Unheard of – Part 6

August 3rd, 2012

Ok let’s finish this.

Unheard of – Part 6

Where we left was that we had made a conservative offer on a townhouse that looked absolutely perfect and was more than we could’ve hoped or dreamed for. Now I have been in the finance industry for a while now so I know how to buy a home. You make an offer, they accept to a 5 day cooling off period in which you finalise your loan and make the nesscessary pest, building and strata (body corporate) checks, and you pay a very small deposit (1/4 of a percent of the total cost of the property). At the end of the 5 days you need to pay your 10% deposit. After that you wait the standard 42 days (from when they accepted the offer) and the lawyers talk to lawyers talk to lawyers talk to my lawyers and we can move in. But in our case this was a bit harder.

We needed to sell our unit first (which hadn’t even had it’s first open day) so we asked for a longer settlement period (90 days) when we made our offer. The agent submitted the offer to his client and gave us a copy of the contract. At that point a chain of events happened over the next 2 months that was one of the hardest challenges of our lives.

The following happened:
We read the contract that stated we could only have 30 days to settle, no cooling off period and that this was a “Buyer Beware” Contract – that they take no responsibility for the current state of the property and do not even know if it is approved to be a livable dwelling.
The agent doesn’t hear if our offer is accepted (or not) for a number of days
We talk to our lawyer who starts liaising with the other party’s lawyers.
We find out that there are defects in the entire complex and that they are currently in a legal battle with the builder to have them fixed. No one knows the $$ amount to fix the defects, which we would be liable to pay 5% of that amount if they lost at court.
Our lawyer tries to change things on the contract to protect us. The contract is as harsh as a knife and could put the buyer into a lot of difficulty in the future. Also there are 5 different parties that have an interest in this property (meaning the previous owner owed them all money and used this property as security). This makes things very hard.
Agent calls me and tell us that there is a list of over 10 people all who want to make offers on the house but he is holding out for us but can’t hold on. No one is giving the agent updates.
My lawyer tells us that the bank (who are selling this property) can’t accept our offer until we work out the contract. Once that is done we will have to pay the 10% deposit upfront. He advises us that they are incredibly slow as every item has to be signed off by 5 people.
The agent is calling daily. The pressure is mounting for him as people are really keen to make offers, more than what we have. I am giving him the same update that we are waiting on them but the excuse is wearing fast.
Finally they agree on a 60 day contract and our offer.

We write up the cheque ready to exchange but they are not ready. It was a Friday. We wait until Monday and they aren’t ready. The lawyer is waiting on the final sign off from her client. Tuesday not ready. Wednesday the same.
The agent is getting super stressed as more and more people are calling him about this property. He is getting at least 10 extremely keen enquiries a day as it is still on the market. The pressure is intense.
Thursday and Friday come and they are still not ready and no one knows why. Finally we find out that the guy that needs to sign it off is on a weeks holiday and didn’t tell the lawyer.
Finally on the next Monday we go to exchange and my lawyer forgets our cheque!
Tuesday we exchange and start our 60 days.

Then finally things started to look up
We had an offer on our place (which had only been on the market 2 weeks) which was great and we accepted. They start a 5 day cooling off period.
We get some inside information that the defects on our new place although are large, would have a reasonable total cost and our share would be maximum $20,000. Remember the offer we made was 80 -100k under market price so this was great news.
We organised a settlement date to buy and sell at the same time.

Now here was the final challenge:

Even though the house we were moving into was completely vacant they would not let us move in early (remember these are the people with the knife-sharp contract). They would not even let us get the carpet cleaned (which needed to be done before moving in). Now the bank we were getting the loan off would not let us buy the new place a few days before we sold the old one as we would have 2 mortgages for 2 days and they saw that as a risk. Finally we ask the people who are buying our place if we could have 1 day to move out but they said no. No love for the Lee-Archer’s :(

So we needed to work out how to be out of our unit by the time it sold and work out how to move into our new place after we bought when they were both happening at the same time. After much work we found a solution:

Step 1 – Wednesday
I paid a moving company a lot of money to move us out Wednesday morning and to store our contents in their depot for two days. We would go live with my in-laws for a few days.

Step 2 – Thursday
Settlement would happen and we would have sold our old unit and bought our new house. The carpet cleaning people would do their thing that afternoon.

Step 3 – Friday
We would meet the moving company at our new house and move in.

Now steps one and two went perfectly. The moving company were amazing, I just sat back while they put everything in the truck. Thursday happened and I got the phone call that we finally did it, we had bought our new home. And then Friday morning at 7:30am I would meet the moving company and complete this 2 month mission.

This mission has been the most challenging yet rewarding season we have been through as a family. It was test after test, trial after trial; and we have had to put our faith into action and live like we truly believed that God was on our side and that He wants to bless us. It brought us closer as a family and more importantly closer to God who guided us every step of the way. 7:30am Friday morning would be the end of an amazing journey. Only something strange happened…

3:30am I wake up in pain.
4am I go to the Emergency Department at our local hospital
4:30am I am admitted to hospital
12:30pm I have emergency surgery to remove my appendix.

The timing was totally and utterly Unheard of!

This entry was posted on Friday, August 3rd, 2012 at 3:21 pm 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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