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$100,000 equity to play with but hubby says WAIT!

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  • #46
    Chase

    Yeah, that's the problem. I know hubby is right! I just don't have any patience.

    The good thing is that i can't open the purse without his help, so I am kinda stuck and that's probably not a bad thing

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    • #47
      So the fun and games get going

      I contacted Metro Valuations before Christmas and organised to meet Darryl next Monday at 10:30am at the unit. I get a phone call yesterday to say that maybe he's not the right person for the job as it's not his specialty.

      Hello? Could you not have told me that two weeks before hand when I booked you in?

      Luckily I found someone else, although I am starting to lose my confidence a bit, especially when the new guys says, "it's really hard to be a valuer at the moment, and "don't listen to govt valuations as they are all completely wrong"

      Should I run???

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      • #48
        Hi Marni,
        If you still think it is great deal,you owe it to yourself to at least check it out,however,now that you've had some time to reflect on it, if your gut feeling is giving you doubts then maybe it is time to cut and run.
        Cheers.
        Regards Roberto
        He who laughs last......is the slowest thinker.

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        • #49
          Thanks Roberto

          I still think it's a good deal. I am just concerned that the valuer may be a little nervous and value it much lower than it should be valued, so then it wouldn't be such a great deal. I am definately going up to check it out, I am just not too sure about the valuer, and feel I've been put in a position of little choice.

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          • #50
            It's never to late to make a change to your team.Might I suggest you grab the yellow pages and dial every valuer and quiz them on their experience with CBD apartments(if you can find one not still on holiday)or maybe someone who frequents this forum may be able to recommend someone.
            Regards Roberto
            He who laughs last......is the slowest thinker.

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            • #51
              Originally posted by MarniH View Post
              the new guys says, .... "don't listen to govt valuations as they are all completely wrong"

              Should I run???
              Don't run yet but don't think of govt valuation as related to market value in any way at all - it isn't! There are other threads discussing this recently, GVs are just a way of setting rates & may be much higher or lower than market value. It's the registered valuation you need to go by (assuming you can get one).

              HTH
              Eli

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              • #52
                MarniH,
                Suggest you don't panic...slow down a bit...re-read all these posts from experienced property people....also contact a local expert Scott Miller 0508791911 seems a good place to start.
                You need to keep a cool head.
                Good luck.

                Comment


                • #53
                  Hi All

                  Well, we've done the due dilligence by going to Christchurch yesterday and checking out the "bargain". I do beleive that most of the time when something seems too good to be true it usually is, however it's still worth checking out.

                  Well, we are going to check our figures again today (now that we have all the information) however, the shine has definately come off this deal.

                  The real estate agent failed to give us all the facts (whether she didn't know herself or what I don't know) and so its not quite as sweet as first thought.

                  However, I don't consider yesterday wasted. I was able to meet a fantastic valuer who I beleive will be an asset to my team moving forward, as well as having lunch with the famous Scott Miller as mentioned by Kiwi. Already on it buddy!

                  So, not only did I get a great day off, but I met too great people who I am sure will play a very important role in my future "bargains"

                  Bring em on I say! NEXT!!!!
                  Last edited by MarniH; 15-01-2008, 07:53 AM. Reason: add

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                  • #54
                    Originally posted by MarniH View Post
                    And the phone call came in! It's ours, and I just bought a property for $100,000 under the govt valuation!!! All I can say right now, but WOWEE!!!!!!
                    MarniH,

                    I take it that you didn't "buy" this property after all.

                    What was wrong with it?

                    Paul.

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                    • #55
                      Another thought - did you get the valuer to prepare a valuation for the property? The value might not stack up to what you thought it would, but if it values up to the price you have it under contract for, how do you plan to use the finance clause as an "out"?

                      Paul.

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                      • #56
                        Hi Paul. We haven't decided yes or no at this stage, as I said we are still going to do our figures. There were several things that weren't disclosed to us like extra fees etc, however, it still may work out. We had a valuer with us yesterday so still waiting for those results as well. As for how I plan to use the finance clause as an out if I need it, if the bank won't lend me the money then I can't buy it can I?

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                        • #57
                          Hi MarinH,

                          What will you do if the bank will lend you the money, but you don't want to purchase it because it was not as profitable as first thought?

                          That is what I was getting at with my previous question.

                          Paul.

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                          • #58
                            Hi Paul. Yes I understand what you meant, however, I think you are worrying about nothing at this stage. I beleive everything will work out as it should, and we'll cross each bridge as we come to it.

                            Thanks for your concern though

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                            • #59
                              Marni you seem to be really defensive. I am also on my 3rd property and the more i do, the more i realise i know so little! These guys and chicks on this site really are on our side, and willing to help. They tend to be conservative, but that's why they have got where they are... very calculated risks are the only ones you can afford to take, especially in the current market. All the best for the apartment deal, i hope it works out OK for you!
                              two ears and just one mouth.. for good reason.

                              Comment


                              • #60
                                A conservative investor opines...

                                Hi MarniH,

                                I don't mean to offend, but I can't help noticing that you appear to be exceptionally excitable and hurried. Sometimes a calm, dispassionate approach can play dividends - especially when global financial markets are in meltdown phase.

                                Out of interest, have you been to some sort of get rich quick seminar recently?

                                Your posts read a little like the seminar cultists who tell fables of buying a gazillion properties (no money down) before lunch, then sitting back for a three course meal, pondering how they will spend the rest of their well earned retirement. I am not sure that this is a realistic goal for everyone.

                                With all respect, has some get rich quick scheme got you this flustered, or are you naturally quite excitable?

                                Kind Regards,
                                *poormastery*

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