Hi all,
I’m just venting some frustration after trying to sell our PPOR and continually running into brick walls![agro2][shout]
We have had that many people interested enough to come back for a 3rd look, its not funny. The guy who has a contract ATM has been looking for more than 12 weeks. He has been 3 times, his girlfriend twice and adult child 3 times, but not together … all at different times! My wife presents the house for inspection immaculately and I do the work….not
Now their bank valuation (contracted out, not a drive by) comes up $19000 short. The valuers seem to be more interested in square metres than quality living. Its almost like we would be better off building a big deck than renovate this ex-myrid of unworkable areas.
We might be lucky enough to have snagged another buyer though. A lady a couple of doors down is looking to buy for her elderly Mum and Dad. She actually put in a bid on our house only hours after it went under contract to our other friends. They are CASH buyers – no valuations but the Dad was a salesman and I get the feeling he is almost keen to challenge me like “he’s still got it”.
We listed in June, when things were starting to cool, for $278000 which was comparable with the local market. After 3 weeks, we went to $269000 (The agent put $269999 in the paper). We wouldn’t have sold but for a place on the river..quality old house, 400m2 under roof.. you know, the renovators delight. This bloke wanted $325000. We said $310000 and he nearly cried!! We got a contract for $318500 with a pool table (yeh!), subject to our sale. He then went and bought a place subject to his and then the next guy did too![baaa]
Like I said before..heaps of people loved it and 3 of them put their house on the market so they could buy ours. Anyway the contract fell over and my vendor starts showing really weird, unstable, almost scary personallity flaws by doing and saying strange sorts of things. When we got our contract, we decided to $310000 again as We thought that the market had cooled and his price should also reflect that. But he blew his top, said it was our fault because we didn’t have our price right and that we were stuffing around. He forgets he hasn’t sold either and that we have had about 5 times more people came throught our house than his. I think he is beign unreasonable.
Anyway these 3 jokers finally put a contract on our place after I drop the price to $259000 and now the valuer says the house is not worth what I think, the buyer thinks, the REA thinks and the lady down the road thinks[axe]
Unfortunately $259000 is the lowest I am willing to take and I don’t have the patience if my cash buyer wants to play silly buggers.
Sorry for being so long winded but had to get it out.
Thanks
[angel]
Matt
Hi
Hope you feel better now [wacko]
Don’t get too stressed, no point being a property investor and kicking the bucket due to “Property Stress” syndrome.
I sometimes find a nice glass (or two) of red helps [stun]
I live in Karratha and for a fee find quality cash positive deals there, email me at [email protected] to join our database
Pay for another valuation from an independent property valuer. Or try and find out which bank and find another valuer from the banks panel.
Also from Peter Spanns Book – Well worth a read. Do your homework, justify why you reckon its worth $XXXXXX and present that to the valuer.
In other words – do his job.
Good luck with it.
Hi guys, thanks for the replies.
I do feel better thanks you Scottyb. I’m not that stressed…my wife is. I must say I haven’t been near the red but the amber has caught my eye, er, tongue.
Yack, my friendly REA is putting together our case for us. The valuer said she could build for cheaper. But she has to buy the land first. And I did think about getting another property valuation but I think valuers under value so the clients (banks) will be sure to collect their money if they foreclose.
[arrowhead]Matt
Matt, welcome to my world, our Sydney house which was a standard 3 bedroom house until we addded 2 extra bedrooms and a spa ensuite, has not done well in the sale department either.
We started at $429k then $390k then $370k and now 6 months later its still not sold.
I think I have the reason though. Every tinme we list it, it gets viewed then the offers come on $20k below asking each time. So we are getting a loan on the house will revamp the kitchen(new sink, rangehood and stainless cooktop) and carpet throughout.
It has already been painted and the yards looik great. Hope this mini reno works as we really need the thing sold.
Just thought you would like to know you are not alone out there.
DD[guitar]personal violin sadly playing.
Don’t sweat the small stuff,and it’s all small stuff!!
Hi all,
just a quick note to say the house sold!!! ended up getting $256000. The cash buyer had to pay a fee for getting his money out of a term deposit A/C and because we wanted to keep the settlement dates, we agreed to the lesser amount.We moved in 2 weeks ago and it is great! Lovely view of the river on our doorstep (except for the stench of coral spawn ATM).
And to keep a long story short, the cash buyer did want to play silly buggers, but we stuck to our guns and won. [thumbsupanim]
Matt
congratulations matt, all the best in your new home!
cheers e x
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