Hi all, very new to this forum so hope I’m posting this in the right category.
We are looking at selling one of our apartments (off plan) in a boutique block of 12 at well below valuation. Construction will start in August with settlement in April 2018. Conditions of sale are that the investor must be willing to pay cash in order to secure the property. Our reason for selling under market value is to secure some additional equity for our finance approval. If anyone is interested I am more than happy to forward information. Please msg me your email address.Amanda valuation now and valuation in April 2018 could be a mile apart.
I think you will find it difficult to sell something which has is supposed to be under market value.
Personally if i was the investor i would be running for the hills as there are plenty of unit bargains around which can purchased today well under market value.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I agree with Richard. At the moment certainly in Melbourne, Sydney and Brisbane the banks are valuing apartments in a fireside sale in other words what is the least amount the banks have to finance to protect there own position. A position to a large extent the banks have created. However when you consider the new stamp duty changes in Victoria together with over supply the apartment markets will continue to fall. So look out for bargains over the next 12 months.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
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