Selling a house is frustrating

[Nomad]

Well done Wilsurf.
Now the fun of moving house begins.
 

[Beatle]

Now, for me, I'd be cranky if my house sold so fast.  I'd be constantly thinking I'd given it away.....

Of course, the right buyer with the right money could spot your house a day, or a year after you've listed it.  So well done Wilsurf.

On another note, I reckon Australia should move to Dutch Auctions for real estate.  I think it gives a better idea of real value (value=what someone is willing to pay).  You can still apply a reserve price.

[rossm]

Now, for me, I'd be cranky if my house sold so fast.  I'd be constantly thinking I'd given it away.....

Of course, the right buyer with the right money could spot your house a day, or a year after you've listed it.  So well done Wilsurf.

And all  your so called friends would be telling you just that. same as when you sell, if you accept an offer which matches the asking price you should have been asking more!

Once read an estate agent describing his job as a mix of helping people sell a house for much more than it was worth and then helping them rip off some poor soul who was selling,

[rossm]

Got that wrong. Meant to saynsame as when you buy and the offer is quickly accepted, you obviously have offered too much!

[WilSurf]

The saga continues. 

Our loan for the new property has been conditional approved.
It seems that there is a caveat on our investment property in Melboune.
Now the bank asked us to have it removed or gave them a satisfactory answer.
I called the settlement agent when we bought that property in 2010.
They had no idea and suggested to call the name on the caveat, which I luckily had in my documentation.
So I called the law firm which name was printed on the caveat.
After being transferred three times and had to spell my name three times, someone was able to do some digging.
She called back later and told me she had found it and if I could pick it up. Well, Perth to Melbourne isn't easy for pick up a document.
So they will post it to me after I emailed her my address details.
I did ask her to have it electronically sent to my email as well to speed up the process. Hopefully she can.

[briann532]

The saga continues. 

Our loan for the new property has been conditional approved.
It seems that there is a caveat on our investment property in Melboune.
Now the bank asked us to have it removed or gave them a satisfactory answer.
I called the settlement agent when we bought that property in 2010.
They had no idea and suggested to call the name on the caveat, which I luckily had in my documentation.
So I called the law firm which name was printed on the caveat.
After being transferred three times and had to spell my name three times, someone was able to do some digging.
She called back later and told me she had found it and if I could pick it up. Well, Perth to Melbourne isn't easy for pick up a document.
So they will post it to me after I emailed her my address details.
I did ask her to have it electronically sent to my email as well to speed up the process. Hopefully she can.

Strewth mate, that's bad luck.............
Don't waste your money on a lotto ticket, or perhaps you should and try to change your luck....
Hope the journey gets easier for you.

[Nomad]

When you get it shoot me an email with the details....it could be a simple stuff up but it can also be a PIA to remove if need be.
Cheers Nomad.

[Black Diamond]

We are selling our house and lots of people have come through the door for a viewing.
What I don't understand is that some are offering way under the "Price from xxx" price.
Are they thinking they can sit on the front row for free?

I know it is only the first week and we have 3 offers on the table of which one is close to what we want as a minimum, but we have put in an offer on another house.
That has been accepted but it is subject to sale of our house.

I want to take the trailer and go..............

Sorry, only venting my frustration.

I can understand why it is so frustrating, a sign of the times at the moment. About to embark on a Similar adventure.  Expecting the same.

[WilSurf]

Good news

The caveat is withdrawn, I have the electronic copy, the original will be snail mailed and all forfree.
A good ended after all.

[briann532]

Good news

The caveat is withdrawn, I have the electronic copy, the original will be snail mailed and all forfree.
A good ended after all.

Good to hear. 

[Nomad]

Good news

The caveat is withdrawn, I have the electronic copy, the original will be snail mailed and all forfree.
A good ended after all.

Great. 

[GraemeL]

Funny you should mention this, we are currently looking a buying a house in a small country town, the type where you blink and you will miss it, the type with one shop and bugger all amenities.

I cannot believe what some of these people expect to get for these properties. They think they can get Perth prices or have obviously paid way to much for them in the first place and think that there is a sucker on every tree.

One house wanted 380,000, the average sale price for that town was 160,000, the property had been on the market before and then taken off and then put back on some months later.

In another town, 3 hours from Perth, same type of deal, the houses had been on the market for quite some time, with no offers. They are wanting quite a lot above what the average sale price is. I put in a cash offer for 70,000 below their asking price and haven't heard back. I would have been prepared to move a little on the price, but they didn't even want to negotiate.

The biggest thing for me is resale value, I need to know that I will be able to resell the house in a timely manner if something happened. In these types of towns, buyers don't drop out of the sky, biting at the bit to put in an offer.

At least we have the luxury of being able to bide our time, maybe in 12 months they might be a little more accommodating.

[Nomad]

Funny you should mention this, we are currently looking a buying a house in a small country town, the type where you blink and you will miss it, the type with one shop and bugger all amenities.

I cannot believe what some of these people expect to get for these properties. They think they can get Perth prices or have obviously paid way to much for them in the first place and think that there is a sucker on every tree.

One house wanted 380,000, the average sale price for that town was 160,000, the property had been on the market before and then taken off and then put back on some months later.

In another town, 3 hours from Perth, same type of deal, the houses had been on the market for quite some time, with no offers. They are wanting quite a lot above what the average sale price is. I put in a cash offer for 70,000 below their asking price and haven't heard back. I would have been prepared to move a little on the price, but they didn't even want to negotiate.

The biggest thing for me is resale value, I need to know that I will be able to resell the house in a timely manner if something happened. In these types of towns, buyers don't drop out of the sky, biting at the bit to put in an offer.

At least we have the luxury of being able to bide our time, maybe in 12 months they might be a little more accommodating.

Get a valuation on it for a couple of $100 and present that with the offer.
Extended selling periods and "valuation by neighbour" are typical anywhere and most people have no f'ing idea IMHO.

Cheers Nomad. 

[GraemeL]

I am amazed that they seem to think they can get these high prices. You don't have to be a rocket scientist to work out there is not going to be people knocking down your door to buy in these types of towns.

[callmejoe]

I was in the market 2 years ago.
We came across a house which we could see future benefits in.
Now I was no sucker. They had advertised well over the average going price. Which I wasn't going to pay. So we put in a a fair offer.  We got a very blunt NO back. No problem we walk away.  Low and behold after being on the market for another month we got the call to come have another look. So we do. They then ask ask for another offer.  No problem we offered $5,000 LESS then or original offer. Which I felt was still a good fair price.
Again no go, no problem.
It's stayed on the market for another 2 months.  They became desperate and ended up selling for a further  $15, 000 less then my original offer. 
So as said sometime your 1st offers will be your best offers.

Joe

[JCOJ]

I rate agents just above a used car salesman and just below a new car salesman ....... Never trust any of them.

We are not all like that!  Some of us work bloody hard and are honest, so honest that it costs us listings!!

[GraemeL]

I really can't believe how much crap we are going through trying to buy a damned house.

As mentioned I was looking at some country properties, along the way I had an agent contact me in regards to a house they had listed, it was one that we felt was not what we wanted.
Anyway, there were 3 other properties in the same town, two of which we really liked but they were asking too much, So I spoke to the agent and explained that we were definitely interested in the two houses and we were prepared to look at other towns if needed. I explained that we were keen to buy a house and that we were cash buyers. I asked if she could work for us and she agreed.

They wanted $3,000 to act as our agent, which I thought was a bit steep but anyway. I agreed because she was fairly local to the town, plus other towns in the area and asked her to send me the contract and I would look it over and if ok, would sign it and send it back.

They obviously don't need the money or want the work, because that was nearly 2 weeks ago and I haven't heard a peep from them.

So we have sellers that think they own Buckingham Palace and agents who really don't give a rat's, because they seem to have plenty of money.

I might just buy a van and hit the road if it all gets too hard.

[JCOJ]

GraemeL,
I wouldn't be paying an agent to find you a house.
If they find you one that is not their listing they can get a referral fee from the other agent.
Look on realestate.com.au for the towns you like, pick up the phone, and put in offers on the two you do like at a price you are happy with.   You never know what the owners circumstances are and what they would be willing to take, and no doubt they just might be happy that they are receiving an offer at all.

[GraemeL]

WilSurf,
That is good news, hopefully things will go smoothly for you and the best of luck with your new home.

I too have had some luck,

There is one house that we really liked, it is the one I offered $70,000 below the asking price.
Anyway, the owners have moved down to Perth as of last week. The agent acting for us, contacted me to say that, she had spoken to the owners and they are prepared to negotiate the price, but that's not all. I had originally stated that any offer would be subject to various reports on the property.

The owner is also prepared to pay for those reports, which are,  Builders Report, Electrical Report, Pest Report and have the septic emptied and inspected.
He has asked for us to put in an offer in writing and they will seriously consider it.

Fingers crossed

[WilSurf]

Looks like they are desperate.

[Mikeb62]

Don't pay a normal agent to work you. Their job is to get the HIGHEST possible price for the vendor. Exactly how it should be, as you would want that if your were ever selling! Put your offer in writing with a time strict limit, in Sydney 48 hours...maybe a bit longer for rural...say, 4 days. Like callmejo says offer lower, again with a time limit, if they come back after your offer expires. You can use a "buyers agent" to help you find and negotiate on properties. But I would only use a bon a fide buyers agent who wasn't also selling properties...which is a total conflict of interest.  see here for buyers agents http://rebaa.com.au/

[JCOJ]

The owner is also prepared to pay for those reports, which are,  Builders Report, Electrical Report, Pest Report and have the septic emptied and inspected.

That's great - but make sure that you get to specify who will conduct those inspections to ensure that they are not getting in someone they know to glossy up the report so the sale goes through.

[Nomad]

WilSurf,
That is good news, hopefully things will go smoothly for you and the best of luck with your new home.

I too have had some luck,

There is one house that we really liked, it is the one I offered $70,000 below the asking price.
Anyway, the owners have moved down to Perth as of last week. The agent acting for us, contacted me to say that, she had spoken to the owners and they are prepared to negotiate the price, but that's not all. I had originally stated that any offer would be subject to various reports on the property.

The owner is also prepared to pay for those reports, which are,  Builders Report, Electrical Report, Pest Report and have the septic emptied and inspected.
He has asked for us to put in an offer in writing and they will seriously consider it.

Fingers crossed

Is this agent acting for you or them?
Is it the same agent you put your first offer through?
 

[GraemeL]

The agent is acting for us, they have no interest in the house and never have.

I am going to specify in the offer, that I choose the companies to perform the inspections. I will also be stating that they must be licensed and carry Professional Indemnity Insurance. 

With the selle agreeing to pay for the reports, tells me two things.

1. They are eager to sell, which I knew anyway from the first visit.
2. They aren't trying to hide anything and are confident the reports will not show anything out of the ordinary.

I also have to find a solicitor, because I want to make sure the wording of the conditions is correct and I don't shoot myself in the foot.

[Nomad]

Cool.
You should also calculate your offer on the basis that they are not paying commission.