We say again, it’s not one market, it’s many; especially at the top end. Each sale can be unique.
But there are some trends in the submarine warfare where everything happens below the surface until eventually, inevitably, intentionally or otherwise, something rises from the depths.
How long is an Expressions-of-Interest?
It’s the piece-of-string question we’re asked most often.
Short answer: Usually 2-3 weeks after the closing date. It can be quicker if buyer or seller (usually seller) has reason to hurry, but hurry can come at a high price for either side. Usually we’ll advise our clients to bide their time. Occasionally there are agents who have OD’d on double espressos with negotating skills that come under the heading of hit and run. And they do get hit.
In EOE’s the agents hold most of the cards, so it’s important to read the game and to change your tactics to suit.
The whisperers …
We’re hearing (we do a lot of hearing) that some significant Toorak mortgages are through the collapsed Banksia Group. Refinancing in a more difficult market through banks which are tightening mortgage criteria could prove to be … interesting.
Among the Section 27 Deposit Release Statements that pass our way are a number where mortgages are shown to be as high as 90% of sale prices. Some of us live in precarious times.
The dummy who didn’t.
Offer made pre-auction.
“Go away. We have four sure bidders.”
Just one hand goes up. Passed in.
Agent, to the dummy who didn’t bid (a friend of the owner?).
“I told you the reserve was … (insert number here).”
Said in front of the under-bidder.
And that cost the vendor a fast six figures.
Or just plain old everyday stupid?
Bayside: (back next week)
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