Property Buying Horror Story

I had a Married couple engage my services after being “burned” on their first home purchase.  They had buyer remorse and had suffered significant stress post purchase and the buy ended up costing them significant money in the process.  They DID NOT want to make the same mistake again!

What happened?  Let me explain…..

As a young couple, trying to manoeuvre through the property purchasing process, they thought they had all bases covered.  They were confident that they knew the property market in the location that they were buying, knew the type of property they were wanting to buy, and had reached out to numerous Real Estate Agents in the search for their first dream home.

After spending 3 months searching, they were observing that the market was in fact moving very quickly, property was selling before they could even look at it, was selling in excess of the asking price and they were suffering FOMO (Fear Of Missing Out).

The next step is where they went wrong….

They thought they would never buy their dream home and started putting in offers on properties that they were not entirely satisfied with, and at a price way in excess of the value of the property.  However, they were still not able to successfully get a contract down. 

Fear, anxiety, stress, and unhappiness were all now taking over their lives.  They saw a property listed for sale.  It had been on the market for a little while and thought, why is this property not sold yet?  They thought, perhaps we should buy this house as no-one else is, we can actually have a home.

They attended an inspection with the selling agent.  The inspection revealed that the property was a reasonably new dwelling, built by a developer who had subdivided a larger block into small 1 acre lots and this particular property was situated on a battle-axe block, at the very rear of the development with no views and lots of gum trees on the property.  On inspection the dwelling had holes in the walls (caused by the previous tenants), there was no gardens or sheds on the lot, there was no fencing and the inside of the dwelling needed repairs/repainting to bring it up to standard.  They thought “It will do”.  They offered over the asking price.  Why?  Because they thought that to win on an offer they needed to go high.  Their high offer was accepted and they were elated!  The selling agent asked if they were going to have a building and pest inspection done.  They replied “Is that what we do?”  They decided to have a B&P performed, but they did not know who they could get to do this.  The selling agent then gave them the details of the inspector that they use regularly. The inspection showed no significant building defects and the young couple purchased the property.

After settlement, they moved into the property, happy to finally have a home to call their own.  They thought that by performing due diligence on their end that everything was going to be fine and that they only needed to repair 5 walls, repaint and they would have a wonderful home.

Things started to deteriorate from here…..

They commenced moving into their new home.  On the first night, they had no hot water for a shower.  They had a plumber inspect the following day, and it was reported that the hot water system was not working and would cost a considerable amount of money to repair.  They dug deep, begged and pleaded with family to assist with funds for the repairs.

They then enlisted the services of a builder to repair the walls.  It was during these repairs that termite damage was identified to the frame of the home.  The damage was significant.  Whole sections of the house frame needed to be replaced.  The termites were still active as the property was sitting vacant while on the market, so they had to enlist the services of a Pest Control Expert to terminate the infestation and enlist the services of a qualified builder to perform the structural repairs.  The unexpected costs were mounting up and they were in financial hardship.

Do you want to suffer the same fate at this couple?  Do you know everything there is to know about purchasing a property?  

By engaging the services of a professional real estate agent who focuses on the “Purchasing” aspect of a property transaction (Buyers Agent), you can be assured that your best interests are at the forefront of everything we do.

Find out more at www.precisionpropertybuyers.com.au