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Just beware if you go for a long term settlement in a falling market.
Recently I valued a property for the bank that was purchased in Feb 2011 at the peak of the market for this suburb.
THe market has been going downhill ever since. Settlement is soon.
The purchasers paid $1.7m for it and it's current market valuation for the lending bank for the loan was $1.45m.
The purchasers paid $1.7m for it and it's current market valuation for the lending bank for the loan was $1.45m.
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That's no good. Your analysis sounds like the property was in Glen Waverley, if I'm not mistaken . The market has really tanked down there.
edit: Balwyn is the other suburb that comes to mind as well.
I wonder what would happen if I accept an offer and then the buyer says they want 3 month settlement and I want 30 days? I guess the only option for me is to either agree to the 3 months or I put it back on the market! It seems a little grey as maybe this should be part of the offer so I can then decide before accepting the offer or not.
The offer will include terms, so you negotiate terms as much as you negotiate price. Basically, these are the 2 areas of negotiation. In your example, you might be happy to accept a lower price for the shorter settlement.
I'm just wondering if settlement can be any length of time (obviously as long as it's agreed to) or if there are any legal requirements stating it must be under X amount of days? When people talk about long settlement I'm guessing they mean anything more than standard 4-6 weeks. What's the longest settlement you've had?
I'm just wondering if settlement can be any length of time (obviously as long as it's agreed to) or if there are any legal requirements stating it must be under X amount of days? When people talk about long settlement I'm guessing they mean anything more than standard 4-6 weeks. What's the longest settlement you've had?