Author Topic: Selling a house is frustrating (Read 32666 times)

WilSurf · « **Reply #75 on:** February 25, 2014, 10:09:30 AM »

I spoke with our agent yesterday and asked about the Building Inspection report.
It was all good, although the buyers were confused and asked for an electrical inspection.
In the report, remember it is a Building Inspection for structural integrity, it was mentionedthat the down lights need to have a safety cap to prevent the insulation to touch the down light.
However this became a law/rule in 2006 and our house was build in 2005. Plus most of our down lights are converted to 9W LED.

GraemeL · « **Reply #76 on:** February 25, 2014, 11:32:56 AM »

Quote from: Nomad on February 25, 2014, 06:50:51 AM

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

Thanks for the tip, I have been trying to research as much as I can in regards to conditions, reports etc.

There is a hell of a lot to take into consideration.

WilfSurf, I but you are glad the report is good.

It seems a lot of companies don't really go out of their way when performing them and tend to take the easiest route.
I intend to make sure the reports I have done include a huge list of things and they will definitely have to earn their money. I don't want any surprises later on down the track.

kenny · « **Reply #77 on:** February 25, 2014, 11:34:09 AM »

Is he from QLD i'm led to believe they have electrical inspection as well.

Chippy76 · « **Reply #78 on:** February 25, 2014, 12:11:31 PM »

I agree with lost way back on pg 1 ... I sold my last house 350k we listed it at 399k I was happy to get 340 anything over that was a bonus. At 350 the owner thought they got a bargain. A firm price is always a good place to start

Cheers chippy

gclan · « **Reply #79 on:** February 25, 2014, 03:17:15 PM »

Damn...we're about to get on this roller coaster, and here was I hoping it'd be straight forward

Nomad · « **Reply #80 on:** February 25, 2014, 06:42:00 PM »

Quote from: gclan on February 25, 2014, 03:17:15 PM

Damn...we're about to get on this roller coaster, and here was I hoping it'd be straight forward

If there are enough buyers around auction it and it probably will be as long as your price is realistic. Cheers.

gclan · « **Reply #81 on:** February 25, 2014, 09:13:30 PM »

Thanks Nomad.

Cheers
Karen

ps. Glad everything worked out for you WilSurf.

WilSurf · « **Reply #82 on:** February 26, 2014, 09:50:46 AM »

Got the original caveat withdrawal in the snail mail yesterday.
Bank happy, me happy.
Can't wait till we are over.
What is this about insurance? They tell me that I need building insurance for the new place but it isn't ours yet.

nisnav · « **Reply #83 on:** February 26, 2014, 01:35:46 PM »

As for insurance

Here in Vic once your purchase is unconditional then you HAVE to buy the property so for example if there was a fire and the house burns to the ground then you are still required to complete the purchase and buy a burnt out shell but if you insure it then at least (depending on your insurance) it will be rebuilt.

From what I recall from our house move last year it wasnt that dear as you will only be paying extra for the 60/90 days you need to insure 2 propertys after that the insurance just continues once you move in, dont forget to ask how your contents are covered during the moving process

Cheers

Grahm

Nomad · « **Reply #84 on:** February 26, 2014, 06:59:23 PM »

Spot on Nisnav.

Also very important to get the insurance amount correct. Allow about 20% above cost of replacement to allow for demolition, architects / draftsmans fees etc to rebuild.

You can jump on websites like BMT quantity surveyors and use their calculators to get a rough estimate, or if you get a building inspections ask them for a rough figure for insurance, or if you finance the valuer will generally provide the bank with a replacement insurance estimate.

JCOJ · « **Reply #85 on:** February 26, 2014, 07:00:59 PM »

Once you have paid your deposit you have an equitable interest in the property, hence why you need insurance.

GraemeL · « **Reply #86 on:** February 27, 2014, 09:22:59 AM »

Well we are going back to the house to do another inspection on Saturday. It will be empty, so it will be easy to evaluate everything and get a better idea of what the house is like.

WilSurf · « **Reply #87 on:** February 27, 2014, 09:43:45 AM »

Termite inspection done to our new property yesterday.
Haven't heard anything yet, I assume no news is good news.

Our broker tells me that I have to insure from the settlement date.

D4D · « **Reply #88 on:** February 27, 2014, 09:47:43 AM »

Quote from: WilSurf on February 27, 2014, 09:43:45 AM

Our broker tells me that I have to insure from the settlement date.

Personally, I'd insure it now

GraemeL · « **Reply #89 on:** February 27, 2014, 06:37:30 PM »

Hopefully the report comes back ok.

As mentioned, I would insure it now, the cost should be negligible, but the benefits may turn out to be huge if something does go wrong. Also look at your Contents Insurance and see if you are properly covered whilst moving.

It is always better to be prepared.

Good luck and I hope it is a nice smooth transition.

WilSurf · « **Reply #90 on:** February 28, 2014, 09:53:28 AM »

The real estate agent told me that they found live termites in the wooden fence and in three palm stumps in the back yard.
The inspector has applied treatment

D4D · « **Reply #91 on:** February 28, 2014, 09:58:53 AM »

If you look hard enough you'll find termites in every house in AU

Chippy76 · « **Reply #92 on:** February 28, 2014, 10:45:11 AM »

Not in my house ... Better outside than in though !

Cheers chippy

GraemeL · « **Reply #93 on:** February 28, 2014, 05:15:31 PM »

I used to do pest control many years ago.

It is very common to find termites in yards and fences etc. It doesn't mean your house has them, the nest maybe several houses away.

It is always wise to store any wood and other items that can be attacked, up off the ground and never near your house.

As long as the pest inspector has done his done right, you should be ok.

WilSurf · « **Reply #94 on:** March 04, 2014, 10:11:47 AM »

Received the report and all is good in the house.
I got an email from the agent that the buyer was concerned about the warranty on the pool.
What? Is he trying to pull out?
I don't even think there is a warranty after 5 years of the installation.

Nomad · « **Reply #95 on:** March 04, 2014, 03:04:34 PM »

When are they due to go unconditional?

WilSurf · « **Reply #96 on:** March 04, 2014, 04:40:12 PM »

Tomorrow is the due date for the loans.
We are ready for our new house.
Settlement is on the same date, not sure how that works out for moving.
Hpefully we can get access to the new house prior as that is empty.

WilSurf · « **Reply #97 on:** March 05, 2014, 09:48:51 AM »

Received a phone call from our agent.
The buyers bank wants to do an evaluation of our house.
I said to him that the due date for the loan is tomorrow (4pm today as I write this).
They had all these weeks and still not ready.

Aargghhhhh

Goose · « **Reply #98 on:** March 05, 2014, 11:14:44 AM »

I'm going to make a prediction.

I predict that that about in 1 hour prior to the sale going unconditional you will get a call from their solicitor saying "we've just been informed of major problem xyz with the pool/fence/shower and need you to take $10,000 or we won't complete the sale".

If this happens, just say "fine, don't complete the sale then". They are only trying to get more money off in the last desperate hour.

Nomad · « **Reply #99 on:** March 05, 2014, 06:15:43 PM »

Quote from: WilSurf on March 05, 2014, 09:48:51 AM

Received a phone call from our agent.
The buyers bank wants to do an evaluation of our house.
I said to him that the due date for the loan is tomorrow (4pm today as I write this).
They had all these weeks and still not ready.

Aargghhhhh

The valuation is usually the last thing a bank orders throughout the finance period, as it costs them fees.
It was quite common for me to go out and do the valuation on the last day of, or day before the contract was to go unconditional. If the valuer inspects it it generally only takes half an hour or so to do the calculations and phone the bank give them the figure. THe written report is then provided generally the day after.

From what you have explained to me so far it sounds like there should be no problems with it.
Fingers crossed.

News:

Author Topic: Selling a house is frustrating (Read 32666 times)