This story began many years ago in a tight knit suburban street in Melbourne’s leafy inner east. Two neighbours became close friends and enjoyed many happy occasions together. But over time, one of them developed dementia. As her family lived overseas and interstate, she turned to her long-time friend and neighbour, Anne, to be her Power of Attorney and help her through the coming years.
The dementia gradually became worse and she needed to move into Aged Care. Luckily, her good friend Anne stepped in to assist with the many tasks associated with moving. Anne took on responsibility for finding a suitable care home, arranging all her friend’s financial affairs, selling her house, and the list goes on...
Fortunately, the owner also had another trusted advisor to help her make the move into Aged Care – her financial adviser. And as her condition deteriorated quickly, she unexpectedly had to move into care at short notice.
Tower had successfully worked with this particular financial adviser on several other jobs, so he introduced us to both Anne and the vendor and asked us to help facilitate the sale of her home.
At the time we met Anne and the vendor, she had already moved into care and was paying the Daily Accommodation Payment (DAP). The sooner she was able to pay the Refundable Accommodation Deposit (RAD) the more money she would save, so speed to market was critical.
Timing wasn’t in their favour though, as all this happened just as the COVID-19 restrictions were introduced in Melbourne. The rules were constantly changing and the effect on the property market was unknown. All we could do was work quickly and be prepared to adapt and change as necessary.
Within two weeks of being appointed, Tower had received and reviewed two agent proposals. We wasted no time appointing one and swiftly moved on to preparing the home for inspection. We gave the garden a substantial overhaul, organised a full internal paint to bring some light and freshness into the home, and finished with a thorough clean and professional styling.
The property looked spectacular and was ready for viewings.
Despite a somewhat skittish market, the home was well received. All open inspections were private in accordance with the COVID-19 rules, and three weeks into the marketing campaign, the agent had 12 interested parties. Serious offers came from four of them, leading to an online boardroom auction where the property was successfully sold.
The vendor can now relax into her new life within Aged Care and Anne no longer has to worry about her friend’s property affairs. A great outcome for everyone involved.