Regretting selling

Discussion in 'The Buying & Selling Process' started by AngelicaS, 29th May, 2020.

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  1. Lacrim

    Lacrim Well-Known Member

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    Try your luck and contact the other buyer and have a heart to heart. Who knows? Maybe they're having buyers remorse and it'll be a win win to kill the deal. If you can assure the agent that you'll sell with him/her next time, you may just get away with paying for the advertising fees.
     
    Lacrim, 29th May, 2020
    #21
  2. The Y-man

    The Y-man Moderator Staff Member

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    40k out of how much? 40k out of 400k is a decent whack, 40k out of $4mill is not really....

    The Y-man
     
    The Y-man, 29th May, 2020
    #22
  3. AngelicaS

    AngelicaS Active Member

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    Bought the property for 300,000k 4 years ago. Done a renovation for 40k and just sold for 310,000. Adding stamp duty, legal costs etc it’s a very decent loss I would say.

     
    AngelicaS, 29th May, 2020
    #23
  4. Gockie

    Gockie Life is good ☺️ Premium Member

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    Personally, I think don't stress. It's not like a mining town loss :)
    Get your money, do your research. I am sure you can buy another IP or make some other investment that will turn out much better. Maybe your own home has grown by much more than 40k so you are still ahead?
     
    Gockie, 29th May, 2020
    #24
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  5. spoon

    spoon Well-Known Member

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    Why the $40k renovation? Without that you would be in better shape?
     
    spoon, 29th May, 2020
    #25
  6. wylie

    wylie Moderator Staff Member

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    Look on the bright side. Your loss will carry over to be used against a future capital gain.
     
    wylie, 29th May, 2020
    #26
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  7. The Y-man

    The Y-man Moderator Staff Member

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    Ouch!! Yeah that hurts a bit. Commiserations. :oops:

    The Y-man
     
    The Y-man, 29th May, 2020
    #27
  8. AngelicaS

    AngelicaS Active Member

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    Thank you.
    Yes we have our PPOR which has doubles in value since we bought it in 2014 so still ahead. I guess investing is a learning curve and now we know better.
     
    AngelicaS, 30th May, 2020
    #28
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  9. AngelicaS

    AngelicaS Active Member

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    Agree. But we had to do the renovation as we had tenants destroy the property multiple times. Without that we wouldn’t have been able to re let the property.
     
    AngelicaS, 30th May, 2020
    #29
  10. AngelicaS

    AngelicaS Active Member

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    Thanks. Yes that is definitely the positive at the moment. We are not done investing in property so will come in handy one day.
     
    AngelicaS, 30th May, 2020
    #30
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  11. spoon

    spoon Well-Known Member

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    Oh, I am so sorry to hear that. Was it the neighbourhood attracting such tenants or the PM not doing his job properly? No hints from the reference check? Multiple times is unfortunate. :(
     
    Last edited: 30th May, 2020
    spoon, 30th May, 2020
    #31
  12. AngelicaS

    AngelicaS Active Member

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    A bit of both unfortunately. The neighbourhood is not great but we clearly also had a bad property manager.
     
    AngelicaS, 30th May, 2020
    #32
  13. spoon

    spoon Well-Known Member

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    Don’t worry. I know the feeling. When I first rented out our first ppor due to interstate job opportunities, we had pearly white carpet. The tenant had kids riding their bicycles right into the lounge from outside. We had light colour drapes too. We liked white as a colour and we took care of it meticulously. Our hearts were broken when we retrieved the home after that tenancy.

    I feel for you. A good neighbourhood might help but no guarantee. Take care. Life will get better.
     
    spoon, 30th May, 2020
    #33
  14. AngelicaS

    AngelicaS Active Member

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    Hi Spoon
    Thanks for your kind words.
    Enjoy your weekend
     
    AngelicaS, 31st May, 2020
    #34
  15. craigc

    craigc Well-Known Member

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    Could potentially porting the existing loan to a new property by an option? Effectively roll-over existing loan to new security.
    No idea on personal situation of OP but maybe a suggestion if lender approves?
     
    craigc, 3rd Jun, 2020
    #35
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