Post to Facebook on 8/4/2020 10:57 AM
Commenting on “Sydney, Melbourne auction clearance rate slips ahead of coronavirus auction ban”
https://www.domain.com.au/news/sydney-melbourne-auction-clearance-rate-slips-ahead-of-coronavirus-auction-ban-944390/
Unless you are buying an additional property, you must remember NOT to buy a property before you have sold an existing one especially it is for your own use. You will have a big cash flow problem!
This is what many agents don't tell you, but you should know why some vendors are so keen to lower the price just before the social distancing order and banning of public auction in the open and open-for-inspection become effective on Wednesday mid-night.
If the property is not sold, the panic vendors will have no money to settle the one they have bought. They may incur huge financial loss, because the other vendors may be in the same position - bought before having theirs sold.
I am not a gambler, especially when dealing with property investment. Most of us have enough stress daily, and we do not need to add any more to the existing. That's is why I am advising people to have enough money reserved for paying two months worth of mortgage. This money should not be used for any other purpose, except for emergency situation that mortgage payment must be met but income is not forthcoming.
This coronavirus pandemic is a painful reminder that "never say never". You may think that you are healthy, and earn a good income, but even if you are in a senior management or run a successful, your job and business may not be around when this disaster ended. This is real, and I am not scaremongering.
So take care, and stay home. In the meantime, prepare for your next move.
Thank you.
Commenting on “Sydney, Melbourne auction clearance rate slips ahead of coronavirus auction ban”
https://www.domain.com.au/news/sydney-melbourne-auction-clearance-rate-slips-ahead-of-coronavirus-auction-ban-944390/
Unless you are buying an additional property, you must remember NOT to buy a property before you have sold an existing one especially it is for your own use. You will have a big cash flow problem!
This is what many agents don't tell you, but you should know why some vendors are so keen to lower the price just before the social distancing order and banning of public auction in the open and open-for-inspection become effective on Wednesday mid-night.
If the property is not sold, the panic vendors will have no money to settle the one they have bought. They may incur huge financial loss, because the other vendors may be in the same position - bought before having theirs sold.
I am not a gambler, especially when dealing with property investment. Most of us have enough stress daily, and we do not need to add any more to the existing. That's is why I am advising people to have enough money reserved for paying two months worth of mortgage. This money should not be used for any other purpose, except for emergency situation that mortgage payment must be met but income is not forthcoming.
This coronavirus pandemic is a painful reminder that "never say never". You may think that you are healthy, and earn a good income, but even if you are in a senior management or run a successful, your job and business may not be around when this disaster ended. This is real, and I am not scaremongering.
So take care, and stay home. In the meantime, prepare for your next move.
Thank you.
