Am in the process of lining up multiple[arty] inspections of properties in Cairns area. Have a feeling a lot of them will be similar. The only difference, I suppose will be the price the vendor finally accepts.
My question is this. What is the etiquette in making offers? Can I just make offers on multiple properties and then hope for the best? What happens if several vendors say “yes” to my offer and I can’t afford all of them?
Will only be there for a few days, but am keen to find a property with a good return at a good price.
Any help appreciated.
Hi Wazl,
I have not invested in your area so I do not know the technicalities but you will probably need to make your offers subject to a condition that will give you an out. Others will be able to help you out there.
Generally I can offer the following advice.
This is a sound strategy as you may be able to obtain property at a perceived bargain price,
But;
* Don’t become careless with your offers. Make sure you only offer on sound properties that have been filtered through the first few stages of due dilligence.
* Make the parties aware (as long as your circumstance is not giving away your position in a negotiation) that you are in a strong position to purchase but have an interest in several properties in the area/town/street and will be taking to various agents and vendors etc.
* Encourage the vendors to disclose any issue with the properties early on. This will help the agent filter properties that do not make the grade. ie he will still get a sales commission but will not bother showing you trash properties full of termites or borer or whatever – you will save of reports – ie less of the sales will fall over.
* Be flexible – see each property for what it is. Price is not the only factor.
* Don’t accept a problem property at a discount. eg You offer of property x at price x and they accept. Your due dilligence discovers and problem that was not reasonably detectable at time of offer – if you are to proceed you now need a further discount. This sounds basic but often people may fall into the trap taking property that has been marketed at a price point of similar properties ie overpriced due to the hidden problems.
* Don’t be a time waster – if you can’t make the deal happen let everyone know asap.
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I wouldn’t put multiple offers in at once. I’d put offers on the number I can afford first with a clause in the them that the offer must be completed by a certain time eg. within 24 hours or the offer becomes null and void.
that way you will know iwthin that time frame whether it is a goer or not, if not then you can start the process on a different one etc until you get the quantity you actually want.
Regards
PKPs. I’m from WA so there may be an alternative way that would fit the Qld system, this is simply how I’d do it over here.
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