Tuesday, August 26, 2014

Deposit Down!

I feel like I've been keeping a massive secret this month, and it's been like a ball of anxiety that I'm carrying in my pocket. I haven't wanted to share both because I've been anxious about jinxing us, but also because I don't want to keep carrying my heart on my sleeve. I didn't want to have to tell anyone that our huge hopes had once again been smashed.

For the third time this year, we have an offer on a property. Unlike the previous two times though, this one actually looks like it will go ahead. Having already lost 2 deposits and a series of inspection fee's, we had already decided that this was our last opportunity to get it right. Between huge (HUGE) medical expenses this year along with the two lost deposits, we would have had to stop for 6 months to lick our wounds and recover financially.

Our first time round, we had dreams of buying a crappy old house on a huge block to eventually knock down or subdivide. We thought we'd tenant it for a little while we got ready financially for phase 2 (the building). Those hopes were dashed when we discovered the house had so much exposed asbestos that it would cost us close to $8,000 just to get the old house ready to be tenanted, not to mention the later costs to knock down. We were prepared for the knock down cost, but certainly not the upfront costs. So that was the first deposit lost.

Our second stab we thought we had found the perfect house. Walking distance to schools, lovely condition, modern and ticking every box - except that it also turned out to be too close to the suburbs high tension power lines. The bank raised some concerns about the distance, and once we had investigated the risks, we decided that it wasn't the right property for us after all. Second deposit (plus lots of extra inspections into the power lines!) lost.

Finally we have found our third property. It's not perfect....but it's close enough. Perfection was a little out of our price range, and this house is so close we are excited about it's potential. We made a swift offer on the same day as inspection (Sebastian's birthday!) and made it clear we were not open to haggling. It was our best price first try - we are so tired of the haggling process, and tired of real estate agents squeezing more and more. We have made so many offers on properties that we've been outbid during the haggling process, and other times we weren't given the opportunity to haggle and could have offered more. It's frustrating to know what tactic to take as every agent is different. This time I made sure I made a strong and constant connection with the agent prior to open day, and had an instant conversation following the inspection. They knew our budget, and we knew the house was worth it, so we went straight for it and asked them not to drag out the process.

As of today we have our finance approval, all inspections are done, and everything is fine. Cooling off is only a day away - the only thing that can go wrong for us now is the seller changing their minds which doesn't feel likely.

I feel like I can get excited now, and I can share our happy news! I'm sure you will hear much more over the coming weeks as it all unfolds because as of today I can start to make plans. Plans for moving, and plans for our new home.

4 comments:

  1. Awesome!! So exciting!! HUGE congrats!!

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  2. Congratulations I hope it all goes through.

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  3. Congratulations! So exciting!
    We are selling ours shortly and going back inner to rent. I am unsure how you lost your deposits though???
    Hope it all goes smoothly. Love the new look too.

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  4. Really, really excited for you! We are selling soon. And moving on from Sydney to rent on the Central Coast. It's got to be one of the most stressful events ever! Wishing you all the best! Denyse

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