Savings may be illusionary

V Seator (The Weekend Sun, October 27) is trying to sell privately to save real estate fees. My son recently sold his lifestyle property. Early on he received a private offer (verbal). He obtained a valuation by a registered valuer ($750) who valued it at $10,000 above the offer. This seemed to be a fair discount as there were no agents' fees. It then took four weeks for the buyer to put the offer in writing. The claim of being a cash buyer evaporated with a finance clause in the offer. After another week the buyer walked, they couldn't obtain a mortgage. Called in the local agents. They valued the property considerable higher than the valuer. The property hit the market on a Thursday, Saturday he had three offers (two above asking price), the final initials were completed Monday, and also a back-up contract. Wednesday the contract went unconditional, and was settled the following Wednesday. The price obtained was $110,000 more than the private offer. Doesn't give you much faith in valuers either. Does my son begrudge the agents' their fee? Heck no! So V Seator the $25,000 that you think you are going to save may be totally illusionary. R Prince, Welcome Bay.


There are no comments on this article.

Leave a Comment

You must be logged in to make a comment. Login Now
Opinion Poll

Who would you like to see lead the National Party?

Simon Bridges
Judith Collins
Amy Adams
Steven Joyce
Todd Muller

Bay Today

An uncommon butterfly spotted: New Zealand Admiral. A good start to the new year. Photo: Murray Smith.

Send us your photos from around the Bay of Plenty.