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Thanks for your answer Richard.
You are very right. We have been given a glimmer of hope by one bank.
Thanks everyone
Sorry I am bit late to respond. I was hoping to get an email when someone responds but didn’t get any.
Thanks for all the information. I forgot to mention that construction is underway & finance is sorted out. Yes you guys are right the bank valued it atleast 20% less because of it being one title. Their logic is that they cannot value it as 2 titles until it is 2 titles.
I do not have a lot of time on my hand for paperwork, is there any business who do this sort of thing for small time investors like me. I mean someone who can advise me & also help in paperwork.
Thanks & Regards
Gary Singh
Friends I was lucky not to buy in the area…I had a gut feeling that something was not right..feeling I had was that I was paying high price..also the prooerty I was going to buy was of very bad built quality. That is another thing all this boom there has resulted in a lot of substandard building.
Henry u are definatly paying a lot ….property i was investigating was 420k for standalone 4 x 2 x 2.I guess I read somewhere that the height can be 2200 from the lowest joist or whatever to floor but will still depend upon the council.
the other problem you will face will be Q100 if it is in Queensland(i suppose it is same in all QLD)
If Q100 kicks in then you have to raise the floor height & that will spell disaster………Gud Luck
If you r in QLD, From Insurance point of view you already own then because you need to have an insurance from the day of contract (in QLD atleast) So you can go to insurance at least & I think also to police.
I checked out the examples…………..in one picture they removed the overhead electric wires & the poles…………….For me that is a big NO NO……………that is cheating…….
Hi I am a new investor as well, but I think after doing a lot of research, I would say you will be better off renting your own house for tax purposes & then keeping the rent from house-mates to pay the mortgage is best situation but only catch is that U get hit by CGT.
No it is not garage, but it actually could be a non-habitat area( I do not have a search result as it takes more than 2 weeks) But it is common to have a non-habitat area(such as kitchen, bathroom, storage etc.) being used as bed rooms in our area.
In this case I assume this is the only possible scenario.
It is commercial zoned area, so I am looking to buy & hold untill the market here starts going up & then construct some offices by raising the house. but untill then I wanna make use of the area & looking at renting my own apartment out & moving into the ground floor of this house & saving on rent.
comments on……..llegal, council, insurance & tax complications are welcome.
hey Guys
I am gonna get my deposit back, heard from the agent, they are releasing the deposit on vendor’s instructions.
So what actually happened?????
I think the agent played a role in this whole drama,
I am new to this game & had a pre-approved finance, He knew it & (My assumptions only) that he told vendor to refuse my reasoning for termination & put some pressure on me for the purchase.
But because I hit back strongly & told them that I will spend money in court than buying this property so they backed off.
Another trick, I asked agent about another property I saw from his listing & showed some interest in that. & that worked too.
Thanks a lot for your inputs, they really helped me!!!!!!!!
Yes, the property is in QLD .
I think that is good idea to exit on finance condition. I will check this with my solicitor,
By the way my solicitor has same views that my case is very strong. BUT THEY ARE LAWYERS right!!!!!!
Thanks for the reply……
Thanks for that & Yes I will posting the updates
Yes, I am going to contact the solicitor(actually my conveyancer is also a good solicitor as well).
This is not one drip, the house had some internal paint problems which I knew & i was okay with that. But Since I have seen the pictures of underneath the house which shows me a big pothole, un-even surface, some rubbish, wet patches & some water as well. The carpet is coming of because of excessive moisture etc.
I am from engg. background so can understand that the whole earthwork needs to be re-done to raise the underneath of house & also due to the shape of house still there needs to be overhaul/upsizing of drainage system. I cannot understand how can a good builder make sides of house higher than the level underneath a suspended floor??
I do not like the idea of buying a (2-3 years old) house for a good price.which is
1. in a area which is 1800km away from me,
2. is a flood zone
3.not built by a good builderI am fairly positive about situation, as I am looking at it from the seller point of view as well, he cannot sell it to anyone else, if he is in contract with me.
Thanks
DWolfe
Thanks for the comment, I check my contract & it says ” if the report is unsatisfactory to Buyer, The buyer must act reasonably.”
So one thing is clear that I can terminate, only issue is weather I am being reasonable or not.
What are your views on this, is it reasonable for me to terminate contract for a 3-year old house whcih has drainage problems???
