Some say selling and buying a new home rates as one of the most stressful activities you can do, and I agree it is a challenging activity.
We decided that we would embark on a bit of an experiment where we would look for a home that could accommodate three generations; we had a situation of adult children needing a safe haven for a while and ageing parents potentially needing support.
That’s a hard ask to find a home that big in Fremantle when we didn’t want to move from the lovely area we were already in, and we wanted more garden and we couldn’t go much above the sale price of our existing home.
After much looking we found a home, that to be honest took me a while to get used to its appearance but fitted our accommodation requirements. But it was for sale by transparent negotiation … what on earth was that? We had bought and sold many houses over the years but we had never heard of this method. Fortunately Mint Real Estate had prepared a comprehensive document to guide us through the process and their representatives Brad and Marissa answered lots of questions.
On the date of the negotiation I sat in an office with my computer and mobile phone and my upper limit clearly written down. Feeling very nervous I waited for Brad to call, and he did just as he said he would to check that I was ready and confirm that everything worked for me to be able to receive the negotiation sheet, sign, scan and send back to him. From memory there were 5 of us wanting this home. Negotiations commenced and as we were the last to put our offer in we were the 5th to make a counter offer. I was incredibly nervous but Brad was very reassuring and explained how the bidding was going and accepted my bid. This went on until there were only two of us left negotiating and I was getting very close to my limit and increments were now in smaller amounts. Brad had informed the bidders that the reserve had been reached so the house would sell during these negotiations. When I made my final bid I didn’t know if the other buyer would come back with more or not and it was somewhat stressful waiting to hear but it was all conducted very well and the whole process took about an hour. Brad called to say I was successful and the other buyer had pulled out. During the process I thought this was actually a really good process because everybody gets to see what others are offering and you get to offer your absolute maximum and the sheet of all negotiations is sent to all parties.
So that was the buying process, when it came to selling our existing home I wanted to use the same process because I think you get the most out of all the interested parties.
On the night of our sale we sat with Brad and Marissa and participated from the other side, it was comforting to be in the room when the agents were acting for us to get the best price. We didn’t reach reserve on the night so we went back to the final bidder with a counter offer the next morning, after we had time to think about what we wanted to do. This offer was accepted.
I think the process gets the best from all parties and you do see what everybody is offering and Brad and Marissa are very open and supportive; I recommend the process. It also uses a narrow window of market exposure so the sale period is not extended past the peak viewing time and this suited us.