ll fill it in.
Though you may as well use a buyer’s agent in that case.
I also think buying remotely is less risky if you just want a short term thing to flip on a rising market. But if you want to hold for some time, I’d make sure you get it checked more carefully.
Bruce
Mooloolaba, QldI’ve just joined up, so firstly – hi there!
We have a property interstate which we have never seen (and in fact, have never even been to the city it’s in), however do know a number of people who live there, who we trust, who gave us excellent advice as to the areas to buy in. We bought this property after seeing it on the internet, seeing photos and doing our sums.
I have to say, it is the easiest property transaction we have had to date. So simple. Paperwork was easy – some faxed, some posted. We enlisted a solicitor in the area who also arranged our building and pest inspections.
From my experience, I would most certainly do it again.
Best of luck,
Karen
[]I’ve purchased 3 properties in Qld by only viewing digital photos, as I am living in the UK.
Each time my dad went to look at the property, and he is a builder so good at looking at practical things, but I would equally be happy having a friend with good common sense go and view as well.
I did know each of the areas very well as I had lived there for 10 years. I don’t think I would buy anywhere I didn’t have some knowledge of in this way.
It just depends on much risk you can tolerate really.
On the practical side,
– I negotiated prices over the phone and all agents were happy to call my UK mobile.
– Contracts were sent and signed by fax no problem.
– The first mortgage (I was an FTB) was time-consuming as the lender wouldn’t work by fax so documents had to be posted (5 days each way). And one got lost in the post. I’ve now registered my mother as power of attorney so she signed 2nd and 3rd mortgages. If you are in Australia this wouldn’t be an issue though.
– A key (but this applies to all purchases really)
is to have a good solicitor and bank manager. Service from my first solicitor was very poor, he didn’t provide information when he should have, I had to spend quite a lot of time chasing him up around settlement day – all which was very frustrating. My bank manager however provides fantastic service, goes out of his way for me and makes everything easy. My new solicitor is the same – fantastic. So my 2nd and 3rd purchases were very easy. Both of them I have never spoken to, only communicated by email.– In a way I think not seeing the property is good as you focus on the basics – price, location, number of rooms, land size etc and are not swayed by changeable things like ugly kitchen cabinets, pink paint jobs etc. This enables a fast decision as you are less emotional about it.
Hope this helps – Ariane
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