Speaking of Syd property....Ive got a presale contract on a 3 br...

Speaking of Syd property....

Ive got a presale contract on a 3 br apartment in Mona Vale, Sydney......

Put the presale contract on it in 2003......yes its been a long wait.

Anyway without getting into why the 5 year wait etc......I have a contract price of $350k ......

gave the developer $100k deposit....did this so he could finish the development....long story....anyway he went a##up in mid 2007......and the 1st Mortgage took over the property (12 Apartment development near the beach).

The 1st mortgage was going to go to auction and just flog it all as one project... but decided they could make more by completing the project themselves.

I had a valuer go out and give me an estimation on the expected value last week.....came back at $850k which im happy with.

The 1st mortgagee.....or should I say the receivers solicitors....are saying the contract should be rescinded and they will give me the $100k back.

I told them to jam that.....I want to settle in March when it's finished being built.......they are saying the contract is too favouarble to me......about time we screw the lenders back a bit I say....and rememeber it was 5 years ago.

Anyway the saga continues.....wonder if they will cave in.....my solictor has said due to the fact they took over the project and continued to complete it is their problem, they still have to honour the contracts......just as i would have to settle if the contract was perhaps overpriced.

i do also have a caveat over the project.

Anyway just thought I would share the lovely experience.

Interesting so see how they try to get out of it.....im sure they will come up with some obscure clause in the contract.

Anyone want to buy a Mona Vale apartment less than M value if I do manage to snaffle it??

Rather not settle on it myself.....but will if need be.