Lowe & Co real estate agency co-founder Craig Lowe said these were the worst delays in his 26-year career.<\/p>\n
\u201cAt least in my memory, I can\u2019t remember it being this bad.\u201d<\/p>\n
He said delays in receiving Lims caused frustration and uncertainty, causing more pain for people during the sales process.<\/p>\n
He said buyers may have to have more additional conditions on the sale, or not go through to contract because they have not seen the Lim yet.<\/p>\n
\u201cTo actually transact, buyers and sellers need information.<\/p>\n
\u201cIt just adds friction to the process and slows things down and makes it particularly hard for sellers that have a reason to get on the market quickly.\u201d<\/p>\n
Alexia Stoddart from Tommy\u2019s Real Estate has had a client lose out on their dream home because of the delays.<\/p>\n
\u201cTheir dream property popped up on the market, and they couldn\u2019t be unconditional as the Lim hadn\u2019t come through. I think it was on day 20 [of waiting for the Lim]. So they offered, but with a finance clause waiting for that Lim.<\/p>\n
\u201cAnd those vendors took a lower offer, but an unconditional offer.\u201d<\/p>\n
Stoddart said the backlog was delaying house sales as sellers may not know they need a Lim to put their house on the market.<\/p>\n
\u201cWell, it basically puts you in a five-week limbo while you wait for that Lim, because people who bring their properties to market don\u2019t always know that the Lim is required and that there is this delay.<\/p>\n
\u201cSo they might suddenly want to come on the market next week. We may get them an offer in week two, but we have to sit for another sort of four weeks waiting for the Lim to arrive, because generally banks will not lend unless they cite the Lim.\u201d<\/p>\n
She said there was little agents could do while waiting for Lims.<\/p>\n
The fast-track service has been put on hold while the council works through the backlog.<\/p>\n
Backlogs over the summer are expected, as more houses come on sale during this time, causing higher demand for Lims.<\/p>\n
\u201cWe generally run between sort of 750 and 800 homes in the Wellington region, and we\u2019re up at around about 1100 at the moment. So there is an increase in properties on the market,\u201d Stoddart said.<\/p>\n
\u201cWe have had that spike before, though, and we still managed to get our Lims. It certainly hasn\u2019t been as long as it is now.\u201d<\/p>\n