Tuesday, October 7, 2008

My offer has been accepted.

The builder of the home in Sydney, Australia has accepted my offer of $511,250 for the home I am purchasing for my mother. The home was listed for $569k when I was there in August of this year. It's a beautiful home and definitely too large for my single mother, however we're getting the most for our money on the property versus all of the other ones for sale. Now, I have to get approval from the Foreign Investment Review Board (FIRB) in Australia before I can enter a sales contract on the home. I have contacted Solicitors (basically an escrow company) to help me through the process. I have been quoted $1,500 for their services which is reasonable. I am really happy to see that the exchange rate has improved drastically for the U.S. dollar (USD) to the Australian dollar (AUD). Currently on XE.com, it's showing that I will get $1.38 AUD for every USD which is much better than last week. I am praying for a rate over $1.40 AUD which will be really helpful in the amount of USD that I need to wire over there for the purchase.

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