Real estate, post level 4

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#2486219 19-May-2020 11:34

quickymart:

Well done, I envy you. I wish I could pick up and move that easily - especially to somewhere a lot cheaper, but it's a bit hard when your kids are still in school and all their friends are there :(

Definitely a hard decision to make. When I was 8 my parents shifted us from Upper Hutt to Martinborough, I hated my new school! we moved back a year later and then in 1994 in 4th form they shifted us to Rotorua for two years, I didn't like school there either! They moved for work opportunities and I guess our schooling was a lower priority. I have no idea if it was the right thing to do but I've turned out alright, LOL.

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BlinkyBill

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#2486240 19-May-2020 12:00

kingdragonfly: Just sold my home in Wellington.

I had three offers
$610,000 cash non-conditional.
$611,000 conditional financing
$628,500 conditional LIM.

congratulations, well done.

as a matter of interest, why did you not get a LIM yourself? A LIM costs $333 in Wellington, and the third offer above may have been non-conditional. I would get a LIM and supply it to anyone who made an offer. I think providing a LIM or even a builders report is another selling tactic.

Scott3

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#2486270 19-May-2020 12:30

BlinkyBill:

congratulations, well done.

as a matter of interest, why did you not get a LIM yourself? A LIM costs $333 in Wellington, and the third offer above may have been non-conditional. I would get a LIM and supply it to anyone who made an offer. I think providing a LIM or even a builders report is another selling tactic.

Lawyers generally advise the purchaser against relying on vendor supplied LIM's. In short if the LIM contains an error from the council, the purchaser can only seek recourse from the council if they obtained the document directly.

It is not unusual in the situation where the vendor provides the LIM for the purchaser to get an identical LIM from the council simply for the additional protection that obtaining the document provides.

dafman

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#2486302 19-May-2020 13:10

BlinkyBill:

... or even a builders report is another selling tactic.

I'd never rely on a builders report provided by a vendor.

Technofreak

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#2486340 19-May-2020 13:56

dafman:

BlinkyBill:

... or even a builders report is another selling tactic.

I'd never rely on a builders report provided by a vendor.

Nor as a seller would I accept one from purchaser. Been there done that.

Same for valuations. Ditto.

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BlinkyBill

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#2486343 19-May-2020 14:00

Scott3:

BlinkyBill:

congratulations, well done.

as a matter of interest, why did you not get a LIM yourself? A LIM costs $333 in Wellington, and the third offer above may have been non-conditional. I would get a LIM and supply it to anyone who made an offer. I think providing a LIM or even a builders report is another selling tactic.

Lawyers generally advise the purchaser against relying on vendor supplied LIM's. In short if the LIM contains an error from the council, the purchaser can only seek recourse from the council if they obtained the document directly.

It is not unusual in the situation where the vendor provides the LIM for the purchaser to get an identical LIM from the council simply for the additional protection that obtaining the document provides.

I’m sceptical about that, what is your authority for this assertion?

BlinkyBill

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#2486344 19-May-2020 14:02

dafman:

BlinkyBill:

... or even a builders report is another selling tactic.

I'd never rely on a builders report provided by a vendor.

i wouldn’t rely on a builders report under any circumstances. It’s a selling tactic, that’s why I said it’s a selling tactic.

mattwnz

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#2486350 19-May-2020 14:21

MileHighKiwi:

quickymart:

But there is a housing shortage, isn't there?

BNZ economists are predicting an oversupply of houses in the next 12-24 months, driven mostly be reduced immigration. When you add 70,000 people a year to your population, they need to live somewhere. When they stop coming, we don't need as many houses. We need to look at things regionally though because some areas like Queentown will be hit harder than Wellington for example.

This why I am a bit perplexed why as part of the budget, they are wanting to build an extra 8000 new state homes. A lot of people appear to have returned to NZ with the virus, pushing us to over 5 million so there has been some increase. What population does NZ want? Or is growing the population by 80,000 a year through immigration, NZs growth strategy? IMO it isn't sustainable long term, and also needs massive infrastructure and services spending to match, which hasn't kept up. I mean why does Auckland have a water crisis again when that pipeline was supposed to provide a fix for previous water crisis's. In the meantime Aucklands population has skyrocketed.

mattwnz

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#2486365 19-May-2020 14:44

It seems there are quite a lot of new listings on the market now, and lot of people at open homes this last weekend from what I observed. Is going to be interesting to see what happens. I think many people seem to be acting like the virus situation is over in NZ in terms of everyday living. Unemployment though is going to be a big factor. I know of one company that is only doing work that is generating cash, rather than finishing work that has already been paid for, and their staff is on reduced hours as a result, so they can get good cashflow coming in, and reduce expenses.

Video about Australias proeprty market https://www.youtube.com/watch?v=0uTC4gNOCdU&feature=youtu.be

NZ needs to be a country that doesn't largely rely on selling milk, tourism, and houses to one another.

kingdragonfly

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#2486471 19-May-2020 16:45

congratulations, well done.

as a matter of interest, why did you not get a LIM yourself? A LIM costs $333 in Wellington, and the third offer above may have been non-conditional. I would get a LIM and supply it to anyone who made an offer. I think providing a LIM or even a builders report is another selling tactic.

The LIM is back logged. Also if the LIM came back negative the real estate agent would have to inform all bidders.

The house had an elevator put in it, then removed, and a lot of other weird work.

So I decided it wasn't worth the chance.

kingdragonfly

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#2486489 19-May-2020 17:18

As a matter of interest, can you tell us, if not too personal, if you considered renting out your place to keep a foot on the property ladder in a main centre?

I may be pessimistic, but I think the Wellington house prices have topped out at present.

Perhaps in 5 years, everything will be sunshine and flowers, but I'm pessimistic in the short term.

Honestly I'm looking for a warmer place to retire, and my house was in an "extreme wind zone." As you can imagine, I sometimes felt like I was in a wooden lighthouse on some desolate windswept island.

Scott3

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#2486502 19-May-2020 17:46

BlinkyBill:

Scott3:

Lawyers generally advise the purchaser against relying on vendor supplied LIM's. In short if the LIM contains an error from the council, the purchaser can only seek recourse from the council if they obtained the document directly.

It is not unusual in the situation where the vendor provides the LIM for the purchaser to get an identical LIM from the council simply for the additional protection that obtaining the document provides.

I’m sceptical about that, what is your authority for this assertion?

I'm not a lawyer, so cannot provide legal advice.

As examples of typical legal advice (I have no association with the below firms):

https://studiolegal.co.nz/read-lim-report/

https://www.farry.co.nz/2016/06/purchasers-need-to-obtain-their-own-lim-reports/

BlinkyBill

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#2486568 19-May-2020 18:21

Scott3:

I'm not a lawyer, so cannot provide legal advice.

As examples of typical legal advice (I have no association with the below firms):

https://studiolegal.co.nz/read-lim-report/

https://www.farry.co.nz/2016/06/purchasers-need-to-obtain-their-own-lim-reports/

Thanks. I’m not a lawyer either, but that simply makes no sense. It’s a memorandum, a term which has a specific meaning, and as Farry notes, a person can collect the information themselves by way of inspection - can they rely on that information.

I would still supply a LIM to those offering to purchase, as an incentive, but I suppose I’d have to provide it as my personal copy and not to be relied on.

quickymart

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#2486631 19-May-2020 20:36

If you couldn't rely on it though, what would be the point of it? At least if I've paid for my own LIM, it's on me if there's an issue, not you (the seller).

Batman

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#2489984 23-May-2020 11:46

well if the question was , per thread title, real estate immediately post level 4 - Auckland version, then the answer is

https://www.oneroof.co.nz/news/37939

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