I have a property currently valued at approx. $1,000,000 and want to sell it quickly for only $600K but with minimum 180 day settlement. The property is a rural resort/accommodation venue that has lots of infurstructure already in place.
I need to get the a 30% deposit and have immediate access to the funds. It seems that if I was to sell via conventional contract that I would not get access thru a section 27 as I would have to disclose all financials in relation to paying out the mortgage at settlement.
What I need to know is can I offer Vendors Finance via a wrap and have access to the 200K?
Or am I better off offering a lease buy option, and say;
Ask for a $200K refundable lumpsum lease payment,
a small rent of say $100 pw and option to purchase $600K in six months?Does the $200K lease payment come straight to me as the vendor or is it required to locked into a trust account?
Hope someone can help me put this together. I’m also happy to put a fee for any help you can give me.
The other thought is, if someone wants to buy the property for $500K right now, that would be good too.
Then there is the thought of asking someone to lend $200K on a second mortgage for 6 months. I will repay $220K in 6 months.
Looking forward to any advice that can be given or any contacts that might be able to help.
Thanks
WOW youre prepared to sell a property worth one million dollars for half!!!!
I reckon this is a “if it sounds to good to be true it usually is” scenario.
Pepper
bnr,
What?Sorry, trying to read your post I needed to stop myself for a breath.
1.Why are you selling?
2.Why can’t you draw on equity?
3.Why is it so urgent?
4.Why (if investing the money) can’t you do a wrap style purchase?
I don’t mean to be slow, but some more info would probably make the advice more suitable to your situation….. just a thought.Cheers
C@34
I guess this does look to good to be true. But it is real.
I need the money urgently for personal family matters and cannot access it from equity because of the way the current mortgage is setup.
I’m happy to sell quickly to get the funds and to move on to other projects.
If you want to wrap it, you probably could get the deposit upfront, but the vendor would have to have $180,000 cash lying around to pay you (ie 30% of $600,000). You could also sell an option for this amount and get the ‘cash’ upfront. Option money is usually non refundable, but finding someone to do this may be hard. Then again, if they are getting a $400,000 discount as you say, then if may be possible.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks Terryw
Can a option be written to allow for a refund if they do not go ahead?
Bnr
Sure. There are various ways you can structure it, but check with your solicitor first.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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