could someone please explain how to approach the idea of the vendor leaving some finance in a property if you can afford the repayments but don’t have enough equity/cash for the deposit on an IP.
Thanks in anticipation,
DianeThis may sound stupid Diane but have you tried asking?
Firstly you need to know if the vendor is prepared to leave some money in the property, then, how much he/she is prepared to leave in, for what time period, what security would be required if any, and whether or not they want some interest on the monies left in.
If you can agree on the above then leave the rest up to your solicitor
Cheers
JeffAppreciate that Jeff,
wasn’t sure who to approach first.
Thanks, DianeSounds like a great idea. Where can I get more and detailed information on this ‘vendor carry backs’ idea specially from a broker point of view.
many thanks
Rrooma
The answer is simple “disclosure”.
Sure all the other finance guys we will concur be honest with your lender and he will be honest with you. It’s also known as a small matter of fraud if you don’t disclose.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
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