I bought a house at $230,000 from the government as part of an initiative designed to supply people on a low income with affordable housing. I now need to sell the house but due to the problems with the housing market it is now worth $200,000. My question is this. What the fuck am I going to do! I have had the house on the market for almost 4 months now and the highest offer was $200,000. I owe the bank $218,000 and the realestate company will cost me $5,000 as their fee for selling the house. So the lowest I can sell the house for is $223,000. I have lowered the price range to $226,000 to $229,000. I'm reluctant to lower it a second time as I'm affraid people will keep watching it expecting it to lower and lower. Should I lower the price to $218,000 and then take out a personal loan to pay the estate agent? I can't let the house out and wait for the market to rectify because I need a place to live myself. I had boarders living in it but they trashed the place and stole from me the ****s, so I wont do that again. Am I fucked without hope? Can anyone think of something that may help?
Awesome a property thread...
Although given the market and my age I doubt I'll ever own anything unforetunately.
Dont believe this man, I bought my first place at age 20 or 21, considering the market now, if you have some spare cash could be the perfect time to start looking for something or at least keep and eye out for some bargains whihc may present themselves in the coming 6 - 12mths.
I bought my first at 21 also when i was earning the princely sum of 28k per year. I bought for 197k and sold for 370k and really wish i hadnt. I have my 2nd under construction at the moment - will cost about 335k.
Hopefully one day i have a large collection of houses.
I don't know where you guys live but you can't buy anything but a fibro toilet in someones backyard for under like 300k in sydney, and that will need at least a 20% deposit so I don't pay that stupid loan insurance tax.
Ahh slowwly
Yeah i know, I have a couple of mates in Sydney so i hear all about it, but I live in Melbourne and some parts are like that here as well, but there are still some bargains to be had, just have to keep an eye out and know the areas you're looking at buying into and potential growth areas etc.
But this doesnt help much when you want to live in certain areas.....
Whats the insurance value?
Be a pity if it accidently burned down.
Brick, i think ive met you a few hundred times in my house.
When the cooling off period has finished does that mean you've sold your house? Are the buyers legally obligated to purchase the property? What if they said it was subject to finance? Does that mean they can change their mind at any time stating that they couldn't get finance? Can you contest the buyers ability to get finance?
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