All Topics / Help Needed! / Sight-Unseen

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  • Profile photo of St Johns AmbienceSt Johns Ambience
    Member
    @st-johns-ambience
    Join Date: 2004
    Post Count: 48
    November 3, 2004 - 10:46 am

    Hardly what you’d call Due Dilligence but this last few days I was very tempted to buy an IP sight unseen,didn’t but . …and you hear stories about people doing this. So I was wondering if any of you folks have actually bought that way ?? MLV

    Profile photo of hudson66hudson66
    Member
    @hudson66
    Join Date: 2004
    Post Count: 26
    November 3, 2004 - 12:34 pm

    Hi MLV,
    I have 2IP bought sight unseen. Australia is a big country & the expense of travelling can be prohibitive. My view is, you can do all the research in the world; at some point you have to decide if the deal has a cost you are prepared to wear if you are wrong!!
    I will complete the due diligence stuff & if I can, will find a local 3rd party to perform my inspection. I am happy to pay for their time and provided they have no other interest in the property i.e. normally work for the RE. Can be a cheaper option. Normally I provide a checklist from the ‘buyer beware’ pack, & ask specific questions. I always ask for as many digital photos as I can get. Finally, if you still are uncertain with your answers, then pick up the phone & ask more specific questions from the RE.
    Ultimately if the questions are not answered well enough, be prepared to toss the deal. There are plenty more out there equal if not better.

    Profile photo of RodCRodC
    Member
    @rodc
    Join Date: 2002
    Post Count: 335
    November 3, 2004 - 12:41 pm

    Hi MLV,

    I’ve bought 2 IP’s now sight unseen. However in both cases they were in locations I was familiar with (and had been to) and were subject to building/pest/finance etc.

    I also go the agent to provide lots of digital photos and in one case got a relative in the area to check the property out as well.

    regards,

    Rod.

    Profile photo of TwilightTwilight
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    @twilight
    Join Date: 2003
    Post Count: 22
    November 3, 2004 - 2:34 pm

    Hi MVL,
    I totally agree with the previous responders. I have bought 1IP in April. We made lot of phone calls to various RE, and late nights trawling the internet for the right one. Councils can be helpful if you can get a patient person on the other side of the phone line.

    Good luck.
    Twilight

    Profile photo of westanwestan
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    @westan
    Join Date: 2002
    Post Count: 1,950
    November 4, 2004 - 7:49 am

    Hi MLV

    i’ve bought about 6 homes unseen (1 in oz and 5 in NZ). the important thing is to get a rental assessment from an independant property manager, they will tell you lots about the home that the selling agent wont, also you must get a builder to check out the property. It always better toview the property but sometimes its not possible. One interesting thought six of those 6 homes i only own 3 today- the others all sold for a profit.

    regards westan

    I live in New Zealand and for a fee find cash positive deals there, email me at [email protected] to join our database

    Profile photo of St Johns AmbienceSt Johns Ambience
    Member
    @st-johns-ambience
    Join Date: 2004
    Post Count: 48
    November 4, 2004 - 10:42 am

    Thanks very much for those replies folks , good ideas . Regards, MLV

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