Should I try to sell after settlement?

Discussion in 'Investment Strategy' started by Travel4Food$, 10th Jul, 2019.

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  1. Marg4000

    Marg4000 Well-Known Member

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    I think you are suffering from a strong case of buyer’s remorse. Quite a common affliction.

    Remind yourself why you chose this apartment in the first place. Don’t panic, there have been two or three widely publicised cases of building defects among hundreds, if not thousands, of unit buildings completed in the last ten years.

    Very few properties show strong gains in the short term unless lucky, so it may be best to follow your original plan to live in the apartment, at least for a year or two, then reassess.
    Marg
     
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  2. Travel4Food$

    Travel4Food$ Active Member

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    Thanks Marg, I wish that was the case. The original plan was flawed. It was just plain stupidity, I don’t even have an excuse for rushing into it, didn’t read enough, didn’t research. Anyway damage is done now and I can only wait...
     
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  3. fobo

    fobo Well-Known Member

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    I’ve lost 6 figures on a recent purchase too, just have to see what happens over time.

    Getting out of the contract is likely impossible, plus the risk of getting sued and trying to get stamp duty back
     
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  4. Travel4Food$

    Travel4Food$ Active Member

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    Sorry to hear, let’s hope things do get better for all of us. Would you mind sharing what happened with your purchase?
     
  5. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    general market sentiment looks to be UP

    ta

    rolf
     
  6. fobo

    fobo Well-Known Member

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    Bought a townhouse otp in early 2017, was meant to sell my current place and move in with a pretty comfortable mortgage

    Developer went broke and it got resold, my solicitor wasn’t great and the contract was terrible. They started building earlier this year and will finish just before sunset

    Can get into a house now on a good size block for the same price as my townhouse ...
     
  7. TMNT

    TMNT Well-Known Member

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    look, you havent lost anything yet, the valuation im assuming according to you will be about the same as to what you paid,

    its not a loss until you ve sold it, but yes you will lose as you said agents fees, legals, etc. etc. etc

    dont be so hard on yourself, it might have not been the best decision, but at least you didnt buy in a mining town at its peak!
     
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  8. housechopper2

    housechopper2 Well-Known Member

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    NOT LEGAL ADVICE

    Please speak to a lawyer experienced in these property contract matters before settlement. They can assess the risk of you getting sued if you back out of the contract. The actual risks may be different to your assumptions.
     
  9. willair

    willair Well-Known Member Premium Member

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    Just have to ask what do you think this property will rent for and with settlement not that far away as selling is not a good idea ,one year's time it could be a total different value..imho..
     
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  10. Travel4Food$

    Travel4Food$ Active Member

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    thanks everyone. Definitely can't back out of settlement so just have to cop it for a year or so...
     
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  11. Tekoz

    Tekoz Well-Known Member

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    On which areas?
     
  12. Jana

    Jana Well-Known Member

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    I don’t know much about that market, assume your purchase price is based on current mkt price.

    Your factors of having building trouble probability is far lower than someone being get killed by car on the road. Looks you panic for something unreasonable. Hope you bought the house and enjoy being there.
     

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