Owwww .... That's gotta hurt !!!!!!!!!!

Viewing 13 posts - 1 through 13 (of 13 total)

gmh454
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@gmh454
Join Date: 2003
Post Count: 537
October 16, 2006 - 1:31 am
You probably need to get out Paul McCartneys “Band on the Run for this”.
one of my clients…a great guy.. just scored a beach front up the coast for 1.4Mill. Older house 180 deg view approved for 3 apartments etc. Very very happy.
Sold two years ago…. for wait for it…steady now….
3.2 MILL !!!!!!!!
“THAT”S GOTTA HURT !!!!!!!!!!!!!!!!!!!!!!!!”
Oh yeah you can put on Band on the run now, previous owner who borrowed over 2.4Mill can’t be found…..
Now come on guys, makes the St Clare and Cabramatta stories sound pretty weak now..
Gotta love this…
Band on the run…band on the run…..
zen1
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@zen1
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Post Count: 40
October 16, 2006 - 3:45 am
Ouuchh.
I thought the top end is still booming.
Was it a mortgage auction?
Can you disclose the state/city?
gmh454
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@gmh454
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Post Count: 537
October 16, 2006 - 3:55 am
Yep mortgagee in possesion, (I think I spelt two out of four right there..), my client asked them at 1.30M whether they really wanted to sell it as they would not put it on the market. Went on the market and bingo…SOLD.
Valuation the agent had was 1.7Mill, guess the local valuations now need to be revised….
Gotta screw a lot of battlers to make up 2Mill
3.2mill plus agents comm, plus hold costs for period while mortgage not serviced for 4 months etc, reckon they dropped 2Mill.
Bet there is a valuer out there now being trial fitted for a pineapple….
d_robb21
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@d_robb21
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Post Count: 101
October 16, 2006 - 3:56 am
I’d rather take a hit from the All Black props than that sort of hit.
Mikey P
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October 16, 2006 - 4:10 am
What area did this all take place? Anything $2M or below for Ocean front multi unit site on main land Australia is an absolute steal!!!
zen1
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@zen1
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Post Count: 40
October 16, 2006 - 4:18 am
Mikey,
If you offer the guy $2 mil he might take it. Not bad for few weeks work 600K gain.
Mikey P
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October 16, 2006 - 4:34 am
Thats all good but where is it??
gmh454
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@gmh454
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Post Count: 537
October 16, 2006 - 4:45 am
Originally posted by Mikey P:
What area did this all take place? Anything $2M or below for Ocean front multi unit site on main land Australia is an absolute steal!!!
It was a public auction, well advertised, lots of attendance, guess the locals must disagree…
gmh454
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@gmh454
Join Date: 2003
Post Count: 537
October 16, 2006 - 10:13 pm
Kicking this one round last night, I think I may have a guess at what happened.
Bought for 2.4Mill, substantially over the then market.
Contract made for 3.2Mill
Valuer comes on board, together, with solicitor, vendor, broker
Banker gets sucked in and lends to 70%.
BINGO.
I could be wrong, but just a feeling after the “on the run comments”
I heard…
Now I know that stuff never happens…….
v8ghia
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@v8ghia
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Post Count: 871
October 17, 2006 - 3:12 am
Kinda makes me feel a whole lot better about all the money I’ve ‘done’ on cars and bikes over the years….puts things in perspective eh? [whistle]
wealth4life.com
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@wealth4life.com
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October 18, 2006 - 1:50 am
Hi GMH,
Makes me remember the famous words of Kerry Packer …
Every body needs one Alan Bond in their life at some point!!!
Is the property next door forsale??
D
gmh454
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@gmh454
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Post Count: 537
October 18, 2006 - 3:39 am
This property is starting to figure “large ” in my life, so I am guessing that I may get to the bottom of this eventually.
Just have a bad feeling over this and it is getting worse.
Will update on this 56.25% CRASH !!!!!!!!!!!! …. later
zen1
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@zen1
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Post Count: 40
October 18, 2006 - 9:17 am
Hi detective gmh, maybe Jenman can provide you with details.
Let us know.