Forum Replies Created
Hi Shahin,
The vendor died and the surviving party (Estate representative) don't have plans available to get a fixed price quote. And the relationship between the vendor & the builder were not the best and I suppose he didn't get paid which resulted into this builder not interested in talking to anyone. we can't get a fixed price quote from anyone unless there is a plan.
Some lenders after the valuation suggested not suitable security due to half renovated house and even refused to accept it as security. I suppose it will work only if someone accepts COS as the purchase price. Any easy ones these days?
Hi Terry, Even if the land only valuation is supporting the purchase price?
If I were to get 80% – what would be the ideal way to do it?
I would appreciate your suggestion on this one.
Or would you prefer me calling you to discuss?
You need to wait until you get the planning permit through as potential buyers need to know what you will be selling (and for how much). Perhaps contact a local real estate agent to see what they can do for you?
I agree with the guys above that home lender won't consider this as part of the purchase so this $18K has to be funded through your own funds and I'm hoping the furnitures are worth >$18K.
Depending upon your location – there are a number of good finance brokers (not me) on this forum who will be able to help you out with this. 30% loan seems no brainer to me.
Hint: Why don't you buy the new property as investment and therefore show new rental income and 'move to your parents' for a 'short-term' until such time you can afford to move in back.
Great tips. SOmething I'll keep in mind when I'll sell mine.
@ Richard,
I have been a corporate banker in the past so my client base was somewhat different with lawyers & accountants (usually 1st tier firms) assisting us. But good to know all this. Now that I'm out of banking, I do a little bit of home lending for relatives/ friends of my business clients so never had to seek more then a simple home loan for people and that too through my own channels at the banks and therefore never dealt with broker channel.
Richard, Just saw your othere question – I mainly do business transactions ( reasonable size) as an Introducer so operate with a level of ethics and been in this industry for not as long as you but nearly 15 years with few majors.
I'll be very interested in knowing which major financiers are doing up to 95% LVR transactions in this market for such structures through residential channels.
Richard, Which major banks you would use for this type of transaction? And would you be seeking mortgage insurance directly from the two active providers in Australian market?
I guess you got to let it go Mark.
Nigel,
Euro zone had all plus points when they started Euro (even though now we can see only the negative points) and was seen as true rival to USD. Aus & NZ are very similar but still they are two different countries with two different level of Purchasing Power Parity and therefore I am a firm believer that it won't work.
Hi Richard,
This is because you won't be able to get LMI under Co/ trust name.
Also a residential loan under Co/ trust name will be funded by small business bankers at most of the banks (unless you can find a smart personal banker who can process transaction under these entities).
Under these structures banks wil be able to fund the loan (up to 80% LVR) so long servicing is met and Directors/ trustees guarantee is available.
In my banking experience, I have seen over 50% people establishing trusts for wrong reasons or due to wrong advise. The legal structure is determined by the total Group/ Family income keeping in mind that you won't face any trouble getting the funding due to your legal structure. If you are an investor who goes for LMI all the time, a purchase under company/ trust structure may not be possible.
What you really need is a good 'tax accountant' not an accountant who files tax return.
My suggestion is to stick to the "areas you know well" unless you are doing first hand research in one of the new developing areas. I remember people running to Point Cook years back due to cheap land (and because their friends bought it there) and now if you go to realestate and check the rental properties there appears a list of over 250 properties available at one of time and which sometimes even take 2 months to get rented. Just giving you something to think about.
Do you want to get these inspections done and if yes and if the Bank (Vendor) don't want to accept the conditional offer (which is normal as they want unconditional sale), you have to risk your money without even putting the offer. So in short, it is your choice as this spending doesn't guarantee your offer being accepted. Like it or not mate, you will be making an unconditional offer in this case and perhaps shorter the settlement duration better chances you have to secure the property.
you kidding? Do we need another Euro zone type drama in this part of the world?
Why don't and speak to the neighbours? You don't ask you don't get.
Terryw: And I'm assuming the valuation won't come free in that case and I may also struggle to get a v'aluation in 2008'.
