Free Property Inspection Form Download

Posted on August 22nd, 2009 by lol in General Business Advice, Investing, Ways To Make Money

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When I go on a property spending spree I usually arrange to view and inspect at least one hundred properties in a week; this in itself is no easy task. Out of these one hundred I will usually bid on about ten of the best ones.

If you’re new to buying and investing in property read this previous post.

Due to the current economic climate it is very much a buyers market, therefore I tend to bid at least 30% below the market value. Out the ten offers I put in I usually get at least two offers approved.

By purchasing at least 30% below market value I have instantly made profit; if you purchase the right house, in the right area it will never drop in price by 30% (even in a recession).

I then arrange for a second viewing on the properties where the offers were accepted. During this visit I undertake a thorough property inspection using this form. If I spot something that was missed on the initial viewing I reconsider my offer, but this time I try to speak and negotiate direct to the owner. I advise them of my findings and ask them to consider the fact that these unexpected findings have affected my budget for the property.

If the seller was prepared to drop at least 30% below market value they are usually open to renegotiation. They will also appreciate you are serious about buying as not many people undertake such thorough inspections during viewings. I also throw in the fact that I will aim to exchange contracts and complete on the purchase within 30 days. This normally closes the deal.

By following the above advice you will make certain you end up with some good properties within your portfolio. Never buy with your heart and always put your own interests first.

The majority of people feel obliged to place offers close to the asking price because they think they are taking advantage of the system and steeling the property off the seller. I always like to consider what would happen if I ended up paying too much for a property (just because I felt sorry for the seller), what if I can’t afford the mortgage if the interest rates go up, what if I end up loosing my investment worst still loosing my family home; would the seller give me my money back, would the seller feel sorry for me. The answer is no!

Conclusion

It’s a sad state of affairs but there are rules to adhere to within the Rat Race; with the prime one being protect your own families interests before anyone else’s! Unfortuantely if the person you are dealing with is not within your inner circle then it’s every man/women for his/her-self! Forget this at your own peril.