Me = separated from ex for 2 years ( but not divorced )
We have our marital home in Brisbane ( Wakerley 4154 ) sitting empty for sale since Feb 1 . We had one offer for 710 K and all other offers under 700 K .
My ex refused the offer for 710 K insisting that it is worth 725 + K and more like 745 K .
No more offers coming in .
She is offering to drop the price if I give her 60/40 split or if I change from current real estate to purple bricks who offer less commission which I don’t agree to either .
In the mean while we are both paying $1200 each per month on a dead mortgage and other associated costs Eg rates .
How do I force a sale for market price just to get closure ?
My guess is a court order, which is going to cost you more $$$$. Talk to your solicitor, but 50% of 725 is $362, whereas 60% of 710 is $426. That is a massive haircut to take just to get the sale over the line!!! At that rate you can afford to hold out for 53 months at $1200/month and be no worse off.
Maybe you can offer her $362 out of the gross sale proceeds.....that works out to be 51%.....this might be a more cost effective way of achieving the sale and moving on with your lives????
Its an unfortunate fact that common sense goes out the window when families split: so there is a whole lot more to this than just the sale price.
And I have heard some horror stories about purple bricks.....it makes no sense to me to go with a low-fee, low-service agent rather than a traditional agent, especially in the current environment where sales are increasingly difficult to negotiate.
good luck, I hope common sense wins out.
Thanks Brendon . What would a court order actually do ? Which court would that be heard in ?
Can the court make her accept market value and how long does that process take and cost ?
I can see her ignoring any legal letters so then does she get notice to appear in court ?
I know mediation is the best option but she just won’t budge and is prepared to hold out indefinitely for an offer of 725K K + where as I just want to sell for market price within a reasonable time frame .
So far 6 months on the market is more than a reasonable time frame
Hi again Brent,
do you have a solicitor? I presume this is a Family Court issue, and I am guessing that you need to get involved with a solicitor to get things sorted.
Hopefully there are a few lawyer types on this platform who might be able to assist you with legal advice. I do tax:)
Sorry to hear the difficult situation you are in and as Brendan said, common sense often goes out the window in these situations.
An assets value is what someone is willing to pay and the market is telling you both that it's not worth $725k+. Not only are you not getting closure, but also risking the next offer might be $690k then $680k....
I've found the best solution is the 2 of you having mediation with a lawyer and also for you both discuss things with a financial adviser as your future financial success is probably going to be dependent on many things other than squeezing the last $5k or $10k from a property settlement.
I work with a family lawyer near me (at North Lakes) who I can put you in touch with if you'd like. You can email me at email@example.com
Hope it all goes well for you.
If you can't agree on the value of an asset, you either agree to sell it or have it properly valued, usually paying the valuer 50/50 each. As to the specifics of your matter you really should consult a lawyer who does family law. *cough* like me. There are different ways to force the sale so you need to discuss options with a lawyer.
I am sorry to hear of your difficult situation.
The question I would ask is "what are you basing the value of the property on"?
Perhaps the agent has come in with the price to "buy the listing" ie; the real estate agent may say he/she can sell the property for a certain $ amount however realistically the property may not be worth that amount and over time, you will need to reduce the asking price to meet the market however since you usually sign a 3 month contract with the agent they will still earn commission. I am not for one minute saying this is the regular practice of agents, I am just suggesting that perhaps the expectations for what is achievable may have been a little high.
I am happy to run an estimated value on the property if you would like to email the address to me or you could pay for a valuation to be done on the property. Valuation firms for the area include :
Herron Todd White Phone: 07 3353 7500 Email: firstname.lastname@example.org
Oteon Property 1300 40 50 60 @ Geebung email@example.com
I agree that Mediation may be required in this situation. Particularly if the valuation comes in at a lower amount than your partners expectations.
Additionally, I would also seek the opinion of other agents in the area and do some research on what properties have sold for yourself . Perhaps do some research on this website http://house.ksou.cn/index.php
Of course, you can always put a tenant in for 12 months and review the situation at that time so that you have some assistance with the mortgage repayments.
Best of luck