2008.12.11 04:42:06
Bidding started at $5 million and then dropped rapidly, sometimes in $500,000 stages, she said.
The calls stopped coming at $2.65 million.
Todays news spoke about a property selling in a dutch auction for half its real value however I must question this whole valuation process.
You see I was offered the property earlier in the year for 2.9million and I said no, now a valuation is supposed to be what a willing vendor and a willing seller would pay for a property, in the instance that I was offered the property it was not a distressed sale and I was not motivated enough to purchase the property. So was it really worth 5.3 million?
Maybe it was worth 2.9million as that was what the vendor was willing to sell it for and I was tempted but decided not too, that is more likely to be the real value of the property.
If the sale went off at $2.65 million then the price was only down 10% not 50% as the article is trying to point out.
The property market has been soft and perhaps could even be called bad however it is not quite as bad as the media would like us to believe.
Hot Property Investments on the other hand likes the volatility that is in the market as this is how great deals can be found.
I would also like to take a moment to have a bit of a rant about a certain barrister and the way he thinks he is a law unto himself. I understand this barrister I know of today rang purchasers of a property and told their solicitor that he was the vendor when he clearly is not, yes he has an interest in the property and if his property law act notice gets through the court he can become the mortgagee in possession however in this instance he is not the vendor and he does not have a contract with the purchaser. The property was not going to settle because the contract is vacant possession and so the purchasers wanted out of the deal because they want to buy a different property that they can settle on immediately, this barrister said he would force them to settle as the vendor, amazing really considering that he is not.
I am sure that if us law abiding citizens went about doing shonky things like that we would be held accountable, it think this chap has been watching way too many law shows on TV where the barristers just do want they want because they know they might get a little slap on the wrist but that’s about it.
anyway that’s my rant.
Tags: Hot Property Investments | Hot Prop | barrister | million | valuation | property law | settle | vacant possesion | vendor | mortgagee in possession | contract