Today we thought that we’d found the deal of a lifetime. Buy a house in a VERY popular beachside suburb on over 1200sq mtrs, that already had permit approved for separate sub-division. We would rent out the front house, whilst building another house on the back, sell the back one, and then sell the front one after 12 months.
Negotiating with the vendors was nice, they were DESPERATE to sell, with a genuine reason. We put in an offer, and it went back and forth. Eventually we all settled on a price. We paid a holding deposit of $100 subject to signing contracts on Tuesday.
Back at home we worked out more realistic figures if we are selling in a lowered market. We decided the figures didn’t stack up[
] We were forced to make a fool of ourselves NOW and ring the vendors and cancel the agreement. This was better than going thru with the contract because we were scared to back out of it. – Then we would be fools!OUR VENDORS WERE CRUSHED !!!![
] We felt miserable and still do (but glad deep down that we didn’t go thru with the deal).The moral of this story is Please make sure you do your due diligence – worst case senario first. Don’t let yourself get carried away !!
This makes us realise that we are dealing with people’s lives, not just dealing in numbers.
WilanDel
Hi,
Was there *nothing* you could do to negotiate a win/win? Change the paramenters of the deal with the vendors to give you a more favourable outcome and them the peace of mind that the deal would go through?
Warmly,
Jason Seperic
Triumph Publishing
http://www.triumph-publishing.com
] We were forced to make a fool of ourselves NOW and ring the vendors and cancel the agreement. This was better than going thru with the contract because we were scared to back out of it. – Then we would be fools!
] We felt miserable and still do (but glad deep down that we didn’t go thru with the deal).
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