Yes. That’s the case. I don’t know how long ago? But the wrappee has been paying the property off for a number of years, and now declared bankrupt.
I’m not sure what’s happening the agent says he’s getting in touch with a solicitor. Because he thinks that the wrappee does not have any control over the property, once bankruptcy has been declared? Which I’m about to go around and see what the agency has found out!What occures with repossetion? What are the rules?
The rules are in the wrap agreement. Also, the agent does not have a valid agency agreement as the owner didn’t sign it. You said the wrappee signed it.
I also suggest you redo your figures. 20% of $45,000 is $9,000, not $2,000.
You will also find it very difficult finding anyone to finance a property in a flood zone if it comes up on the valuation.
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[withstupid]
The forumite formally known as Big RobThis property has sold now and with five others waiting in line if it falls through, with offers waiting to be submited. Went for some amount slightly less then $77,000, listed price.
<<The rules are in the wrap agreement.>>
That’s what I would have liked to have seen.
<<I also suggest you redo your figures. 20% of $45,000 is $9,000, not $2,000.>>
That’s with 7,000 FHOG taken out of the $9,000 deposit again! I changed the thread to make that a little clearer!
<<You will also find it very difficult finding anyone to finance a property in a flood zone if it comes up on the valuation.>>
They actaully over looked this, because I applied for finance anyway. There main concern was the light industrial zone! However if I had nine thousand up front and using the grant of $7,000, so therefore $16,000 cash. They would have been happy to do it.
I told em the properties gone anyway!
I hate it when a deal falls through, but it was another good learning experience. Something strange was going on there though. Because I was asked to submit any offer, any offer at all. So it was $45,000 then it was realized that it was listed and under offer with another agent. The agent who I had asked said if I had of been there three days earlier you would have been right.
But stil out of all this I stil want to learn how to secure some finance or some way of doing it. Because it will be soon that I will find another deal.
Hi Steve,
Thanks for the newsletter, it’s a good read.Do you think your ideas can help me (or any one else) purchase one or more of these properties?
I am a real estate agent and have a new estate to sell in SE Queensland.
It’s situated in the heart of the Sunshine Coast, only an 8 minute drive from the beach, Maroochydore’s Sunshine Plaza, and also 8 minutes further inland is Nambour’s Base Hospital, railway station, and the Bruce Highway, just 1 hour North of Brisbane. It is the lowest priced land on the Sunshine Coast with 450m2 courtyard lots starting @ $158,500. The average size lot is around 750m2 at an average price of around $195,000. As you can imagine, when I have a brand new 4 bedroom, 2 bathroom Brick and Colorbond house with double lock up garage starting @ $299,000, it has a lot of appeal to both the first home buyers, as well as the empty nester’s.
Let me know if you would like more details on this prime real estate, (it is fully serviced with underground power, water and sewerage, with approximately 300 more lots over the next 2-3 years) and I would be pleased to send it to you or anyone else who may be interested.Sincerely,
Brian R
Ph: 07 54 500 300PS: Please keep the newsletters coming regardless.
I’m learning so much about this.
I currently have found another potential deal that could be put together. However the agent is saying i can not sign an offer on the property for a nominee, unless i am pre-pared to pay the 1% stamp duty fee, upon changing the contract over into a nominee’s hands.
The property had a contract on it last time and it is now on the market again. How can I tie the property up in my name until i find a suitable money partner for this good potential profit making renovation?
I am in liaison with a few different Investors from my end, but need more time to organize the ‘money partners’.
Can you give me some advice as to what offer to submit and or what to ask and negotiate with the agent, and or what clause to put in?How can i word the contract and so that the stamp duty , payable by me, can be taken out of the profit’s at the end result?
Jaffasoft
What state are you negoitiating in? In Vic and NSW you can just sign the contract as jaffasoft and/or nominee. But you may be up for stamp duty twice if you have no pre existant agreement with your nominee. and it may not work in NSW if the nominee is unrelated. Please talk to a solicitor about this before you sign.
What is the 1% stamp duty they are talking about?
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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
G’day,
Sorry a bit of a delayed reply!<<What is the 1% stamp duty they are talking about?>>
The state I’m negotiating in is, Queensland!
As far as I know from what the agent says, it’s 1% stamp duty payable my me and also the nominee is payable to another 1% on changing it over to there name. In this case 1% on the 120k this information was from the agents solicitor. And but the agent was still reluctant to let me sign a contract.
I really just want to tie the property up for enough time to secure a money partner. Which I have a few interested parties, but there just not quiet there yet.
I’ve done a lot of research on the property and still don’t see any reason why it wouldn’t work to Reno and resell instantly in one month. And or to put it straight back on the market. Because it seems way undervalued and also the details to a marriage split up are a bit ugly. I think the house is selling cheap because of this reason.
There is only to downfalls to the property one is that it’s a two bedroom, and the other is it’s on the north side of town.
But I justify this by a shopping centre being built in the next six months!
I’m rattling on, I better go by.I would apprietiate your advice on this, I we might be able to secure it with your knowledge.
I will also see a solicitor, but i would like your advice.
Jaffasoft
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