Property news: 2 real estate articles worth reading

by Chris Lang on June 22, 2009

ABC Television News RoomI am starting a new “tradition”. Once a week I will be posting links to the most interesting articles I’ve read this week with a short overview what those articles are about and why you should take a closer look at them.

I think it will add a healthy balance to Homeiown, because while my main goal is to share what I learn about the way Aussie property world works, it is impossible to get there without being somehow up to date with some of the news. So without driving you into information overload I will limit it to 2 – 4 articles worth reading.

So let’s start with my latest reads:

Getting dumped by conveyancers

Did you know your conveyancer can dump you? Yes, I know, it sounds completely unprofessional, and you might expect it from a lover but not from a person you’re hiring for a job.

Nonetheless it happens and here is why: conveyancers charge less than lawyers because they work on assumption that your case will be a very “straight-forward” one and all they’ll have to do is push paperwork. As soon as there are complications that make their life more difficult and you become less profitable as a client, there is a risk of you being dumped, meaning they will return your file and say they can’t (= don’t want to) do anything for you. This is especially dangerous for you if the settlement date is very close because of all the fees you might have to pay for failing to settle.

It doesn’t mean that you have to put up with this dumping and as a customer you have rights, which you can read all about here, in Peter Mericka’s blog.

In-room property auctions – what are they and why should we care

Have you ever seen one of those TV shows where they sell antiques at an auction? Apparently, they sell houses in a similar way. When I think property auction, the image that comes to mind is a bunch of people on a footpath waiting for the show to begin. Well, this is not the only way and if you want to avoid curious neighbors, bad weather or public embarrassment if nobody comes, go for an in-room auction.

Here is what happens: the estate agency books a room in a neutral location and presents about 50 houses at once for people to bid. Although those in-room auctions are quite popular in Queensland and New South Wales, in Victoria they were only recently introduced and right now there is just one real estate group that is holding them.

These in-room auctions looks like an ideal solution for investors, obviously because they are a great time-savers, but on the downside the pace of bidding is faster and the atmospheres can get somewhat intimidating, so I wouldn’t recommend those for a beginner. Read the full article in Herald Sun and find out all the details.

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