Real Estate Savings

My parents are in their 70’s have only bought one property in there lifetime, and this was way back in the 1960s.  They had just sold the family home they lived in for over 40 years, it was a massive decision and emotional time.

Mum and Dad’s ventured out week in week out looking at properties so they could gauge the market and see what was available for them that met their needs.  The problem was at this point they hadn’t sold and they had no idea what the true value of the properties that they liked where.  There were several properties that they liked and many of these I deterred them from buying.  These properties just didn’t have a good feel.

Within a couple of months, Mum and Dad sold the family home and they needed to get more serious now.  My concern was they would just buy anything as they had nowhere to go.  They had 6 weeks to find something.  They were stressed, to say the least.

One Saturday morning I got a call from Dad and he said we have found the property, it is the best we have seen, it has the space that we need, and it is in a whisper quiet location with walking distance to the beach. They went through the open home as did many other buyers.

I asked all the due diligence questions and what they would be happy paying for it. It was fortunate for them that I knew the agent, I had known him for many years. I called him and used my questioning skills to go into bat for Mum and Dad. He said we have 4 other buyers who have submitted offers, I knew we had to act quick. I went in with an offer lower than the asking price.

By Monday morning all buyers were at the asking price and the owner was going to pick who he wanted to sell to. I asked Greg the agent for help. I said mate this is my parents what do we need to do to secure this property for them now. I gave him another $5,000 which was above the asking price but below what they were prepared to pay. He said are you sure I said yes and we will organise a pest and building report and sign the contracts conditional on these reports. I introduced my parents with a solicitor I had referred clients to for many years. I trusted him and knew he would take care of Mum and Dad. The great thing was Greg knew the solicitor and knew that he acted fast. This helped us too.
I asked Dad to write down a list of things he needed to do. I said if you want this property you are going to have to do everything on this list and you are going to have to do it now, step by step. I called the solicitor up and he had Mum and Dad in his office within hours. I had my eyes all over this and my finger on the pulse. I kept in contact with Greg and updated him as soon as I had any information, he organised to give the pest and building inspectors access. Greg assured me that my parents would secure this property over the other 4 buyers. I still couldn’t rest. Mum and Dad signed the contract and paid a deposit, the following day we got the inspection reports. We were happy with them.

We have peace of mind as the property Mum and Dad bought shares a driveway with the local Police. What better neighbours could they have.

Interestingly enough I treated the buying of this property as I do with every client. I used the same strategies that I use every day to help people buy a property. Mum and Dad still saved $7,500 on what they were prepared to pay.

Yes, Mum and Dad secured the property and they have been living in the house for 5 years now and the only regret they have is not doing it earlier. I can confidently say that if Mum and Dad did it alone and I didn’t have a relationship with the agent it is highly likely that they would not have been the successful buyer.

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