All Topics / Help Needed! / How do I buy this house?

Register Now for My Free Live Training Series!
Viewing 3 posts - 1 through 3 (of 3 total)
  • Profile photo of tiggietiggie
    Participant
    @tiggie
    Join Date: 2012
    Post Count: 7
    June 11, 2012 - 10:49 am

    Hi Newbie here

    Just split from partner but still able to live rent free in his house till I find somewhere to live. My property is tenanted until Jan but tenants are looking to move out earlier if they can, worst case it will be Jan.
    I want to do some reno work on my home when they move out and then sell it as I don’t want to live there again. It was my PPor for 10 years but rented out the last 2.
    My house is currently worth about $400K, down from $420k in Jan. I’m hoping with reno’s I can get about $450. I owe $100k on it.
    I am self employed and made a loss last fin year, so don’t have a steady income right now, so don’t have good prospects for getting a loan.

    I have just found a place I want to buy which would be perfect for me and my kids. It’s been on the market for 6 months and they want $469k for it. Its empty and if they don’t sell in next few weeks they will rent it out. I think it’s prob worth about $449K and I would like to offer about $445.
    but
    I don’t have any money until I sell my house
    I may not get another loan because of poor performing business
    I was thinking of offering to rent it until I sell my home but it would cost me about $460 a week renting versus free rent where I am. Partner said I can stay here until Jan if I have to.
    Is there a way I can somehow secure the house now so I don’t miss out? It’s doing my head in thinking of ways and I’m already emotionally exhausted because of the relationship split.
    Thanks so much

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    June 11, 2012 - 11:11 am

    Hi Tiggie

    Firstly welcome to the forum and I hope you enjoy your time with us.

    Look I don’t think financing this deal is going to be as hard as you think especially given the fact that you are renting out your current property. Subject to certain information it could be done as a bridging loan and all we would need to show is you can support the end loan.

    As I say would need a little more information but not as doom and gloom as first thought.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of tiggietiggie
    Participant
    @tiggie
    Join Date: 2012
    Post Count: 7
    June 14, 2012 - 1:03 pm

    Thanks Richard for your response. i feel a bit better now, although I have a new set of questions which I might post in the finance forum…see you there!

Viewing 3 posts - 1 through 3 (of 3 total)

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