Welcome Guest [Log In] [Register]


Reply
Our house is up for auction tomorrow!; Anyone want to guess how the market has performed in the last 5 years?
Topic Started: 26 Aug 2011, 12:44 PM (18,703 Views)
Trojan
Default APF Avatar


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.
Edited by Trojan, 21 Sep 2011, 04:31 PM.
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
Profile "REPLY WITH QUOTE" Go to top
 
Sydneyite
Member Avatar


Trojan
21 Sep 2011, 04:26 PM
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.....
Profile "REPLY WITH QUOTE" Go to top
 
Piper
Member Avatar


Why are you even "thinking about it" ?

Take it!

Run!

My guess is that the offer is just that...

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.
Profile "REPLY WITH QUOTE" Go to top
 
Trojan
Default APF Avatar


Piper
21 Sep 2011, 09:08 PM
Why are you even "thinking about it" ?

Take it!

Run!

My guess is that the offer is just that...

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 ....
Profile "REPLY WITH QUOTE" Go to top
 
Mc_Gusto
Default APF Avatar
mcgusto

Trojan
21 Sep 2011, 09:42 PM
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?
Silence of the BULLS

HA HA
Profile "REPLY WITH QUOTE" Go to top
 
Piper
Member Avatar


Trojan
21 Sep 2011, 09:42 PM
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.....

But until then..

Puff and Wind
Profile "REPLY WITH QUOTE" Go to top
 
davel
Default APF Avatar


Trojan
21 Sep 2011, 09:42 PM
Piper
21 Sep 2011, 09:08 PM
Why are you even "thinking about it" ?

Take it!

Run!

My guess is that the offer is just that...

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.

JMO.
Profile "REPLY WITH QUOTE" Go to top
 
Piper
Member Avatar


davel
22 Sep 2011, 10:54 AM
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.

JMO.
Well said
Profile "REPLY WITH QUOTE" Go to top
 
Trojan
Default APF Avatar


Mc_Gusto
22 Sep 2011, 08:57 AM
You would be foolish not to take this offer! What are you hanging out for? Haven't you already bought?
Just like I was foolish for not taking the highest offer at the auction which was $30,000 less?
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
Profile "REPLY WITH QUOTE" Go to top
 
Trojan
Default APF Avatar


Piper
22 Sep 2011, 09:22 AM
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 ....
Profile "REPLY WITH QUOTE" Go to top
 
1 user reading this topic (1 Guest and 0 Anonymous)
Go to Next Page
« Previous Topic · Australian Property Forum · Next Topic »
Reply



Australian Property Forum is an economics and finance forum dedicated to discussion of Australian and global real estate markets and macroeconomics, including house prices, housing affordability, and the likelihood of a property crash. Is there an Australian housing bubble? Will house prices crash, boom or stagnate? Is the Australian property market a pyramid scheme or Ponzi scheme? Can house prices really rise forever? These are the questions we address on Australian Property Forum, the premier real estate site for property bears, bulls, investors, and speculators. Members may also discuss matters related to finance, modern monetary theory (MMT), debt deflation, cryptocurrencies like Bitcoin Ethereum and Ripple, property investing, landlords, tenants, debt consolidation, reverse home equity loans, the housing shortage, negative gearing, capital gains tax, land tax and macro prudential regulation.

Forum Rules: The main forum may be used to discuss property, politics, economics and finance, precious metals, crypto currency, debt management, generational divides, climate change, sustainability, alternative energy, environmental topics, human rights or social justice issues, and other topics on a case by case basis. Topics unsuitable for the main forum may be discussed in the lounge. You agree you won't use this forum to post material that is illegal, private, defamatory, pornographic, excessively abusive or profane, threatening, or invasive of another forum member's privacy. Don't post NSFW content. Racist or ethnic slurs and homophobic comments aren't tolerated. Accusing forum members of serious crimes is not permitted. Accusations, attacks, abuse or threats, litigious or otherwise, directed against the forum or forum administrators aren't tolerated and will result in immediate suspension of your account for a number of days depending on the severity of the attack. No spamming or advertising in the main forum. Spamming includes repeating the same message over and over again within a short period of time. Don't post ALL CAPS thread titles. The Advertising and Promotion Subforum may be used to promote your Australian property related business or service. Active members of the forum who contribute regularly to main forum discussions may also include a link to their product or service in their signature block. Members are limited to one actively posting account each. A secondary account may be used solely for the purpose of maintaining a blog as long as that account no longer posts in threads. Any member who believes another member has violated these rules may report the offending post using the report button.

Australian Property Forum complies with ASIC Regulatory Guide 162 regarding Internet Discussion Sites. Australian Property Forum is not a provider of financial advice. Australian Property Forum does not in any way endorse the views and opinions of its members, nor does it vouch for for the accuracy or authenticity of their posts. It is not permitted for any Australian Property Forum member to post in the role of a licensed financial advisor or to post as the representative of a financial advisor. It is not permitted for Australian Property Forum members to ask for or offer specific buy, sell or hold recommendations on particular stocks, as a response to a request of this nature may be considered the provision of financial advice.

Views expressed on this forum are not representative of the forum owners. The forum owners are not liable or responsible for comments posted. Information posted does not constitute financial or legal advice. The forum owners accept no liability for information posted, nor for consequences of actions taken on the basis of that information. By visiting or using this forum, members and guests agree to be bound by the Zetaboards Terms of Use.

This site may contain copyright material (i.e. attributed snippets from online news reports), the use of which has not always been specifically authorized by the copyright owner. Such content is posted to advance understanding of environmental, political, human rights, economic, democratic, scientific, and social justice issues. This constitutes 'fair use' of such copyright material as provided for in section 107 of US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed for research and educational purposes only. If you wish to use this material for purposes that go beyond 'fair use', you must obtain permission from the copyright owner. Such material is credited to the true owner or licensee. We will remove from the forum any such material upon the request of the owners of the copyright of said material, as we claim no credit for such material.

For more information go to Limitations on Exclusive Rights: Fair Use

Privacy Policy: Australian Property Forum uses third party advertising companies to serve ads when you visit our site. These third party advertising companies may collect and use information about your visits to Australian Property Forum as well as other web sites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here: Google Advertising Privacy FAQ

Australian Property Forum is hosted by Zetaboards. Please refer also to the Zetaboards Privacy Policy