Let’s buy some property!
In part 6 of our Queensland buyers agent Mackay case study, we make an offer and we make a purchase!
If you haven’t yet read the first parts of the case study, check out:
Part 1 – Queensland Buyers Agent Case Study – Introducing Serg
Part 2 – Queensland Buyers Agent Case Study – Buying Criteria
Part 3 – Queensland Buyers Agent Case Study – Location Analysis – Mackay
Part 4 – Queensland Buyers Agent Case Study – Suburbs in Mackay
Part 5 – Queensland Buyers Agent Case Study – Mackay purchase
We presented Serg with a shortlist of the three standout properties from our research and inspections and after considering the pros and cons of each he decided that he liked this brand new home, located in the suburb of Glenella in Mackay.
We conducted our research on the property, the street location and where we felt the pricing should be. The property was on the market for $530k, having just recently been dropped from $560k. The seller was not going to be too keen to accept much less than the new asking price, but it was Christmas coming up and he’d been on the market for quite a while, so you just never know!
We decided to put in our offer at $507k and the offer was accepted. This was a good buy and the property offered several key benefits – a good location in Mackay being in one of the best suburbs, the tenant appeal of being a brand new property and of course, the significant depreciation benefits of being a new property also.
Now one might think that having an offer accepted is the end of things – but rest assured – this part of the process can be hectic and sometimes even, not for the faint hearted! In this particular case we had a number of issues that we required to be rectified with the contract itself, we also engaged the professional services of a property solicitor and conveyancing team who are familiar with the Queensland market. There was building and pest inspections to arrange and finance approvals to be obtained. All the while we communicated with all parties to ensure that things were progressing as we needed within the contract timeframes. If you’re not used to Queensland real estate transactions they can be a bit of an eye opener for those from Victoria and NSW – things move very fast up here!
I’m pleased to be able to say that we are now unconditional on the contract of sale and our next main task is to interview and recommend a property manager and find a tenant!