Doolandella Investment Property Purchased 15K Below Value
Doolandella Investment Property Purchased 15K Below Value This property is less than 10 years old and was last purchased just over 3 years ago for over $500,000. Every valuation I conducted on the property through a number of different systems valued the property at over $500,000.I was able to purchase a property below market value by exploiting the information passed on to me by the real estate agent. I was given all the information in regards to the reason for the property sale and the issues faced by the owner. Using this information I was able to prepare a purchase strategy at the price we wanted to pay for the home.
How Did I Do It
By Identifying the current owner’s issues and listening to the Real Estate agent, a previous contract had fallen over and it was clearly evident there was pressure on the current owner to sell. The asking price was for offers over $500K, our offer was for $485,000 designed to focus on solving their problems rather than obtaining their desired price. It was the terms of the offer that become more important than the price so we submitted the offer with a short building and pest inspection time frame, 14 days for finance and 30 days for settlement.
The offer was accepted and we purchased a $500,000 property for $485,000.