Last Saturday me and wife attended our first auction. We never been to auctions before. We saw 4-5 RE Agents and an Auctioneer and @ 8-10 interested parties. We found out that it was a bank mortgage sale auction. 3X1 with BIR in two big bedrooms, solar water heater, reticulation bore on a 800m2 block, 100 m from a primary school and 50m from bus stop. The house needs some painting and good cleaning.
We thought, if we can buy below $330K, it can be a good buy. Auction started with $220K, there were 4 bidders and stopped at $296K. We were the highest bidder. Auctioneer declared that if auction does not reach $300K, they will put back in the market as reserve did not meet. Everybody left except us. We accepted bank's offer and signed contract for $300K. paid 10% deposit. We were very happy as we bought our 6th IP.
Yesterday wife rang me at 8am. She starts at 7am and usually call me at 12.15pm. I asked her, what is wrong? She said "Company is closing our department and they made us redundant." Big shock for her........for me too. I went home early to support her. She was so upset that she could not talk for a while. She woke up early as usual this morning, But she does not have job anymore. I told her that she does not need to worry, everything will be fine etc etc But.........
Thanks GOD, we have good savings and I work for mining Construction company FIFO.
Did anybody has this type of situation before? How did you deal with it? Please respond, your experience will help us. Thanks.
We thought, if we can buy below $330K, it can be a good buy. Auction started with $220K, there were 4 bidders and stopped at $296K. We were the highest bidder. Auctioneer declared that if auction does not reach $300K, they will put back in the market as reserve did not meet. Everybody left except us. We accepted bank's offer and signed contract for $300K. paid 10% deposit. We were very happy as we bought our 6th IP.
Yesterday wife rang me at 8am. She starts at 7am and usually call me at 12.15pm. I asked her, what is wrong? She said "Company is closing our department and they made us redundant." Big shock for her........for me too. I went home early to support her. She was so upset that she could not talk for a while. She woke up early as usual this morning, But she does not have job anymore. I told her that she does not need to worry, everything will be fine etc etc But.........
Thanks GOD, we have good savings and I work for mining Construction company FIFO.
Did anybody has this type of situation before? How did you deal with it? Please respond, your experience will help us. Thanks.