The Real Deal! 22 September 2017

All about the money…

As I write this blog I am reminded of a very catchy tune by Meja, called “All about the money” written in 1999 (the year we were obsessed with Y2K!).

It goes like this and speaks volumes, even with the volume turned down.

“Sometimes I find another world inside my mind

When I realise the crazy things we do it makes me feel ashamed to be alive

It makes me wanna run away and hide

It’s all about the money

It’s all about the dum dum didudumdum

I don’t think it’s funny

to see us fade away

It’s all about the money

It’s all about the dum dum didudumdum

And I think we got it all wrong anyway”

This week I had a call from a potential seller who seemed very confused by the sales process. She wanted to know what the terms of sale in Queensland are! She was very nervous about selling and having ONLY 30 days to find her new home. She wasn’t worried about the money – she was worried about the timing.

First of all let me clarify that there are no standard settlement terms. There is an assumption that it is always 30 days and a 5% deposit. Whilst this is often the case with an auction campaign, this is up to the seller and buyer to determine what they want.  I think this is the case because, truth is, most agents in Brisbane insist on these terms as they want to get paid sooner!

No sale is ever text book material which is what makes my job so much fun! It is also up to the buyer to determine what works for them as they are also a part of the process and negotiation.

Ultimately this is what negotiation is about. There is normally some compromise on price, terms and settlement – so that both parties are happy and the RE/MAX “everybody wins” slogan can become a reality.

For some people, a longer settlement is very desirable as they need to find a new home. However, for sellers that are cash-strapped or need the funds for another purchase/transaction, a short settlement is what is required and they may even take less with a 21 day cash settlement.

Settlements can only be moved once contracts have been exchanged through solicitors, remember, and settlements have to occur no later than the specified day on the contract or otherwise penalties can also apply.

Your best bet,as a buyer, is to write what you want on the contract and leave it up to the seller to counter-offer with regards to terms.

It’s not always about the money.

And if we think so, we got it all wrong anyway.

 

 

Copyright – Gaby McEwan (No part can be reproduced or replicated without permission given by Gaby McEwan)