Two Questions

[rasi]

Annoying me again!

I am just wondering: we are wanting to buy a house but cant decide if we should go with the cash (transferred from oz into a freinds local acct) or wait and see if we find something, put down a small deposit and send the money when we get back.

If we have the cash will be it like in Oz to have a bargaining tool, we have the cash, take our offer or leave it. Or is real estate set price and they don't care.

If we transfer the money we run the risk of losing money with the exchange rate, losing money with fees etc... but if it will make a big difference it might be worth it.

2) In Australia you can look at properties listed with other agents with the one agent, can you do this is Bali? Or are the properties with one agent and we will need to contact many different agents?

I hope I make sense :s

Thanks for any replies!

 

[Markit]

Annoying me again!

I am just wondering: we are wanting to buy a house but cant decide if we should go with the cash (transferred from oz into a freinds local acct) or wait and see if we find something, put down a small deposit and send the money when we get back.
If you are looking to buy a house I would suggest that you leave your money in Oz - why? if you find a place it's more than likely that the seller will want his money in some other currency than Rupiah - if you've transferred it to a Bali account it will probably be in Rupiah unless you have already opened a dollar account (US only, I believe?).

If we have the cash will be it like in Oz to have a bargaining tool, we have the cash, take our offer or leave it. Or is real estate set price and they don't care.

Would not recommend you try for a "quick" buy. Do your due diligence slowly and surely.Granny always said "decide in hast, regret at leisure" :icon_biggrin:

If we transfer the money we run the risk of losing money with the exchange rate, losing money with fees etc... but if it will make a big difference it might be worth it.

The fees will be there anyway - whenever.

2) In Australia you can look at properties listed with other agents with the one agent, can you do this is Bali? Or are the properties with one agent and we will need to contact many different agents?

Don't really understand this but you can look at any property listed with any agent - many properties are listed with multiply agents so just look on the websites then contact the agent to arrange a viewing - as in the rest of the world?

I hope I make sense :s

Thanks for any replies!

This looks like the beginning of one of those sad property stories - do not think you are smarter or faster than the sellers here! They have years of experience dealing with "smart" property investors - the agents are still here - many of the investors are not:icon_wink:

 

[rasi]

Why does this look like it's going to be a sad property story??

I'm just trying to get as much info as I can. I am not looking to buy for an investment, we will be living there, our only home we own... I don't understand how you automatically assume it's going to go wrong?

 

[spicyayam]

I think it is a good idea to rent at least for a year to get an idea of the property market and get to know people in your area. Sometimes people need money quickly, so you can get a good deal, but it is impossible to know about these kinds of deals without contacts.

Otherwise, just keep your money in Australia. Sending money to your friend's local account is probably not a good idea. :icon_wink:

If we have the cash will be it like in Oz to have a bargaining tool, we have the cash, take our offer or leave it. Or is real estate set price and they don't care.

Everything can be negotiated. I have noticed some people will have a fixed price in their mind and they won't budge from that at all. If the owner is looking for a quick sale, then obviously you can negotiate the price.

I have heard of several people losing all of their money in property scams, you really need to be careful. Which is why renting is your best bet, especially if you are new to Bali.

 

[rasi]

Thanks for the advice. What sort of scams do you know about? Apart from the obvious too good to be true, is there some certain scams going on that you know about?

Would love to hear about them so I can be aware!

Thanks

 

[Markit]

Why does this look like it's going to be a sad property story??

I don't understand how you automatically assume it's going to go wrong?

Because anyone that's had anything to do with building/buying property on the island will be able to tell you identical stories that started like your and ended like I said.

I could tell you about the real estate agents that have their "boys" hanging out in cockfighting meets just to see who's losing money so he can buy up the losers property. Of the ones that have their people working in banks passing information to them about who is in debt and not able to pay - same end, buying their property.

The property market here is very sophisticated you will not beat it! I promise.

You must learn to work with it and understand it and then you may be lucky - just my honest advice, take it or leave it.:icon_e_smile:

 

[spicyayam]

Apart from the obvious too good to be true, is there some certain scams going on that you know about?

Would love to hear about them so I can be aware!

I have heard of people, locals and foreigners, selling property that they didn't even own. People leasing villas without making any kind of contracts. Kantor Kita was a famous case but I am sure there are many more that go unreported.

I would suggest reading through the archives in this section as there is a lot of good information which should help.