- Lost out on a property at an auction
- Too late to buy another property, and then
- Committed to buying a property
It was a small house. Though S said it looked bigger than expected during our walk through. It had a large block of land for Canberra standards. It was also situated close to a good sized nature reserve, which might be nice for occasional walks. We arrived a fraction late for the inspection. We had been looking at another property in the deep south of Canberra, and it took us ages to get to it. I drove into their driveway, and the agent welcomed us. We were in S’s flashy little MR2 sports car, rather than my old EXA.
Interestingly, there was another couple looking through the house. I thought the inspection was to be for us alone. The agent said that as there was interest, and as she was having an open inspection for us, she saw no reason not to allow the other couple through.
It was a nice looking place, with reasonable views from some areas. Being on the high side of the road helped with the view of the sprawling Canberra suburbs to the Brindabella ranges in the distance. The property had a very nice curving driveway, rather than the traditional boring straight drive to a garage, but there was no garage, just a carport. The house was older that I would have liked, with three small bedrooms, and one small bathroom. The kitchen had been done up with a large stove and stone bench tops which looked good, and there was some renovations going on in the laundry. In my mind this was a borderline property. The property had some good points, with the size of the land being one of them, but I think we needed a larger house. The price wasn’t bad, so it was definitely a contender.
After much discussion, we rang the agent later in the afternoon and offered $350k. The agent responded immediately saying she didn’t think they’d take that, but she would put it to them. (Wasn’t the offer within the advertised price range? Oh, the games we play.) She said that since the property had never had a real open day, they might wait.
S was very tense as we waited for a return call. There’s no doubt I was anxious too. I had just rang Manual to tell him we were interested in the other property we had seen yesterday; the one that the finance fell though with some other punter on the previous week. We had spent a good deal of time considering how to renovate it. We’d been thinking of lifting the carpets, sanding and polishing the floor, renovating the kitchen and bathroom. One of the good things about that place would be the ability to buy it without the need of a loan. Anyway, it sold about 20 minutes after we had left the real estate agent’s office. It was sold by one of his colleagues, for the asking price. So this is why S was tense. Our plan B had evaporated.
S was also tense because I offered $350,000 rather than their top asking price. It seemed to me that they may have come back with a counter offer, as they did. But there was also the chance they may have accepted $350k, and if you don’t try you’ll never know.
We took a drive out to see another property in Flynn. The house was empty and no inspection was possible at that time. So, we walked around and peered in the windows. This property was advertised for exactly the same price, boasting manicured gardens, and a pool. This was all true, but the place was not a patch on the other one that we’d made an offer, which was kind of reassuring. The agent rang while we were at this property.
The agent said the other people who were inspecting the property yesterday at the same time as us had also put in an offer, but as we were first to make contact with her we got first option. (Can you believe any of this?) I wouldn’t be half surprised if the other people where friends of the agent. Anyway, the agent said if we can come up with $360,000 it’d be taken off the market. So that was easy, and I said, “yes.” S was almost jumping up and down, and had wanted me to offer that figure from the beginning. So that’s it. We have a house.
The agent ran through some details on the phone. Seven to ten days for exchange of contracts. I said I had a bond certificate that I had arranged for the auction – a 5% deposit of a possible $410k purchase. She said that would be fine, and then later said I’d need a new certificate, and later again said that it would be okay. We wondered if she had a memory problem or something. I loved the way she referred to how she holds property open house “expeditions.”
Mid-June for settlement also seemed to be fine. With all that done the agent began selling the suburb. Perhaps she lives in Flynn, which she described as a much better suburb than Macgregor. So both of us feeling greatly relieved and quite happy went off to the movies by way of celebration, and afterwards to Gus’s Cafe for dinner, which I gather is a Canberra institution. Hopefully, we’ll get our deposit for our own house in Warrandyte on Thursday, then we’ll really be happy.
This is my blog, but here are some of S’s comments
Reflections of a blurry weekend in May
Drove up from Melbourne leaving the petrol station in Eltham at 11.30am. Phone rings in Greensborough. Our agent is on the other end telling me that buyer is very apologetic but the deposit won’t be paid that day, but instead, the following week – Wednesday or Thursday. What to do now? Turn back or continue? I feel that the place in Macgregor is totally lost now. I continue on, but feel heavy and flat.
Arrive in Canberra around 8.30pm, stiff as all hell. We sit and talk and then go to bed.
Saturday up early so we drive around a bit. Arrive at house early, and it is a smaller yard than I imagine. The agent arrives and we tell him our dilemma, but he’s matter of fact about it being an unconditional auction. He phones our agent anyway and the situation crystallises for us that it is our risk alone, and we decide to take it.
The auction begins and R says start at $300k. This seems a game I’m disinclined to play and so I throw out a bid of $330k. We’re off and running.
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