Am willing to pay extra on the current asking price of a property for investment if extended settlement can be approved. I need time (8 – 12 mths be great) to up value a property i own for loan for rent/value appraisal or selling to get me over the line to buy this one I can see is a good buy. My short fall is minimal but am currently slightly stretched in the banks eyes. Whats the best way to approach the agent/seller? If its legal can I set up a sub division on (have checked with town planner all is approved) the property before i pay in fulll?
Write out your offer and include:
1. price and terms (ie you ask $250K I offer $255K with a 8 month settlement or $$260K for a 12 month settlement)
2. Conditions (ie, vendor to allow access to block for survey, soil test etc, vendor to agree to sign council paperwork as required)You will need to see it from their point of view as well, and may need to offer a clean contract (ie no finance etc) but that can be a second inclusion – why include it if it isnt needed.
You will need to consider public liability insurance for whoever goes there on your behalf, so work it out and include it in your terms. Check with you conveyencor/solicitor.
Not always liked by the selling agent as their commision is tied up until settlement, so insist the offer be taken to the vendor to get the vendors feedback, not the agents.
At the end of the day, it can be done, you just need to find a way to make it win-win for both you and the vendor.
mick
PS if they really need the money now, it probably wont matter how good your offer is, so try and ascertain the motivation behind the sale.
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