Welcome to our ponderings and the subject matters could be related depending on your view point…
Like other pre-marketing items, this one raises its ugly head when ignored but is generally avoidable with the right advice thus saving much heartache.
Recently, I was made aware of a sale that went awry when the Build and Pest inspector identified possible past issues with termites evidenced by a partly completed barrier.
Partly completed anything always raise eyebrows but pest matters are particularly pesky and beg questions like “Why wasn’t it finished? Does it still work and of course; If there is evidence of part protection, was the infestation (notice the automatic assumption of infestation) only partly attended to but more importantly are the termites active now?”
Termites are a big fear for most buyers and in those situations, it becomes nearly impossible to convince anyone that nothing is improper. Usually, the more you try the harder it is.
Buyer’s thinking often is: “If that wasn’t attended to properly, what else was missed?” Rightly or wrongly, that is generally how it goes down.
As a result, buyers can, and often do, pull out if concerns are not attended to adequately. Then the next buyer asks, “Why did the contract fall over?” and things can spiral down from there with lower offers being made if, again, the situation is not managed properly.
Best management ought to take place before going to market by simply completing the protection barrier (or other works as the case may be) with a follow up pest report for confirmation of job done and protection in order – better chance of better price usually.
If not done, you can rely on it becoming an issue and the cost to rectify will be the same. However, the cost in terms of lower offers can be most disheartening to say the least.
Now for “All Sold Up…”
We were asked to look after the marketing and sale of a property which averaged out to be around an hour and a half drive away because of traffic and weather patterns.
Now this home is pretty old, high set and has had termite infestation. In discussions with the owner it was considered best to raise the matter with buyers from the outset and get a pest inspection report before going to market and give to buyers along with the builder’s contact details if wanted.
As a result, the Build and Pest Inspection went smoothly since, although old, the property is solid and sound.
However, what did become a possible issue for our client was that the home sold quicker than they thought, and they were all sold up with nowhere to go – or so they thought.
Like anything else, we sat down calmly (well sort of calmly) with the owner and helped them get very clear on where they wanted to be living (even though it looked like there was nothing available), how much was wanted to be spent and within what time frames.
Given that their sale is subject to settlement of the sale of their buyer’s property, it became even more complicated for any offer they might wish to put on another property. So, the cold sweats and sleepless evenings started to arrive – as they are inclined to do.
Nevertheless, a property that ticked all the boxes was found and the timing with regards to settlement on both sides couldn’t have been more perfect but to make matters worse for our client, they had to contend with multiple offers.
That just raised the cold sweats and sleepless evenings a notch or two.
But we all stayed calm, well sort of calm because by this time my client’s purchase got totally under my skin and the alternative was not looking pretty (I was hoeing into sweet things).
Helping them get clear on their limits, limitations of conditions and timing etc. before they submitted their final offer proved invaluable. (Also, I could stop eating sweets again).
So the outcome for me yet again in these two little stories, is further evidence that getting clear, saying how it is and being up front with everything (except my love of sweets) provides for restful nights and great outcomes much more often than not.
Again, I’m reminded of a part of Goethe’s famous quote:
“that the moment one definitely commits oneself, then providence moves too”
Until next time, enjoy the sweetness of Gaining Clarity. Happy Selling and Buying…