Once one’s ability to obtain loans becomes impossible because of the bank perception that, based on one’s disclosed income, you will not be able to service another loan, that is when one reaches the stage where one can no longer continue to purchase.

Some people may see going Low Doc as the solution. The problem however is that one still
is stuck…[Read more]

Yes, you are quite right with your remark, Wrappack.

Thanks,

Pisces

Hi Brady,

The formula which Lucifer supplied, if you multiply the outcome of the division by 100 the result will be expressed as a percentage.

BTW how old are you ? Are you working already ?

Pisces

>>Just because a prop can be bought today for (say) 500k, that was 530k three months ago, does not mean that it is good value.

The true value buy would be at the bottom of the market, or after the market starts to recover<<

There isn’t anyone around who can say ‘This is the bottom’ unless something happens by way of a fundamental change.

So…[Read more]

I posted and said that I found it hard to imagine a bank paying a borrower for paying out his loan early.

I subsequently deleted the post.

MortgageHunter, I still find it hard to believe.

However, if you say that it has happened I have little or no choice other than to unconditionally accept what you say.

Brahms, if you at present have a fixed…[Read more]

Liz, one can of course ask the client to sign an agreement which states that if the details he supplies are incorrect then you are entitled to be paid a processing fee of xyz dollars which would be payable if the loan doesn’t proceed.

It would be adviseable anyway to have some sort of agreement between the two of you.

Pisces

Originally posted by AusProp:

The biggest problem I see with this strategy is the tax – it no longer falls within CGT as you have now become a property trader and taxed at full marginal rates. Add on transaction costs and risk and a cooling market and and and….

Ausprop’s question re CGT and becoming classified as a property trader when…[Read more]

Interesting question Jancrows.

Yeh, Is poetry better than muscles ?

Anway, I think I already know the answer to your question Jancrows.

Whilst the way to a man’s heart is through his stomach I reckon the way to a woman’s heart is whispering sweet nothings in her ears.

Works everytime.

You may feel foolish doing it but, hey, if it works, what…[Read more]

Alternatively perhaps the vendor may be happy to
lend you the shortfall.

However even then I would still nevertheless heed Simon’s suggestion of seeing a broker as, even with a vendor’s loan, you may still run into problems if you approach a lender direct.

Pisces

It seems to me that lenders are well aware that the income may not be there.

And as long as the borrower signs that income declaration the lender is off the hook as far as consumer law protection is concerned.

I have heard stories where the taxation department did for one reason or another did make enquiries but didn’t take any further action.

Pisces

I would be more concerned if the guru was talking nonsense which Robert Allen clearly is not.

In the past I have struck a few socalled ‘guru’s’ in the share trading area and have done my very best to expose them.

I cannot really get all worked up about Robert Allen because (contrary to the rip offs I mentioned above) he does come with real…[Read more]

>>If another agent comes along, and he don’t like it… he should be suing the agent, and, not you….<<

As the first agent didn’t have a contract with the second agent he cannot sue him Scott.

It looks to me more as if Bob’s solicitor was at fault by not protecting his client (Bob).

Then again, we aren’t in possession of all the facts.

Going…[Read more]

JParry, you said :

“Without any doubt the agent has a legal right to his commission.”

Nothing is ever ‘without doubt’.

The courts are full of people who are fighting others and both parties are certain that they are right.

Amazingly, half of them are proven to be wrong at the end.

“If you read your agency agreement you will see that any buyer…[Read more]

I think it only is going to apply to Australians who choose to live in Europe. [laughing]

I think it is called the ‘Expatriates, we will get you’ law. [cap]

Pisces

Ha ha ha, the two of you completely misunderstood me so let me re-prhase it.

If it is O.K.for (say) Liz to sell a property for the highest price she can obtain why is it wrong for Robert Allen to sell his seminar for the highest price he can obtain ?

However, I agree with Liz that it is silly to pay thousands of dollars for a seminar if one can…[Read more]

Gee, I wouldn’t want to get on your wrong side WallFlower. You are obviously well able to take care of yourself, prepared as you are to dispense any unwanted would-be-amorous male into the icycold water below.

You probably got the idea from George who, in one of the episodes of Seinfelt, was talking about shrinkage ?

(Absolutely the funniest…[Read more]

Offense ? What are you talking about Jo.
That’s not how I perceived your post.

I just thought it a good time to add on to both Kay’s and your post to ask a serious question.

I posed the question before and no-one responded.

I get a lot of e-zines which all talk doom and gloom.

And the logic they provide cannot just be ignored or dismissed…[Read more]

I think, Sonja, that the participants know each other quite well and it is just some humorus (or should that read ‘humorless’ ?) banter that is going on.

Pisces

Jo said : “but things change, as they inevitably do (should).”

and

“It’s a great time for FHO and those keen investors looking to pick up a bargain.”

At a time (of turmoil in the world) where, literally, anything can happen should one or shouldn’t one bother to be prepared for the worst to the best of one’s ability ?

Should one ignore the…[Read more]

Normally a Contract of Sale carries a clause which states that the purchaser has not been introduced to the property by any party other than the real estate agent mentioned on the Contract of Sale.

If the court finds it otherwise the buyer would, I would think, be liable for the second lot of brokerage.

I imagine you have had legal advice ?

I…[Read more]