/biz/ - Business & Finance

In what reads like an article from The Onion, a Baby Boomer family who inherited a house from a deceased parent has been left “heartbroken” as the home was passed in at auction for a “too cheap” $1.7 million.

>Just two bidders competed for the three-bedroom home on a 757 sqm block at 17 Beresford Ave, Chatswood and agents couldn’t get them to offer even $1000 more than the vendor bid of $1.7 million.

>After the gavel fell, Karen Davis, of Standen Estate Agents, said: “Last year our vendors might have got $2.4 million for this but now we’re having to ask them to consider $800,000 less than that”…

>The agents managed to get the bidder up to $1.67 million, but it was still a way off the $1.75 million reserve.

>“Yes we are heartbroken,” Mr Kerr said. “We expected to get something more reasonable than this. “This is garbage.”

>Mrs Kerr, whose mother, Yvonne Foster, had lived in the home up until four years ago when she moved into a nursing home. She passed away about a year ago…

>They estimated her grandparents had bought it for about 5000 pounds.

>“What’s being offered now is just a bit too cheap,” Mr Kerr said.

https://www.realestate.com.au/news/were-heartbroken-home-in-same-family-for-93-years-passes-in/