Selling a property

Discussion in 'The Buying & Selling Process' started by Samj, 28th Nov, 2017.

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  1. Samj

    Samj Well-Known Member

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    Hi,

    We built our first home 3 years ago and now we want to sell it. I have talked to couple of agents and we are planing to go ahead with an agent. We have discussed about his stragies and performance based commisions and we are happy to go ahead with him. He has a good sale history record in the area. Looks like the worst case scenario is, if he can't get the price we need, we can take pay the advertising cost and take the property back. Now the question is, if there are any pitfalls or common issues we need to consider before signing his selling contract?

    Thanks,
    Sam
     
    Samj, 28th Nov, 2017
    #1
  2. Xenia

    Xenia Well-Known Member

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    If the price is realistic then all good
     
    Xenia, 28th Nov, 2017
    #2
  3. Propertunity

    Propertunity Well-Known Member

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    Why not keep it and refinance some cash out for a deposit on your next purchase? If you sell you lock yourself out of any future CG forever and without the benefit of hindsight, how do you know your next purchase will perform as well as your current one?
     
    Propertunity, 28th Nov, 2017
    #3
  4. Samj

    Samj Well-Known Member

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    Once I start a contract with a selling agency, can I take the property back from them before 90 days for some reason (eg: change of mind to sell the property)?
     
    Samj, 28th Nov, 2017
    #4
  5. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    What does the agreement say ? It is a legal contract.
     
    Paul@PAS, 28th Nov, 2017
    #5
  6. wylie

    wylie Moderator Staff Member

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    Cross out 90 days and insert 30 days.
     
    wylie, 28th Nov, 2017
    #6
    Tom Rivera likes this.
  7. Samj

    Samj Well-Known Member

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    Thanks, I didn't realize that it's possible. I have already gone with 90 days. So far so good though...
     
    Samj, 4th Dec, 2017
    #7
  8. Tom Rivera

    Tom Rivera Property Manager Business Member

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    Sounds exciting! I'd love some updates on how you're going over December. I'm curious to know how the market is moving Pre-Christmas because I get conflicting views on it all the time.
     
    Tom Rivera, 12th Dec, 2017
    #8
  9. Samj

    Samj Well-Known Member

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    We have had 22 groups of people in the first inspection and it went under contract in 2 days!
     
    Samj, 12th Dec, 2017
    #9
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  10. Tom Rivera

    Tom Rivera Property Manager Business Member

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    WOAH! Congratulations!
     
    Tom Rivera, 12th Dec, 2017
    #10
  11. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    If you have committed and agreed to 90 days then that is legally binding. You can nominate any term you like and can be as little as 48 hours which is great for all this agents with a "list of ready and willing buyers" :rolleyes:
     
    Colin Rice, 12th Dec, 2017
    #11
    Tom Rivera likes this.