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So long, and thanks for all the fish. This site is a mine of good info. If only I'd stuck to reading this property forum in 2004 instead of going to see one of the financial advisers who frequented it in those days, my life would be very different...

Sometime back in the last millennium I used to be an insolvency lawyer. What used to upset me most about dealing with work outs or liquidations (yeah I know, a lawyer with feelings) was that when someone large went under, yes the individual behind it could (and did) start again because that's...

Inserting your name into a list of uber-rich Aussies is just laughable. That alone is enough to make me run the other was as fast as possible.

Ausprop - now I understand. I work for a bank, so I was looking at it from that angle, that's why I said "why do they care" (my emphasis). Should have had my investor hat on - as a purchaser it would of course be a worry!

Thanks for taking the time guys - useful input. Mizbuf - it's only up to $340k I'm looking to get - although your $380k would be nice;) And I agree, EB is certainly a better area than Petersham. I guess I'll give it to an agent and see what happens. I had expected more dissecting and...

Hi all I am looking at listing one of the units in our portfolio for sale, and before signing up with an agent I thought I'd post it here and see how it's received, whether it looks like a good deal, etc. If nothing else I'm sure I'll get asked information which I may have to dig out for an...

SC - agreed re they might get more distressed, but I'd say there are ways and ways of getting this concept across.... saying someone is 'keen to sell' or 'open to offers' or any other type of language suggesting a deal can be done is one thing. Actually saying that vendors are "distressed" is, I...

twobobsworth - that type of provision is not something I'd ever agree to. It seems to me that the purchaser has no control over that risk whatsoever - why would you as a purchaser want to take that risk on?

Good point wylie - even though there may be no contractual obligation, you're not in control of whether or not you get a call that that from an agent. Bit of a cheek on the part of the agent though! My first reaction would have been to ask why they're calling me!

Agents discussing which properties have 'distressed' owners is awful behaviour - it goes without saying that it's not acting in the owners best interests....

Why would the offer be in US$? Unless the seller is in US or American then this is an untenable negotiating position from them.

I used a BA in Tassie cos we wanted to buy there but had no time to spend enough time doing the requisite amount of DD. We were more than happy with the service and our eventual purchase. Happy to dig out the details of the agent if you're still keen. Let me know.

Tika - I'd be interested to know what obligation you think you have? What contractual or other relationship do you think exists? I agree with s_t and don't think you have any.

In any event, I'd think there would be some 'reasonable amount of time' for which the obligation would stand, after which it would lapse - it seems wholly unreasonable that an agency could indefinitely have a shout on the commission.

I'm not sure whether RP Data is used by ATO for their investigations, but the only time CGT would kick in is when the investor submitted their tax return. Putting the wrong info and details on THAT would be tax fraud...

Not sure exactly of all the ramifications - but if the financiers go insolvent or under in the interim, whey do they care if they don't come through with the finance?

And something else I forgot to add, our accountant told us that we should get three valuations from a real estate agent as the ATO would accept that. Not sure what value the ATO would place on it at the time - if you're 'lucky' it might have gone down or stayed the same value and they might use...

Whatever it is, I'd say the final outcome should be the involvement of the police!

Goldigger I've had some experience of converting PPOR into IP and getting a cost base, so not exactly the same, but my guess would be that the cost base would be the value at the time the arrangement was entered into - But that said, even if your accountant says one thing, LTO another...

Michael W and Shadow- I'm with you both and am exceptionally positive about things! Seriously, 9/10ths of the world's population would give their right arm to have our current 'issues', and I choose not to buy into D&G thing - I have seen a few cycles come and go and D&G is getting far too much...