Wednesday, 23 May 2007

Our house is sold!

Our house has been on the market for only four days, and guess what, the house is sold! As usual, their initial offer was way out in the "no way, get outta of here" regions but with some skilled negotiations from our agent. It reached the priced that we wanted.

As I posted earlier, choosing the right agent is crucial in selling your house. I mean, the whole thing is far from being finished. We have to wait for sometime so that can be settled and all the conditions are met. The purchaser has requested for the usual building and pest inspection, and also subjected to their finance being approved.

Even at this stage, I was thinking if there is way of saving money. This are the ways that we are saving at this process.

  1. Sell the house as they have inspected it. Avoid having to do anymore to do the house as part of the sale. When the purchase initially made an offer on the house, they want a couple of things repaired as part of the offer. We told them, no way. The house is on the market as he has inspected it. We have done our research and believe that the price that we are asking for is appropriate for the condition of the house.
  2. Arrange for as short settlement period as possible. The longer the setttlement period, the more mortgage that you will have to pay. IE: if the settlement period is 6o days, then, you will still have to be prepared for 3 monthly mortgage payments. The shorter the settlement period, the quicker you will get the money in you bank account and working for you.
  3. Get the agent the release the deposit ASAP. The deposit that the purchaser has left on the property belongs to you. So ask for its release from the agent as soon as possible. In the past, I have been under the impression that the deposit is released to you at settlement, but it can be released to you much sooner.
We start looking for the new house...hmm that is a whole new ball game.


Shane Adams said...

Four days? That was pretty quick! Really, it's great that you got it sold that fast with the price that you guys wanted. Kudos to your agent!

P.S. I hope your house hunting is as fortunate!

tehnyit said...

Hey Shane, well that was back in 2007 when the housing market was absolutely redhot in Melbourne. It was good fortune for us. Although find our next house was a bit more tougher. It was definitely a sellers market.

Clorinda Altavilla said...

Mm, yeah. It's kind of hard to find the house that's just right, no? There are several factors to consider, like location, price, and the overall look of the new house. It's an adventure, but it can be pretty tough at times.