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  1. #81
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    Quote Originally Posted by Elijahs Mum View Post
    I think I worked out roughly its cost them $35,000 in 12 months so say $490 max , they then would be up for tax on the $85 profit they made ( if sold for $575) but still yes they are in front

    Agents comm would be about $15,000 - ask the agent what they are charging him and if they will negotiate ? It is hard as some owners really don't need the money and as they don't really want to sell they may not negotiate , really look
    Into what else is around and as pp said if there is nothing then it may be worth it to you to pay the extra to live in it happily ever after
    See this is a fair point too the higher the sale price the more tax hell pay .
    Op I'm sorry it looks like its not working out as planned just remember smart investors didn't get rich by playing nice guy. It's a business and emotions don't get involved. He's seen this as an opportunity to make some serious $$ as he knows you're emotionally involved. To him it's a win win, you buy and he makes a nice profit to reinvest ( as prices are still low) you don't and he still will win as it seems like he purchased a great house cheap so in theory there is room for long term growth and the yields are looking good too

  2. #82
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    Another thing to consider is waiting until 1 July & making the offer again. If he sells after 1 July, he won't have to pay the capital gains tax for 12 months. Otherwise I agree with the person who said to just leave your 550k offer on the table & wait and see.

  3. #83
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    Any news? Updates???

  4. #84
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    LifeInShadesOfGrey is offline Just a little bit silly :)
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    Ooh yes any updates??

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    I so hope it works/ed out for you op

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    Ok update!!
    We got a contract in it for $570k. The agent negotiated his commission without me asking.

    I found out the agent and seller know each other personally.
    This house did sell for $550 four years ago. Then the current owner got it for $450. So cheap because the house was completely trash. No carpet, no curtains needed fully painted etc. The bank put under auction and with the terms a cash buyer only could buy it. So hence why it went for cheap.

    I was hoping to get the house for $550 but he wouldn't sell. So an extra $20 for a house we love is a price we have to pay.

  7. #87
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    That is fantastic news!!! And I think the money is fair. Really it only went up 20k in 4 years.

    Given he paid 450k and it was trashed so he had to do work on it. I think it's fair.

    Awesome news!

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    Congrats !!!!

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    Yay! I hope you live a happy life in your new home

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    Congratulations! That's fantastic news!!


 

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