Didn't think it could get any worse...

Hi All,
Thought I'd give an update. The house is finally on the market, went on last week.
The in laws have said they will help us out with the shortfall. I'm feeling excited (How can that be possible losing $150k) that this could possibly be over in a few months. We can finally move on with our lives (Albeit with a $150k debt) Thanks to you all for your help with our situation.

 

Good.........how did the so called damage pan out.....not as bad as thought.....

 

Best of luck Ems. At least Domain is optimistic!!

 

Are you also looking for a tenant? Or is someone in there!

 

Wow well done Ems ! So happy that you are able to get out and move on!Well done in hanging in there !
It doesnt look like it needs much work ?!! Maybe the agents are just comparing it to the other "newer"looking properties that are on the market too due to the downturn ?!!
Personally I would (or get a handyman to )
just cover the whole thing internally(including the sunrooms or covered porches) with white paint
(or a light beige(burlap or the like 1/2 strength),
tidy the floors and a few little items (the odd kitchen door)
and make it look loved (spend about $2500?) ,
and try put a bit more($15-20K) on the price as its got development potential too ?
Then if not sold in a few weeks-or a month or so reduce it again .
This would help it have more options for buyers too(someone may want a big house really cheap -to live there as is ?Then the agent can try advertising it as not just a detonate/major reno??as this can scare people off who may be happy as it is)
Just an idea-Maybe there is repairs needed we cant see there?!!

 

Sorry to hear about your dilemma.

I would use this as a learning curve, albeit an expensive one. Investing in mining towns is speculative and should only ever be done by someone who can afford to potentially go backwards and not a newb. Best to stick to bread and butter medium or below priced properties that are in high demand for renting.

Did you purchase through a "property marketing company" aka spruikers? If yes please name them!

 

Hi Ems, great news. I was wondering about you and your situation all day yesterday!

 

Great news!

What??????

The dude lost $150k because the banks, Goverment and real estate agents flogged prices up to crazy levels and he bought it and we are congratulating this sad state of affairs.

Wake up wake up wherever you are people.

 

What??????

Its the market (buyers) that dictate property prices not gov, banks or REAs.

 

I dont know any specifics about this market in terms of devvy prospects etc but in a bad market you rarely want to ask a bit extra in the highly unlikrly hope you get it with the view to reduce etc as you end up chasing the market down with a stale property in a buyers market where they hold the cards and not the sellers.

Plus add in the fact that house is empty in the wasted few months, all while @Ems has significant financial and emotional stress.

My recommendation would be to come in hard and strong by being well priced and doijg everything right in terms of presentation, using right agent etc.

Best wishes either way @Ems

 

No it is not. It's the Goverment and banks and the real estate agents and builders who lobby the Goverment (spelt corruption) who allow the economic terrorism against Australians of allowing Australian banks to borrow money from countries who print endless amounts of money at negative or near negative interest rates and then lend this money to Australians while vanquishing the 20% cash deposit rule at much higher interest rates. This should be illegal. Money should never be available in a country for the people's housing to any bank except at the going official reserve bank cash rate or you undermine the opportunity to every other citizen of the country. Why do we even need banks to skim another 2.5 % above the official cash rate?. Why are Australians not able to borrow directly from the reserve bank? Why do you voters allow this situation? Why don't you change it?
All these laws allow the banks to proliferate and skim billions of dollars from Australians. All that cheap money is what drives property prices up and fuels the frenzy of speculation. Proof: when money dries up or is restricted at the banks then Australian property prices drop.

 

Well I mentor people to be wealth investors not mugs in a rigged game. So get off your high horses. I am educating everyone to not be the suckers getting reamed by a big propaganda machine, and if this forum is keen to see itself as impartial then they will see the value that brings.

 

Class of 2016

 

This thread is more (I feel) about compassion and being "human" aswell as a learning experience for those directly involved and those willing to learn from it. So for you to come in with the tone you had.... It's not a mentoring tone by any stretch.
If you can bring real value to the forum that is impartial, I am all for it, and most on here would be also.

 

The government didn't force them to buy? I'd feel sorry for the locals buying PPOR rather than people trying to make a quick buck.

 

You have made a good decision.

Go in hard/aggressive in terms of price range if you want to offload, first 6 weeks most important to attract any potential buyers.
All the best

MTR

 

Keep the house you will not lose your money in the end. That house is a problem but it's is a good problem to have. Drop the rent get a tenant and weather the storm

 

My advice is the only advice you will not regret.

Gladstone will bounce back in the next few years and you will sell it then. I have a feeling that Australia is about to be flooded with trillions in cheap money and a million immigrants over the next three years as that's the cheap and easy drug fix manner that State goverments and federal spending operate in the void of innovation that Australia has become.

Give it some time in a while you can fly over and get it fixed up.

 

Dude! @Ems has just gone through the emotional wringer! They've made a decision and need support.

P.s I love a contrarian view as much as anyone but even if a zillion immigrants arrive...why in Earth would they go to Gladstone?

Most immigrants go to melb,syd or occasionally Brisbane. They'll head to Perth and Darwin if conditions are right and only head to a place like Gladstone should a big project get underway.

Have you been there lately?