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I knew the asking price was a little steep, but thought there would be some room to move.
Unfortunately, the vendor was not prepared to come down to the amount that I could swing.
According to the company I used as buyer's agent, there have been no other offers, so as a result it is still on the market.
Maybe I'll call them again in a month or so.
Take your time on this one, the world economy is being slowed by the U.S. Federal Reserve again. They have withdrawn about $450 billion in liquidity on top of the interest rate increases in the last year. Australia's housing market is slowing radically in Melbourne according to my finance friends there and mortgages are getting harder to re-finance for investors who are upside down. In a year or so this seller may well be begging someone to buy this parcel given the overbuilding boom/bust cycle.
I know that you are a long way from Melbourne and Western Australia is very desirable, but the real estate bubble there will bust just like it did in the states.
(snip)
I know that you are a long way from Melbourne and Western Australia is very desirable, but the real estate bubble there will bust just like it did in the states.
(snip)
The market has really cooled in WA already - most residential stuff is off the recent peak by 10% to 12%. That's the main reason I wouldn't/couldn't match his asking price.
It seems that this vendor hasn't been paying attention, though.
With a little research, it appears that the property was both residence and business - and the business didn't go too well.
I suspect that if it doesn't move soon, I'll probably be talking to the bank after they foreclose.
Good news is - the wife likes the house, almost as much as I LOVE the shed/workshop.
If it comes into our price range, that's like having a pre-approved loan.
Finally, with a written offer, that information is available to the bank if they intervene.
That makes any such offer first cab off the rank in any mortgagee sale.
Last edited by sendarius; 11-20-2018 at 07:33 AM.
Reason: Added info
The market has really cooled in WA already - most residential stuff is off the recent peak by 10% to 12%. That's the main reason I wouldn't/couldn't match his asking price.
It seems that this vendor hasn't been paying attention, though.
With a little research, it appears that the property was both residence and business - and the business didn't go too well.
I suspect that if it doesn't move soon, I'll probably be talking to the bank after they foreclose.
Good news is - the wife likes the house, almost as much as I LOVE the shed/workshop.
If it comes into our price range, that's like having a pre-approved loan.
Finally, with a written offer, that information is available to the bank if they intervene.
That makes any such offer first cab off the rank in any mortgagee sale.
Sounds like you are on the right track to turn this dream into reality! You will have to add a white Cayenne for that off road test track in the back yard!
This is the culmination of about 6 months of work. 60’x40’ roof with 16’ caport and side and rear 8’ porches. The interior box is 32’x36’ with a second floor storage access and large enough for cars of about 2000 sq ft.
This is the culmination of about 6 months of work. 60’x40’ roof with 16’ caport and side and rear 8’ porches. The interior box is 32’x36’ with a second floor storage access and large enough for cars of about 2000 sq ft.
WOW! Just wow... This is a beautiful garage in a beautiful setting.
11-18-2018, 01:11 PM
