For Sale

As this blog was started after some of these events happened please bear with us as we play catch up.

About a month ago we decided to take the plunge and sell up our unit once the second "request for planning permission" notice rolled in. To date we have had 7 double story townhouses commence construction in the neibourhood and a request for 6 more to come.  Precedent has been set and the gates opened. Another block that is prime for more has been sold and it wont be long before re-development happens. Even the agents selling these properties are rubbing their hands together blatantly targeting developers for knock down and rebuilds.  Such is life. We are going to fight each one until we move.

Back to the post now.  We start the process off by contacting our trusted mortgage broker and running the numbers past him he feeds it into his calculators and simulators and says the bank will let us borrow a further 160k on top of our existing $250k should we want too. Great so we have a rough idea of what our budget could be. I say "could" because I have no intention of going "eye balls deep" into debt.

You might be thinking wait up a sec. 410k mortgage from a 250k one.  Thats madness.  But our financial situation changed for the better in the past few years meaning this still isnt as far as we can take it. Crazy I know.

We then contact the local real estate agent and basically spend a few hours interviewing him and getting his thoughts and sale processes and sign the exclusive agent period forms. Totally committed now.

The agents valuation came in 5k higher than an official bank valuation we had done 15 months earlier so its on the mark and what we need in order to upgrade to the next "rung" in the property ladder.

We then get in contact with our solictor to arrange the conveyancing side and start the long process of paperwork.

The first open passes no one attends. Were floored by this. We had put a lot of work into this place (but not to the point of over capitalisation) and its a good price.  The second week passes and we have 1 person through.  They indicate that its priced correctly but they need a 3rd bedroom.

At this stage even the agent cant explain whats going on. I have 2 theories.  The first being first home owners are waiting for the federal election to be over, and the second is because the street is filled with tradies making it hard to get through the steeet. We decide to trust his judgment as he sells houses for a living and we drop the price to induce people to attend. It comes with a warning that there is a minimum price we require (which was his valuation) now its up to his negotiation skills to seal the deal for us.  We wont be conditioned down to a price especially because were not in a forced position to sell just yet.

Week 3 comes in and we hold both a mid week and Saturday inspection.  5 groups attend. 3 want more info and we get an offer 25k below our requirement. I guess this is what happens when you lower the price. You attract the wrong buyer. Our agent is fully aware of the price we need so the owness is on him to be a good negotiator.

The federal election is happening this Saturday. Im hoping for things to change for the better once Australia finally gets a stable government.  Until then its more open for inspections! *sigh*