Hello We are new to IP and would like your oppinion on this; We have found a property where the vendor is selling due to finance difficulty (according to agent). Vendors are apparently interested in staying on renting. We had thought about getting a valuation on the prop to use as a starting figure and reduce it by 12 month rental and offering 12 months rent free (but a 3 month bond) or should We look into wrapping instead? has anyone got any thoughts you could share? thanks.
Thinking creatively here:
find out what there financial problem is, offer them that level of $$ as the deposit,tell your solicitor to realease the deposit….rent it back to the vendor – in exchange for this ask for a long settlement 6-9 months…this will allow your LVR to increase when you go and get finance at the end of the settlement period.
Just an idea….
Pete
…Beware of the dreamtakers…
Thank you both for your advice. Certainly more to think about. Yes we realise the first step is to talk to the vendor (we are hopeing the language barrier wont be to harmful). I like the idea of a long term settlement but if i hand over the deposit what is my guarantee? they still have the title – would it be a Caveat?
many thanks.
Lynne
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