Yep.
Almost always a good idea to hold property if you possibly can.
Sometimes it seems too difficult, or there are personal feelings that you just want to be rid of the old place.
Looking back at what you actually owed on the place twenty or thirty years later is rarely a fun thing to do, though.
We looked at what we owed maybe 8 years ago, ouchies!
Still, I know it’s easy to say.
And for the first three years or so it totally seems like the right decision to let it go…
That’s where you need wiser heads and if possible access to the family bank.
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Absolutley. Only sell to buy. If you cant pay the mortgage on your house, rent it out. Rent somewhere else to live, move in with parents, siblings etc. Becasue you will never get as good a deal as the one you got then.
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yeh but 6 years ago when interest rates where 5-6% and house prices seemed high.
It was more marginal, had we known property would rocket and interest rates would fall, not many would have sold property. I guess if tenanted should cover the mortgage just more feeling of being in debt.
Very few places where property doesn’t either go up or at least stay much the same. Country areas with single industry (which could go under) WA and NT both have very flakey markets. WA isolated from the rest of the country seems to rise and fall with the success or otherwise of mining. NT not sure about, might have something to do with troop levels, there is a fair bit of defence housing rentals up there.
The rest of the country in urban areas sometimes flattens marginally, but you can usually ride it out for a year or two and it will come back.
Thats been my experience anyway.
Any of you blitzers from Perth?
I’ve heard opposite stories from across the Nullarbor.
Yeah to me that sounds like their bank wasn’t up for it.
Probably ■■■■■■ their credit rating too.
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another one
I thought bank errors meant you’re supposed to collect $200. Parker bros lied.
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Hate to break it to you…you didn’t come second in a beauty contest either
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Heh. Who came first, Medusa?
Has anyone here used a fixed price real estate agent before?
My sister and brother in law have - they spent a couple of years flipping 4-5 houses.
They listed one by themselves, one with a fixed price, then wised up and used proper ones after that.
Cheap doesn’t mean good value.
Our saga with buying a new factory has another twist.
We signed a Sale Contract on August 23rd and have been trying to get settlement, but the seller has gone into receivership.
Now we find that the property was actually sold in October 2020 to another party who has a caveat on the title. So this property has been sold twice and two deposits paid. I am not sure who to yell at first; the real estate company, my lawyer, the vendors lawyers or the vendor. Anyway after years of buyng and selling property, thinking I knew everything and always reading every word of the contract. we have been dudded. Our deposit seems safe, but we have already moved in, spent money on security cameras and new locks and new stationary etc with the new address.
I am not sure what I will do next; either find a new place or just sell up everything and go away and sook. For sure, we are not moving out of this place until the deposit has been returned and we sue someone for damages.
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That sucks.
Your lawyer should be in the gun first, loudest and longest.
That is the key part of their job, to ensure clear transfer of title to you.
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Agreed with Kj. Whilst all the others you’ve listed above Bacchus should have known better, you actually paid your lawyer to check this kind of thing and advise you. It really isn’t particularly difficult to lookup the title and find a Caveat Acknowledgement.
A good Conveyancer/Real Estate Lawyer is worth their weight in gold. Time to find someone new moving forwards.
Sorry to hear you’re in this mess, Bacchus. That’s awful.
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pretty sure your lawyer can contest the caveat has you had a purchase already agreed to.
It all seems so dodgy.
Someone signs a sale contract 12 months ago, pays a deposit, but the sale is never settled, and their contract is still valid.
Anyway, apparetnly I can claim compensation agains the Vendor, but he is in receivership and we would be an unsecured creditor. Getting any money out of any Lawyer would be very difficult.
Think I will get my deposit back and find a new place.
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I always thought the sale would become void if payment wasn’t made prior to settlement date?
Hope you can get a favorable resolution quickly.
On a similar note we purchased the factory we’ve rented for the last 19 years on Monday. Luckily for us we already occupy the building which shouldn’t lead to any issues you’ve faced.