Header Ad Module

Collapse

Announcement

Collapse
No announcement yet.

Should we get a Lim report?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Should we get a Lim report?

    The valuer told us this morning that we should consider getting a Lim report done as it speeds up the selling process. The alternative is to get the significant documents from the council.

    Should we get one done?

    Thanks very much,
    Sarah.

  • #2
    Sarah,

    A little more information please.

    xris

    Comment


    • #3
      Hi Xris,

      sorry it was a bit brief. My partner and I have just spent 1.5yrs doing up our first 'do-up' and are about to put it on the market. We are very biased and are not going with agents to sell - we are going with Trademe, as well as listing in the Waikato Times and putting a sign up outside the house. We decided on a registered valuation since we didn't really know what it is worth and it will help with the selling process. Does this help?

      Comment


      • #4
        Getting the LIM and making it available to your prospective purchasers does two things:

        1. Makes sure (hopefully) that there are no surprises in the LIM.

        2. Speeds up the sale process - if the purchaser can inspect the LIM quickly, they may then waive the LIM condition, removing the automatic 15 day (?) period required.

        It also reduces the purchasers costs and shows that you are willing to help where you can.

        Personally, I wouldn't let all and sundry take a copy of the LIM until they have presented an offer.

        cube
        DFTBA

        Comment


        • #5
          Yes that does make sense. I guess it just means that if people are interested, then we dont necessarily have all that waiting around for an unconditional offer. Is that pretty much what you are saying?

          Comment


          • #6
            Hello Sarah,

            I am perhaps not the best person to ask for advice on this topic because the advice may not be what you want to hear.

            If you are selling a property and you are not completely clear about what is involved, then employ somebody who is totally clear about what is involved. To do otherwise is a big gamble with your future realised capital, ie a high chance of underselling or getting yourself in a pickle with clauses. Your lawyer may help to a cetain extent but no furher because lawyers are not salespersons. they tend to think like this:

            "Get a registered valuation to find out what it is worth and sell it for that. You can even drop a few thousand in negotiations and still be saving money on a agent's commission."

            So, my advice is to use an agent.

            I base this on your obvious lack of some basic knowledge about the selling process. (Please note that no offence is meant here.)

            1/ You are not listing with anyone, certainly not with Trademe.

            2/ Buy a copy of the LIM if you want because there are plenty of amateurs out there. No one with any real sense would accept a LIM handed to them by the vendor.

            3/ And what makes you think that buying a copy of the LIM will speed up the process? It is not for you to read, but rather the buyer.

            Anyway, as I said, this may not be the sort of advice you are after.

            Oh, and why are you biased?

            xris
            Last edited by xris; 31-01-2007, 01:52 PM.

            Comment


            • #7
              Hi sdt2

              I think getting a LIM report for the buyers is a good idea.

              If I was buying a house and saw that they already had a LIM report, and it was current, I would certainly want to have a read of it. Buying my own report would cost time and money.

              Some people might still choose to get their own report as well, just in case there is something new which has occurred since the first report was created.

              Good luck. Let us know how you get on with the sales process.

              Comment


              • #8
                Originally posted by RentMaster View Post
                Hi sdt2

                I think getting a LIM report for the buyers is a good idea.

                If I was buying a house and saw that they already had a LIM report, and it was current, I would certainly want to have a read of it. Buying my own report would cost time and money.
                Andrew,

                If you accepted a LIM given to you by the vendor it could potentially cost you a lot more than the cost of getting the LIM yourself.

                Your call though.

                xris

                Comment


                • #9
                  Originally posted by xris View Post

                  If you accepted a LIM given to you by the vendor it could potentially cost you a lot more than the cost of getting the LIM yourself.
                  That may be true, but as a vendor, you are not incurring such risk, and are seen as saving (90% of) the potential purchasers' time and money. On balance I would say it is a good idea as the cost to you is small.

                  If you sell through a RE agency, then the agents will be doing all they can to disuade the potential purchasers from getting a LIM. (On the basis that such a condition will take too long and someone else will buy the property in the meantime, and if you put 15 days they will have to insert a clause allowing the vendor to accept any higher offer during that period etc etc.

                  Good luck anyhow,
                  Tim
                  Last edited by Jumpin; 31-01-2007, 09:11 PM. Reason: adding an apostrophe

                  Comment


                  • #10
                    Lim

                    Hi Andrew,
                    thanks for that, yes I was thinking the same thing, in that the more information I could provide for them the better. I also thought that because the LIM was prepared by the council that it was independent. For my own purchasing information, how can it cost you money as a buyer to read their LIM report?

                    Cheers,
                    Sarah.

                    Comment


                    • #11
                      Originally posted by sdt2 View Post
                      For my own purchasing information, how can it cost you money as a buyer to read their LIM report?
                      Probably only by taking it as gospel, and not researching any further - most unlikely by anybody on this forum but quite possible from the masses.

                      All the best
                      G
                      Premium Villa Holidays in Turkey

                      Comment


                      • #12
                        Yes my partner just explained that we could exclude anything we wanted from the LIM, which is pretty obvious (I really need some sleep!). But thanks for taking the time to answer me despite the fact!

                        Sarah.

                        Comment


                        • #13
                          Hello Tim,

                          That may be true, but as a vendor, you are not incurring such risk, and are seen as saving (90% of) the potential purchasers' time and money. On balance I would say it is a good idea as the cost to you is small.
                          I tend to agree. I was however talking about the wisdom of the buyer's accepting a LIM from the vendor, not of the vendor's offering it.


                          If you sell through a RE agency, then the agents will be doing all they can to disuade the potential purchasers from getting a LIM. (On the basis that such a condition will take too long and someone else will buy the property in the meantime, and if you put 15 days they will have to insert a clause allowing the vendor to accept any higher offer during that period etc etc.
                          Not sure I agree with this bit though.

                          PS/
                          Regarding the apostrophe - I commend your attention to detail.

                          Comment


                          • #14
                            Just reporting my recent experiences as a purchaser .....

                            Comment


                            • #15
                              Originally posted by sdt2 View Post
                              Yes my partner just explained that we could exclude/delete/alter anything we wanted from the LIM, which is pretty obvious (I really need some sleep!). But thanks for taking the time to answer me despite the fact!

                              Sarah.

                              He sounds like a smart cookie. Maybe he deserves breakfast in bed in the morning?

                              xris

                              Comment

                              Working...
                              X