Thought I'll update this thread. We have received an offer on our property at $30k more than was achieved at the auction (around $880k) Still discussing with the wife on what we want to do.
Thought I'll update this thread. We have received an offer on our property at $30k more than was achieved at the auction (around $880k) Still discussing with the wife on what we want to do.
Sounds like a reasonably decent offer?? Let us know what you decide!
For Aussie property bears, "denial", is not just a long river in North Africa.....
The offer will depend on the purchaser selling his house or something like that
Until the money is in the bank, is remains just that...
An offer.
Lol, you are pessimistic aren't you? Bold guesses considering you know practically nothing about my house nor the people making the offer.
Considering people here were telling me to sell at the auction for $30k less, I think I'll make up my own mind what to do. After all, free advice on the internet is worth just that right?
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
Lol, you are pessimistic aren't you? Bold guesses considering you know practically nothing about my house nor the people making the offer.
Considering people here were telling me to sell at the auction for $30k less, I think I'll make up my own mind what to do. After all, free advice on the internet is worth just that right?
You would be foolish not to take this offer! What are you hanging out for? Haven't you already bought?
Lol, you are pessimistic aren't you? Bold guesses considering you know practically nothing about my house nor the people making the offer.
Considering people here were telling me to sell at the auction for $30k less, I think I'll make up my own mind what to do. After all, free advice on the internet is worth just that right?
I think this "free" advice on the internet is going to haunt you as being better than the so called "experts"
None of them called the recession, real estate prices falling or indeed the coming second recession.
BTW... I know the location of your house ( Australia ) and I know the people that are making the offer ( Australians )
Says it all...
Let them sell their house first, then you might sell your own.....
The offer will depend on the purchaser selling his house or something like that
Until the money is in the bank, is remains just that...
An offer.
Lol, you are pessimistic aren't you? Bold guesses considering you know practically nothing about my house nor the people making the offer.
Considering people here were telling me to sell at the auction for $30k less, I think I'll make up my own mind what to do. After all, free advice on the internet is worth just that right?
In fairness, I'm not going to offer advice, just an anecdote and an opinion.
This reminds me of a situation prior to moving to Aus when I used to frequent an expat side. People on there were all in a tiz because a GBP was buying less than $2. Obviously in short order it went down to $1.60ish. There was then a bounce to $1.80, and people started saying it would soon move back to $2. There was a poster on there who had moved to Aus and had a large amount of GBP. This poster asked what should she do? Many people said wait for $2. I said she should consider what was the likely upside and what was the likely downside. It seemed unlikely given that the Uk economy was in the toilet that there could be a lot of upside above $1.80, and obviously the downside was pretty big. Dont know what she did, but within a week the GBP was tracking back below $1.60.
In your case, what is your likely upside? If the market sputters back to life, in a few months you might get 30-50k more (beyond this auction+30k offer). Tough to see a sudden surge which might net you $100k+.
The possible downside is a prolonged weakening with this being your best offer, and obviously the next offer you get in that scenario could be lower and the longer you wait the lower it could go. Not even suggesting a crash here, just a long-drawn out decline due to a soft economy and a poor global backdrop. Obviously theres a stronger downside scenario also if there is a major event.
So if you were considering holding out, I would suggest you need to be prepared for the possibility of holding for a long time. If that is not a good option, I don't know why you would refuse this offer.
In fairness, I'm not going to offer advice, just an anecdote and an opinion.
This reminds me of a situation prior to moving to Aus when I used to frequent an expat side. People on there were all in a tiz because a GBP was buying less than $2. Obviously in short order it went down to $1.60ish. There was then a bounce to $1.80, and people started saying it would soon move back to $2. There was a poster on there who had moved to Aus and had a large amount of GBP. This poster asked what should she do? Many people said wait for $2. I said she should consider what was the likely upside and what was the likely downside. It seemed unlikely given that the Uk economy was in the toilet that there could be a lot of upside above $1.80, and obviously the downside was pretty big. Dont know what she did, but within a week the GBP was tracking back below $1.60.
In your case, what is your likely upside? If the market sputters back to life, in a few months you might get 30-50k more (beyond this auction+30k offer). Tough to see a sudden surge which might net you $100k+.
The possible downside is a prolonged weakening with this being your best offer, and obviously the next offer you get in that scenario could be lower and the longer you wait the lower it could go. Not even suggesting a crash here, just a long-drawn out decline due to a soft economy and a poor global backdrop. Obviously theres a stronger downside scenario also if there is a major event.
So if you were considering holding out, I would suggest you need to be prepared for the possibility of holding for a long time. If that is not a good option, I don't know why you would refuse this offer.
I think this "free" advice on the internet is going to haunt you as being better than the so called "experts"
None of them called the recession, real estate prices falling or indeed the coming second recession.
BTW... I know the location of your house ( Australia ) and I know the people that are making the offer ( Australians )
Says it all...
Let them sell their house first, then you might sell your own.....
But until then..
Puff and Wind
Not listening to the "free advice" and not listening to the "experts" - we are making up our own minds. It seems the free advice I am getting here is jump at the first offer you get ...
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
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