The joy of Real Estate (pt 1)

We have finally completed the work on our insurance claim following the fire.  We had expected it would take 6 months and it took 18 months.  The place now looks pretty reasonable and we have decided that the time has come to move on, so have started moves to put it on the market.

The immediate question is where are we moving to?  The current plan is to have a place at the coast (somewhere between roughly Narooma and Nowra - although if a suitable place came up at Mallacoota I think we'd be interested) and an apartment in the Canberra area.

In fact we have already advanced on the apartment business having put in an offer, which has been accepted on this place.  Here is a view looking back at the building (the Manhatttan!!!) from Glebe Park, with our apartment hidden behind the trees but indicated with an arrow!

There is going to be much of interest and entertainment over the next few months as this process advances.  Here are some observations from the first few days, beginning with a few cliches:

• May you live in interesting times!
• Its hard to remember you came to drain the swamp when you're up to your arse in alligators.

Bunda St purchase

The decision to make an offer was fairly straightforward as it pressed all the buttons for what we were looking for and the vendors were quite reasonable in negotiating a price.  The real estate firm involved seemed very helpful and efficient.  Our financial adviser was also very helpful in shuffling $ around so that we'll have them when and where we need them.

The major fun (so far) was in choosing a solicitor to act for us.  Our financial adviser  recommended two firms and we approached both.  One replied within an hour (at 6pm) whereas the second

• took nearly a full day to reply; 
• called me Michael (not my name); 
• wanted a lot more information; and 
• charged about 25% more.

Some decisions are easy.

Unfortunately another cliche came into force.  "If something seems too easy it probably is.".  This manifested itself when the real estate agent realised that the vendors had already appointed the exact same solicitor to act for them.  This is a big no-no for legal ethics.  Fortunately the estate agents were able to recommend some other firms, one of which seems quite convenient and very responsive.  So we have gone with them.

That process is charging ahead, with the next effort being to meet with lawyers to review the draft contract.

Sale of 101 Whiskers

When we purchased our place the then owners were doing a private sale as they wanted to save the agency fees.  We firmly believe that the agents earn what they get paid as we would hate having to do the work ourselves. 

There are some agents who we refuse to deal with as, either through personal experience or reliable comments from others, we know them to be bullshit artists.  Another mob have done some deals in the area which seem to have some very unusual ethics associated with them.  This pretty much got us to a shortlist of two businesses.

• The first of these came with high recommendations for a specific agent from a friend whose house they sold.  As she has very high ethical standards and is able to focus on detail we had no doubt that her recommendation carried a lot of weight.
• The second has been very prominent in "signs beside the road" but we had heard a few adverse comments.  We decided their experience made them worth talking to if for nothing else than getting someone to compare the first company with.

We had appointments set up with agents from both companies.  Too easy!

Then we got a call from the second saying he had an undiarised commitment so couldn't make the appointment.  Ungood, but we rescheduled.  We went ahead with agent 1 and he was pretty impressive in his personal manner and the research he'd done.  Perhaps #2 would turn out to be as good?

Alas, we'll never know, as a day before the rescheduled appointment he rang back saying he had a medical issue so would have to beg off until that was resolved.  Is the correct term "very ungood" or "un-very good"?  Another cliche arises: if he's like that when trying to sell us their service what would he be like once we have signed up?  I was also conscious of Frankie Howerd's comment "You shouldn't laugh at the afflicted: its not nice." and in this case I wasn't laughing but pissed off.

Welcome aboard Agent 1!

He has now visited with his photographer - an excellent youngish dude - and things are signed up.  His next visit will be in a couple of days with a drone pilot to take a film of the property.  All of that means that the basic marketing stuff will be done early next week, Allhomes etc will be in the bag and holding the advert by about 24 October and the first open house will be on 27 October.  There is an end date in mind, but I can't find a bit of wood strong enough to touch so won't mention that!

The solicitor we are using for Bunda St is able to act for us on this transaction also which makes life more than somewhat simpler.  As we are on a property bigger than 2Ha we don't have to have a draft contract before advertising.

The other major job is getting a building/pest/compliance inspection.  As the compliance aspect of this involved accessing the building file through the Council that took a little longer to arrange than expected but it is now arranged.

Coast purchase

As we need to sell this place to have the funds for the coast purchase that has gone on hold for a while.