What is it that I cant see?
Have found a property that seems to be cheaper than its neighbours. I know that its a very old house and is at a corner and is on the main road, but still it is not a good enough reason to allow it to be so cheap.
The previous seller bought in 2017 (probably as a deceased estate) but had put it up on sale in 2018. It's on rental since then.
The Agent says that the owner has moved overseas that's why he wants to sell it. But why was he selling since 2018?
shit neighbors?
too noisy?
<insert 50 other reasons>
^ this
Just ask the agent outright, why is this property so cheap?
Just ask the real estate agent outright "Why is it so cheap"?
Real estate agents work for the seller but have an obligation to disclose relevant facts https://attwoodmarshall.com.au/duty-to-disclose/
OP you have noticed a red flag.
Now it is time to do the requisite research.
Structural issue? If you are serious get an structural assessment done, yes at your cost.
Noise or neighbours? Come around at night and listen and watch, don't wear a baraclava.
Ask the RE agent to give you a copy of the Title and see if there are any excessive easements / covenants / restrictions.
Is the place currently tenanted? If so ask them. If not how long has it been empty?
Or could be something else obscure.
One house in my area was on a corner near a roundabout, it was on the market for about a week then someone tried and failed Tokyo drift and smashed into the house, it was never sold after that.
someone tried and failed Tokyo drift
But if they succeeded imagine the demand for this prime viewing position.
Thats another $50k for having WRC on one's doorstep.
Start by asking for the contract, and have a read first.
A while back I was looking at a house. Price was fair and newly renovated. Thought something didn't add up and requested the contract of sale.
In the contract it mentioned there was a council overlay on this property. Called to the council town planner who explained there was a stormwater drain under the road in front of house. It was subject to the 'once in hundred year flooding events.' After I found out about this, I moved onto the next property.
*A property like this would generally have higher insurance premiums and/or flood exclusions.
I generally request the contract to have a read even before going to see the house.
'Very old house'…could be heritage listed?
checked with council, it isnt
I would be checking if there is any future road widening etc planned near it. What suburb?
Council plans on the site don't show any .
North.
Is there a colony of fire-ants nearby?
How does the yield stack up?
What do you want to do with it? Corner blocks are usually good for building units on. BUT there could be sewer issues (not large enough, needs an upgrade) or easements. Developers won't touch it and people who have dreams of being a developer in the future won't touch it either.
Has a small easement at one corner near the entrance gate
My first guess would be issues with foundations/structural issues, followed by future planning (road widening/traffic routing) or re-zoning works.
Otherwise might just be the market isn't there for it, if it's quite far out from the city in a new suburb it might be that the new houses are being built cheaper due to the housing grant and thus there's no one looking for established houses.
Also possibility there might be a tax deadline similar to capital gains if the seller doesn't get the money soonish (or their business went belly up - hence leaving the country and is trying to get their assets out of australia?
Would ask for a link, but knowing ozbargain probably isn't smart.
No one wants to buy, price drops to reflect demand and supply.