Post to Facebook on 22/6/2020 1:23 PM
Commenting on “Multiple $4 million sales but auction results still weak in Sydney and Melbourne”
https://www.domain.com.au/news/multiple-4-million-sales-but-the-auction-results-are-still-weak-in-sydney-and-melbourne-963856/
Read the linked article very carefully before you continue reading this blog. Can you tell me why you should not buy a property the same way like one of the buyers mentioned?
You should never jump in to buy another property, just because you sold yours just a day or week before, unless you have extra money lying around.
Even if a property is sold at auction, which is an unconditional sale, anything can still happen before the title is exchanged and settlement money is received in your bank account. The buyer of your property could become bankrupt, die or for other reason that the final settlement is deferred. The buyer could have owed money to ATO or asset frozen.
This report, like many other real estate reports published recently, reinforces what I have been writing about the downturn and possible doom in October.
Thank you for reading.
Commenting on “Multiple $4 million sales but auction results still weak in Sydney and Melbourne”
https://www.domain.com.au/news/multiple-4-million-sales-but-the-auction-results-are-still-weak-in-sydney-and-melbourne-963856/
You should never jump in to buy another property, just because you sold yours just a day or week before, unless you have extra money lying around.
Even if a property is sold at auction, which is an unconditional sale, anything can still happen before the title is exchanged and settlement money is received in your bank account. The buyer of your property could become bankrupt, die or for other reason that the final settlement is deferred. The buyer could have owed money to ATO or asset frozen.
This report, like many other real estate reports published recently, reinforces what I have been writing about the downturn and possible doom in October.
Thank you for reading.
