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  1. #21
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    Default Asking to buy a house not for sale

    So if it were to go back on the open market you would assume it would easily get $480 if that's what you guys think , others probably think similar- I would not go in lower than that as they may not take you seriously

    Depending on how your market is - ours here in south Sydney had gone up at least 5% in the last 12 months and slowly climbing

    If they bought it for $450 k12 months ago it probably has cost them roughly $16000 in stamp duty, $2000 in solicitors fees and if they had 20% deposit about $35000 in mortgage repayments plus rates and insurances I would say they have spent $55,000 already - less rent which I can assume maybe $400 per week net ($20,000) so they are out of pocket about $35,000

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    Default Asking to buy a house not for sale

    Quote Originally Posted by MummaOJ View Post
    No, but there would have been fees to buy this house plus move in, then they will have to move (buy or rent) again - $30k will not cover all of those associated fees, plus if you buy a house you usually want to make a good profit, so if it really is as good as OP says, they would probably be looking to make some good money on it.
    Just my thoughts.
    I agree but I understood that it was a rental, so the costs are minimal. In fact nothing really.

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    Default Asking to buy a house not for sale

    Nancy Blackett that's true so if the house was bought for 450k the transfer duty would be a fair whack and I don't think 30k iver their purchase price would be of much interest .

    On the other hand they could be in financial trouble and the market could be diving in which case it could be a welcome offer

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    Default Asking to buy a house not for sale

    Quote Originally Posted by Chew the Mintie View Post
    I agree but I understood that it was a rental, so the costs are minimal. In fact nothing really.
    How did you work out the costs would be minimal?

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    Default Asking to buy a house not for sale

    Quote Originally Posted by Chew the Mintie View Post
    I agree but I understood that it was a rental, so the costs are minimal. In fact nothing really.
    Really? If that were the case, wouldn't more people have investment properties? I can assure you that the costs are not minimal, and definitely not 'nothing really'. If you can show me how they are, I might go out and buy another tomorrow.

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    Default Asking to buy a house not for sale

    The costs involved in selling a property where you already have a buyer are really nothing. Few hundred bucks for conveyancer perhaps. You just need to sign the papers and move.

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    Default Asking to buy a house not for sale

    Yes but they have had 12 months of expenses plus conveyancing is about $1500 plus bank fees ( thousands if they are breaking a fixed term loan) plus the agent ( if they get the agent to do it) which would be about $11,000

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    Default Asking to buy a house not for sale

    Why would they get an agent when they already have a buyer? When I was a conveyancer we charged $400 for a sale.

    I can't speculate as to bank fees etc, would depend on their situation, if they have a mortgage etc, intend to buy elsewhere in a more promising market, etc

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    Default Asking to buy a house not for sale

    OP is asking the agent to negotiate for them ( very common)
    $400 is unheard of in Sydney - the poor conveyancer wouldn't make any money! Settlement clerks cost that much to do the settlements!

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    Default Asking to buy a house not for sale

    In qld that's standard. Most people have their own settlement clerk .... We used a town agent but I can't remember how much it cost. Not much as all they do is sit in the venue all day swapping papers.


 

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