1st is always the most difficult

[Melbournian]

wow. thanks for this guys. definitely need more provision for interest payments.

We're planning for a pre-fab home so it should be a bit quicker than the traditional build.
One thing ANZ pointed out was that they could give us 80% of the end value for construction. That's quite new to me but we'll look into to when it comes down to it.

REA is playing games now. He said there's another offer and the vendor's solicitors are holding onto our contract (express posted for exchange with unconditional finance approval and no cooling off period). They're supposed to be exchanged today! He said the vendor's solicitor has issued another contract out to that buyer who's running around frantically to get his finances organised today! What the H3LL?!?!?

where're you going to get the prefab home from?

 

[jsoe]

There is no issue if you exchange contracts but often buyers expect the vendor to take his property off the market but themselves haven't made a comittment to buy the property by signing the contract and putting the deposit down.

And they complain when they miss out.....

The vendor's solicitor was holding our 5% cheque + our signed contract. Then at 10 mins to 5pm last Friday, they said the vendor has decided to go with another buyer. We understand it's legal and all but it's just exhausting and annoying. Oh well, we've moved on and already started to look at other blocks.

 

[jsoe]

where're you going to get the prefab home from?

We have an architech who deals with pre-fab home builders in Central Coast. I was also approaching Kendale homes to get separate quotes. Any recommendation?

 

[BV]

The vendor's solicitor was holding our 5% cheque + our signed contract. Then at 10 mins to 5pm last Friday, they said the vendor has decided to go with another buyer. We understand it's legal and all but it's just exhausting and annoying. Oh well, we've moved on and already started to look at other blocks.

ok so they hadn't accepted you offer because if they did they would have exchanged contracts

 

[jsoe]

ok so they hadn't accepted you offer because if they did they would have exchanged contracts

BV, it's a bit more complicated in this situation. this' a potential dev site so, the price was agreed verbally. and that's the figure we aimed to get approval from the bank. meanwhile, our solictors were negotiating terms like early entry, vendor to sign docs before settlement, etc etc. you know additional terms to a standard contract, so we couldn't just exchange contracts straightaway. Even though we did, they could've pulled out during the 5 days cooling off period.
I know they have the right to do that if they get a better offer, but we were upset because 1st they didn't come back to us giving us room to negotiate further, and 2nd coz we've done work with architech, builders, etc.
And the contract they signed and were holding on, it was unconditional. We took 5 days to negotiate additional terms (which they all said yes to!) and to get unconditional finance approval.

Please feel free to share tips on how to avoid such situation in the future if anyone knows. Though I doubt it, otherwise the word "gazumping" wouldn't be this popular.

 

[BV]

Even though we did, they could've pulled out during the 5 days cooling off period.

The coling off period is for the buyer not for the vendor.
Once the contracts are exchanged the vendor can't change his mind and sell to someone else

 

[jsoe]

The coling off period is for the buyer not for the vendor.
Once the contracts are exchanged the vendor can't change his mind and sell to someone else

Yeah, wish we could've just exchanged straightaway. but it wasn't a relevant factor in this case as I said regarding the negotiating of the additional terms.

 

[jsoe]

AT LAST! looking for architects/builders Woy Woy

It's been a while for us to secure a potential development site in Woy Woy. But we've just exchanged on a good duplex site on Victoria Road, Woy Woy and we'd like to get the DA plan started. WE'RE LOOKING FOR LOCAL ARCHITECTS/BUILDERS.
The site is approximately 696sqm (15.25m street front x 45.72m) We intend to put a 2 x 3 bed 2 bath double garage, one level villas there. I see similar sites in the area so we're hoping to put something similar complimenting the street and save on some fees. We'd like to get the fees estimates for from DA to the turn-key border to border completion please. We don't mind exploring options with other building materials such as pre-fab homes.

Any recommendation/advice is appreciated as it's our first one. Thanks!

 

[jsoe]

Draftsman

It's been a busy month. We've found a lovely, professional, and prompt draftsman we can work with who is well known in the area and has handled most of dual-occ / triplex DAs. Good or bad, it's progressing fine for our firstie.
DAs from preparation to result (including amendments, survey, landscape drawing, engineering concept drainage drawings, and GST), we've budgeted close to $10k via progress claim. *fingers crossed*

Meanwhile, we're renovating the little 30 year old cottage on the block. It's more like cleaning, scrubbing, ripping off wallpapers and carpet, sanding the hard timber floor, and making it rent-able. We intend to spend as little as possible as it'll be knocked down later.

As always, guidance and advices welcome.

 

[young_starter]

hi jsoe,

i am also looking to get into doing some small developments in the not too distant future. Do continue to post up some updates as to your development journey. It is certainly a very good reading material!