The repo house I purchased was not empty. I had hired furniture it that looked great! I don't know who authorised or paid for this, but don't always assume that a repo house will be empty. Also, one glance at the contract will tell you that it's been repossessed - having a bank's name on the front page is a giveaway - banks are not in the business of owning houses!
repossessed homes?
- Thread starter DanielG
- Start date
The repo house I purchased was not empty. I had hired furniture it that looked great! I don't know who authorised or paid for this, but don't always assume that a repo house will be empty. Also, one glance at the contract will tell you that it's been repossessed - having a bank's name on the front page is a giveaway - banks are not in the business of owning houses!
*it had hired furniture in it
Hi Dave
I would be, can you send me the link?
I think he's a bit optimistic on the price
http://www.realestate.com.au/property-house-nsw-st+clair-107299210
From a price POV its not too bad. The house I am currently in is on the market for around $340k, so its $100k to get an additional 2br brick house ready made.
I had to laugh at the agent's $700pw rental forecast, he was adamant that
Front house - $380pw
Rear house - $320pw
Waaaaaaaaaaay off. The front house would rent for $360pw if it had the full yard. More like $320pw with a yard the size of a patio. Rear house $220-250pw is realistic since it has a yard and nicer outlook. There is a 2br house similar with its own 400sqm land for rent a few streets away for $260pw.
Typical agent trying to suck in mum and dad investors with the promise of over the top returns.
On that topic, someone listed their house (obviously owner occupied) for rent a few streets away, 3br single living for $450! pw. Its real market value is $370-$380. Another listed their house (3br carport only on battleaxe) for $420pw, its been dropping weekly and is now at $390, looks like its just been rented, worth more like $370.
From a price POV its not too bad. The house I am currently in is on the market for around $340k, so its $100k to get an additional 2br brick house ready made.
I had to laugh at the agent's $700pw rental forecast, he was adamant that
Front house - $380pw
Rear house - $320pw
Waaaaaaaaaaay off. The front house would rent for $360pw if it had the full yard. More like $320pw with a yard the size of a patio. Rear house $220-250pw is realistic since it has a yard and nicer outlook. There is a 2br house similar with its own 400sqm land for rent a few streets away for $260pw.
Typical agent trying to suck in mum and dad investors with the promise of over the top returns.
On that topic, someone listed their house (obviously owner occupied) for rent a few streets away, 3br single living for $450! pw. Its real market value is $370-$380. Another listed their house (3br carport only on battleaxe) for $420pw, its been dropping weekly and is now at $390, looks like its just been rented, worth more like $370.
Bit off topic, but this one has done a subdivision http://www.domain.com.au/Property/For-Sale/House/NSW/St-Clair/?adid=2008739329 on their dual occ. Rather odd (even for St Clare 
)
)Bit off topic, but this one has done a subdivision http://www.domain.com.au/Property/For-Sale/House/NSW/St-Clair/?adid=2008739329 on their dual occ. Rather odd (even for St Clare
I looked at that - the main house in front was for sale as well. Horrible houses, on the intersection of explorers way (one of the main ways in/out of the suburb), erskine park road (4 lane arterial) and the M4 motorway. It was like there were semi's in your house.
The house in front sold for under $300k adn is now on the market to rent at $360pw.
The agent said the owner wanted $315k for the house and $220k for the granny flat. I told him (after being the only person at the open home) that the house, if it had the full yard, would be worth about $320k, and the granny flat building was worth about $50k, so I would consider an offer around $360k for both. He said no, owner wont look at anything under $500k for both. What a joke.
Can buy a similar 3br house (mine for example) for $330-$340k, $60k to add a grannt flat and am stil well under their asking price and not on the corner of 3 main roads.
Owner is probably kicking themselves.
Yeah, I've seen that one too. It's kind of in the price range that we're looking for, for the daughter. I spoke to the agent, thinking it had a full size block of land to go with it and it was a good price (for the land). I nearly choked when I found out it was just a granny flat with next to no land. Stupid price for the damn thing. I'm surprised they were allowed to sub-divide it.
I said that to the agent as well... he told me "where else can you buy 400sqm of land in St Clair for about $180k, thast what the land value is".
I said sure... if it had a street frontage and wasn't up a shared side driveway, and wasnt on the corner of EP road and the M4. He didn't have an answer for that.
I think the whole block is around 600sqm
So it will have to be about 300m each but a substantial amount of the land belonging to the rear property will be part of their driveway.
LOL! We should all parade in there, one after the other and offer $50k for it.
and you come along and offer $60K
Sometimes it works.......
Agree completely, but it will be worth watching to see how this pans out as there would be a market (be it very small) for this kind of property. It's an ugly development, but if the vendor makes money then does it matter?
Looks like a Hitech cabin about 40sqm so I wonder who would finance it
I noticed the sold sign on the place and wondered who on earth would buy it, even without realising it was a subdivided block. What a shocker of an intersection to live on and how would you get out of there for the few hours of morning peak hour? That's a big rent they are asking for too.
