All Topics / Help Needed! / Tips for buying off the plan

Viewing 5 posts - 1 through 5 (of 5 total)
  • Profile photo of BennyteeBennytee
    Participant
    @ten_burner
    Join Date: 2006
    Post Count: 243
    September 25, 2010 - 6:07 am

    Hey everyone

    I was just after some tips for buying off the plan

    Can you still use deposit bonds ??

    Thanks in advance

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    September 25, 2010 - 8:08 am

    Sure can – all the info you need should be on the Deposit Power website. Last time I checked you could get an online quote as well.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Positive ResultsPositive Results
    Participant
    @positive-results
    Join Date: 2006
    Post Count: 36
    September 25, 2010 - 11:24 am

    Hi Ten,

    refer to the topic

    Off the plan or Hurstville properties

    There are some replies in there which may assist you.  Otherwise if there are any more specific questions, shoot them through and I am sure you will get the answers you are looking for.

    Cheers
    Paul.

    Positive Results | Educating Property Investors / We Find Houses
    http://wefindhouses.com.au
    Email Me | Phone Me

    Helping You To Invest With A Purpose To Finish With Successful Results

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    September 28, 2010 - 9:11 am

    Just one other point worth mentioning to those already raised.

    Dont let the Selling Agent / Developer push you into having to go unconditional on your finance so the Developer can use your Contract as one of those he needs to show his Bank in orer to obtain the construction funding.

    No lender worth their salt will give you an Unconditional Approval on an off the plan property without do a final inspection.

    I had one client ring me yesterday to say the Selling Agent had said if he was prepared to sign an unconditional contract the developer would give him a separate letter saying that if the finance wasnt approved he could still pull out.

    And i thought it was only second hand car salesman that were that dodgy.

    Richard Taylor | Australia's leading private lender

    Profile photo of Positive ResultsPositive Results
    Participant
    @positive-results
    Join Date: 2006
    Post Count: 36
    September 28, 2010 - 9:37 am

    Hi Richard,

    That's a real consideration these days.  I have had a developer cancel the contract for one of my clients because we wouldn't go unconditional.  He lost a genuine buyer, but he was only interested in having a buyer who would waive the finance clause.  On another occasion the investor would not go unconditional, but really wanted to keep the property, so we negotiated a lower deposit to reduce the investors risk and both parties were happy with that.

    Any other ways your clients have got around this one, or do they just stand their ground and take it however the developer decides to fall?

    Cheers
    Paul.

    Positive Results | Educating Property Investors / We Find Houses
    http://wefindhouses.com.au
    Email Me | Phone Me

    Helping You To Invest With A Purpose To Finish With Successful Results

Viewing 5 posts - 1 through 5 (of 5 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.