Leaving the fiancé at the altar for man of your dreams

Hi all
We are two weeks out from settlement on buying a PPOR. It "addresses our needs" and is a pragmatic choice. However today we have seen a home that is the love at first sight, and it is bigger and a better area with better views and closer to our work.
Ironically it is the very house I had thought I'd want to buy when we were looking though it wasn't for sale.. should have door knocked!!!

It's up for auction on Tuesday if not sold prior. It's has offers 60k less than we got our one.

We also own two other homes.

How can we buy the new one? It's like leaving your fiancé when you meet man of dreams.


My thought is we settle on new one, Reno it and reval and rent it out.
Put other two up for sale. None of which possible at auction by Tuesday. Only if sold prior to give us time to sort finance.

Or- sell new one immediately if vendor let us buy and long setttlement.

 

If you are thinking of reneging on the contract you have that is still to settle, then you need good legal advice of the consequences.

If you intend to bid on the new property as well (and bearing in mind that auction sale prices are often considerably higher than the offer range) then you need advice from your bank or broker as to whether you can afford another property.
Marg

 

I would say
1) put in a highish pre-auction offer subject to sale of the current one when it settles.
2) Or just cross your fingers the property passes in and doesnt sell.
3) Just be happy with what you have.

But it looks like you are from NSW and if its a Sydney auction probably option 3)

 

And next time.... at the time between going unconditional till the time of settlement, close your eyes, stick your fingers in your ears, turn off all email alerts, ignore all advertising and be blissfully unaware of every other property coming onto the market.
Maybe even escape interstate.

 

Or just not settle on the property #1 and await the notice to complete, buy you another 2 weeks.

Note that if you are in NSW and fail to complete, the vendor will keep your deposit and can sue you for any difference in resale. If you really dont want property 1 and secure property 2, you can do a deed of nomination to another party that the agent may be able to find to complete the contract. Bear in mind this will attract a double stamp duty situation in NSW though.

 

Haha so true! Investment property is easy because rational and logical but buying a PPOR is hard because my perfectionism kicks in!