Boring Real Estate Talk...

[planeterry]

• Got building inspection back on the house we liked last Saturday.  The roof needs replacing.  Before winter.  Um.  Suspect/worry that most of the places we've been looking at (old houses in good neighbourhoods) would have similarly expensive problems.  But I think we put off that one for now.  At least until we get a few more such reports and can

Comments

[exp_err]

It can be quite exciting to seriously look at houses to buy. Want any advice on auctions?

[planeterry]

Heh, sure! Any advice, auction-ey or otherwise is welcome.

[exp_err]

We went to the auction for our place expecting that it would go for way more than we wanted to pay, but were surprised, and hence unprepared. Luckily it all worked out for us. Buying at auction (or on the night, after the auction) is legally different from buying, not at an auction, so if there's any chance you go, you should be ready. You probably know this, but anyway:
1) If you buy at auction, you don't have a "cooling off" period and the option to back out, like you would otherwise.
2) You need to go armed with a bank cheque for the deposit amount. You can negotiate what this amount would be with the sellers. If you don't win the auction, you can take it back to your bank.
3) You should have your loan approved and a conveyencer sorted out ahead of the auction, because you might only get a couple of weeks to settle.

homonculus and I found it useful to

[planeterry]

Cool thanks! How about your negotiating after it was passed in? How long did it take? How hardball did you play?

I think (or maybe like to think that) I might err on the side of too hardball and thus not end up with a house.

[exp_err]

I like Canberra's real estate laws, where the seller has to pay for an inspection and provide the report to potential buyers. Of course, cautious buyers might still want to get their own done as well (but we didn't).

[planeterry]

TOTALLY! Bloody Melbourne.