Unheard of – Part 5

July 13th, 2012

Hi again.

It is like the walk of shame when you’re late to work the night after the office party. The question going through my mind is “do I even come into work today, I have missed so much, everyone will snicker”. Well luckily I have always loved snickers over mars so I walk in proud, with my head held high because unlike the person in the office who partied too hard the night before, I have been riding the waves of circumstance on an adventure of a lifetime. Let’s get back to the story that is:

Unheard of – Part 5

So the cliffhanger I left you on was that we had a property we were looking at that fell through, but in the meantime we had invested our time, money and effort in putting our own place on the market. That weekend when we decided not to go for the unit we wanted I sent a few online enquires on my phone and didn’t think much of it. It was Easter and one of my sister’s and her family were visiting and we had a lovely time watching our girls play and spending time as a family. We said goodbye on Easter Monday and on Tuesday I went back to work. I got an email at lunch time from one of the enquires saying that the place (a townhouse) was open for inspection by appointment. It recently got turned in at auction and it had just gone on the market that day. I was already booked to inspect a unit in that area with My Princess that night so feeling cheeky I asked if we could see it that night. To my surprise the agent agreed.

So we turned up to this little private viewing and found 10 other parties who were also viewing it. There were two townhouses joined by one common wall and they were huge. The first one we looked at was great but it had some flaws. They had installed awful ceiling fans that were falling apart and made the room feel cramped. Not a major job to get rid of them but still pricey. But the major flaw was the deck/patio was raised a good 70cm from the plants and tree strip all down the side of it. This is such a poor design and very dangerous for children and even adults who aren’t paying attention. This would be a major landscaping job to fix. In saying all that this one had an offer on it already (even though today was the first day on the market). So this place wasn’t for us even though the sheer size of it was so amazing.

Then the agent showed us the other townhouse that was exactly identical but when we walked in our jaws dropped. No ceiling fans and you wouldn’t believe it – the deck/patio was completely level….and it even had it’s own private entry. This was perfect for us, but it was in high demand. This property was a seized asset, repossessed by the bank and put on the market to sell. To get a townhouse this size and condition in the area was up to about 80k over our budget. We could never fathom getting a place like this, it wasn’t on the cards, it only existed in our dreams. You know that I dreamed of being in a townhouse, with direct access to the street. This was only attached to the townhouse in front and it was 40% bigger than another one we had previously wanted. And we could afford it….. if they accepted our offer.

We spoke to the agent that night, he told us that he had three people going to submit offers that night and he would choose the best one and go with them. We needed to play this very carefully.

Now I know nothing about investing, or how to get the best price but I do know this. Last time (in our current unit) we only got a chance to make one offer so we offered a decent price and we got it. It was still 10k under the asking price but we got it. We didn’t try to go too low like everyone tells you to, if we did we could of missed out. So we thought about it and it felt right to offer the same price that I had wanted to offer on the last place. It was 10k under the asking price, bringing it down to 15k under our budget and roughly 60-100k under the true value of the property. We made the offer and then waited. We had no idea why the price was so low, we knew that a mortgagee sale was generally cheaper than normal but not 100k cheaper. A few days after we made the offer we found out exactly why it was so cheap and entered the fight of our lives.

To be continued yet again…

Have Fun.

Dan

P.S. Life is still pretty hectic until the end of August but I will try to get this out more than once a fortnight.

This entry was posted on Friday, July 13th, 2012 at 11:28 am and is filed under The Main Event!!!. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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