I went to a Repossession auction on a property that I was interested in.(Dump)
During the weeks before the auction,
I did my own building and pest,
Brought in my builder friend to check it out,
Checked out all the previous street reports (Sales)
This property sold in 2007 for 155K,(Livable then)
Discreetly found out the bank involved
Discreetly found out the previous owners history
D day,no registered bidders except me
I hate Auction terms so I didn't bid,I waited until after the Auction and made sure an offer made then was not considered Auction terms.
I was told if I made an offer then,it would be on Auction terms.
I left and Faxed Monday morning Offer $155K 21 day no conditions settlement.
It was flatly refused,now remember this property was sold in 2007 for $155K,
Market value was around 200K.However this house need $30K on it to make it livable again.No town water,asbestos roof ,no kitchen,very rough through out.
I have been told of a new law that banks cannot sell these houses for 15% less than Market value
Now I was willing to go higher (180K) but out of principal when the bank didn't come back with a counter offer,I walked.
I still haven't heard back from RE,now it is on the market for $234K See below
http://www.realestate.com.au/cgi-bi...t=&header=&cc=&c=29542538&s=qld&tm=1260267165
During the weeks before the auction,
I did my own building and pest,
Brought in my builder friend to check it out,
Checked out all the previous street reports (Sales)
This property sold in 2007 for 155K,(Livable then)
Discreetly found out the bank involved
Discreetly found out the previous owners history
D day,no registered bidders except me
I hate Auction terms so I didn't bid,I waited until after the Auction and made sure an offer made then was not considered Auction terms.
I was told if I made an offer then,it would be on Auction terms.
I left and Faxed Monday morning Offer $155K 21 day no conditions settlement.
It was flatly refused,now remember this property was sold in 2007 for $155K,
Market value was around 200K.However this house need $30K on it to make it livable again.No town water,asbestos roof ,no kitchen,very rough through out.
I have been told of a new law that banks cannot sell these houses for 15% less than Market value
Now I was willing to go higher (180K) but out of principal when the bank didn't come back with a counter offer,I walked.
I still haven't heard back from RE,now it is on the market for $234K See below
http://www.realestate.com.au/cgi-bi...t=&header=&cc=&c=29542538&s=qld&tm=1260267165