Unrealistic vendors make house-buying a challenge
OPINION: Last week I signed a contract for a house in Gladstone. It was the sixth contract I have signed since late September.
In my 68th year, the next big event in my life will be semi-retirement.
For some time now Michelle and I have been saying how much we like Gladstone so we decided to commit to seeing out our days here.
That's where the two and a half month long crazy journey began for us!
First house - We saw one we liked that ticked most of the boxes, except the block was about the size of a hanky.
We asked a few agents what a reasonable offer was, made it and signed all the paperwork.
The vendor wanted an incredible $50,000 more.
The place is apparently now a rental and off the market.
Second house - We signed up for $75,000 more than the bank valuation, the basis for our loan.
We revised our offer to valuation plus $25,000 in extra cash.
There have been two open houses since the contract crashed and the place has reportedly attracted no interest.
Third house - The agent gets the verbal approval of the vendor for a price, the contract is prepared and signed by me, the vendor pulls the thing off the market.
The property is now up for rent and won't get anywhere near the asking rate, I'm told.
Fourth house - We considered the costs involved in getting the place up to scratch, starting with painting it inside and out, then offered the vendor $20,000 less than the asking price.
Apparently encouraged to do so by the agent, the vendor got hungry and jacked the price by $10,000.
No sale and the place had been on the market since May.
Fifth house - This vendor was a real doozy.
The house had been in the hands of the agent since March - third agent in two years, apparently.
The vendor had an independent valuation done by a licensed valuer and we offered that exact figure.
When given the contract by the agent, the vendor responded by taking the property off the market.
Oh to be a real estate agent having to deal with fickle, unrealistic people.
There's a lovely bottle of Moet sitting in the fridge awaiting news that a contract has actually gone unconditional, that the building inspection and valuation are on song.
Would you blame us for fearing the bubbles will be vintage before we get to feel them tickle our proboscises?
Bob Lamont is Director of Corporate Accountants situated at the Night Owl centre. He can be contacted on email@example.com