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  1. #21
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    In Tass your offer is a contract stating you will buy the house if accepted and you have pay a deposit. If your offer is accepted and you pull out you lose your deposit. So it's good on one hand because if your offer is first in the others will not get looked out until the owners have said yes or no but it also means you can only put one offer in at a time on a house and can't change your mind.

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    that's the same as Vic. you put in a written offer and if it's accepted, you pay a deposit. the agent that was handling the sale of the place we bought was saying something about putting money down with the verbal offer to show "you're serious" but I laughed that off as crap. if you're signing a legally binding contract to purchase real estate, then to me, that's pretty serious already. hardly like people just roll around making offers on real estate willy nilly.

    if you buy at auction in Vic (and I'd say 95% of properties here go at auction, well in most suburbs anyway), there's no cooling off period. once the hammer falls, the property is yours. otherwise you have a 3 day cooling off period. you can retract your offer in that time and you lose 1% of the purchase price or $1000, whichever is more. after the 3 days, the property is yours.

    our offer was accepted before auction. I reckon if we'd gone to auction it would've gone way outside our budget and we would've missed out. it's really tough for first home buyers, ESP when you're up against investors with loads of equity on their side!

  3. #23
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    Quote Originally Posted by waterlily View Post
    In Tass your offer is a contract stating you will buy the house if accepted and you have pay a deposit. If your offer is accepted and you pull out you lose your deposit. So it's good on one hand because if your offer is first in the others will not get looked out until the owners have said yes or no but it also means you can only put one offer in at a time on a house and can't change your mind.
    So say if you offer $500k on a contract and the owner says no you do not get the opportunity to negotiate again?

  4. #24
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    [QUOTE=lolly007;8235056]that's the same as Vic. you put in a written offer and if it's accepted, you pay a deposit. the agent that was handling the sale of the place we bought was saying something about putting money down with the verbal offer to show "you're serious" but I laughed that off as crap. if you're signing a legally binding contract to purchase real estate, then to me, that's pretty serious already. hardly like people just roll around making offers on real estate willy nilly.

    QUOTE]

    Oh they definitely do - we get so many people making offers then change their minds within hours , but legally we have to give those offers to the owners , we recommend to our owners only to accept written offers from any buyer , otherwise we just can't take your word for it that your serious

  5. #25
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    Default Have you ever gazumped someone in real estate?

    I know in our case (nsw) when our offer was accepted the real estate agent offered us a different option- we signed a contract and paid a 1.5% holding deposit the next day.... It meant they had to pull the house from all advertising sites and cancel the open house scheduled and meant it was ours... It's not very common I believe as you quite literally are agreeing to buy without the cooling off period- no pest and building inspections or lawyers involved at that point. so if you change your mind or can't get finance before the proper exchange of contacts and 10% deposit you forfeit the 1.5%.
    To us though, a couple of thousand dollars was so worth the peace of mind!

    Yes house hunting was a complete chore and stressful took about 6 months not the enjoyable experience I imagined it to be!

  6. #26
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    Quote Originally Posted by Little Miss Sunshine View Post
    I know in our case (nsw) when our offer was accepted the real estate agent offered us a different option- we signed a contract and paid a 1.5% holding deposit the next day.... It meant they had to pull the house from all advertising sites and cancel the open house scheduled and meant it was ours... It's not very common I believe as you quite literally are agreeing to buy without the cooling off period- no pest and building inspections or lawyers involved at that point. so if you change your mind or can't get finance before the proper exchange of contacts and 10% deposit you forfeit the 1.5%.
    To us though, a couple of thousand dollars was so worth the peace of mind!

    Yes house hunting was a complete chore and stressful took about 6 months not the enjoyable experience I imagined it to be!
    Yes a few friends of ours bought this way, they waved the cooling off period and no pest or building inspection.

    I also have a friend who sold this way she did her own pest and building inspection and the buyers could take it or leave it. I'm not sure it works legally but in this market people are doing whatever it takes to secure a property.

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    Quote Originally Posted by lolly007 View Post
    that's the same as Vic. you put in a written offer and if it's accepted, you pay a deposit. the agent that was handling the sale of the place we bought was saying something about putting money down with the verbal offer to show "you're serious" but I laughed that off as crap. if you're signing a legally binding contract to purchase real estate, then to me, that's pretty serious already. hardly like people just roll around making offers on real estate willy nilly.

    if you buy at auction in Vic (and I'd say 95% of properties here go at auction, well in most suburbs anyway), there's no cooling off period. once the hammer falls, the property is yours. otherwise you have a 3 day cooling off period. you can retract your offer in that time and you lose 1% of the purchase price or $1000, whichever is more. after the 3 days, the property is yours.

    our offer was accepted before auction. I reckon if we'd gone to auction it would've gone way outside our budget and we would've missed out. it's really tough for first home buyers, ESP when you're up against investors with loads of equity on their side!
    Interesting. In SA The cooling off period is 2 days and you don't lose any money at all if you change your mind.

    Here both buyer and seller have to sign a contract and a Form 1 which is the start of the cooling off period once both buyer and seller have signed it. Up until then an offer isn't valid and I suppose if someone came in with a higher offer in that time, the seller could still accept it as the form 1 hasn't been signed so nothing is legally binding until that point.

  8. #28
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    Quote Originally Posted by Little Miss Sunshine View Post
    I know in our case (nsw) when our offer was accepted the real estate agent offered us a different option- we signed a contract and paid a 1.5% holding deposit the next day.... It meant they had to pull the house from all advertising sites and cancel the open house scheduled and meant it was ours... It's not very common I believe as you quite literally are agreeing to buy without the cooling off period- no pest and building inspections or lawyers involved at that point. so if you change your mind or can't get finance before the proper exchange of contacts and 10% deposit you forfeit the 1.5%.
    To us though, a couple of thousand dollars was so worth the peace of mind!

    Yes house hunting was a complete chore and stressful took about 6 months not the enjoyable experience I imagined it to be!
    1.5%? Legally in NSW all buyers get a 5 day cooling off period ( it's in the contract for sale) the buyer pays a .25% of the price as a deposit and signs the contract immediately and has 5 business days to have their conveyancer check the contract, do pest and building and get finance, the owner cannot accept a higher offer and cannot pull out , the buyer can but you lose the .25% - otherwise the only way to waive your cooling off rights is to have a solicitor or conveyancer sign a document waiving your rights and the contract is unconditional , auctions are always unconditional

  9. #29
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    Default Have you ever gazumped someone in real estate?

    [QUOTE=Elijahs Mum;8235062]
    Quote Originally Posted by lolly007 View Post
    that's the same as Vic. you put in a written offer and if it's accepted, you pay a deposit. the agent that was handling the sale of the place we bought was saying something about putting money down with the verbal offer to show "you're serious" but I laughed that off as crap. if you're signing a legally binding contract to purchase real estate, then to me, that's pretty serious already. hardly like people just roll around making offers on real estate willy nilly.

    QUOTE]

    Oh they definitely do - we get so many people making offers then change their minds within hours , but legally we have to give those offers to the owners , we recommend to our owners only to accept written offers from any buyer , otherwise we just can't take your word for it that your serious
    wow! I didn't know that!! the putting money down with your written offer seemed a bit much though. I just didn't feel it was necessary. in contract law, all offers must be made for consideration except for offers made on real estate. apparently your written word is enough. that's what I was sticking to with the RE agent anyway. he was a real piece of work, tried telling us that because we used a buyers agent, we lost our 3 day cooling off period. it really upset me and it got to the point where I refused to deal with him without my dh lol. and I'm normally pretty tough and hard to rattle lol

  10. #30
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    Default Have you ever gazumped someone in real estate?

    Quote Originally Posted by Elijahs Mum View Post
    1.5%? Legally in NSW all buyers get a 5 day cooling off period ( it's in the contract for sale) the buyer pays a .25% of the price as a deposit and signs the contract immediately and has 5 business days to have their conveyancer check the contract, do pest and building and get finance, the owner cannot accept a higher offer and cannot pull out , the buyer can but you lose the .25% - otherwise the only way to waive your cooling off rights is to have a solicitor or conveyancer sign a document waiving your rights and the contract is unconditional , auctions are always unconditional
    My apologies, you're right elijah's mum it was .25%, just double checked with DH lol
    I remember the real estate agent said doing it this way was becoming more common, but still not the standard.
    But yes we went with that option, we could pull out but would forfeit the deposit, it was a bit of a gamble but all worked out
    Last edited by Little Miss Sunshine; 11-07-2015 at 13:22.


 

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