I have a property I want to sell. I want to know more about vendor finance and options. How to decide which one to choose? How does it work? How does the purchaser get the finance for vendor finance? How does the purchaser apply for finance at the end of the term if they have an option on the property?
I have been in touch with a couple of people who offer to buy houses. They want to find a purchaser who puts an option on my house. These guys get a deposit of $15000 or $20000 (which they keep) but which comes off the price of my house. I am thinking of doing it myself, finding a purchaser and then going to a Solicitor to draw up the documents. This way I can keep the lump sum deposit myself. Has anyone done this before? Does anyone know anything about these deals? I need to learn all about it before I do anything.
Hi realdream
If you'd like to learn about real estate vendor finance in Australia, I suggest you do a search for Vendor Finance here and in the Somersoft forum. You'll get an immense amount of reading material in both these forums.
A few web resources that may help in your search for information about vendor finance are:
https://www.propertyinvesting.com/strategies/wraps
https://www.propertyinvesting.com/strategies/lease-options
http://www.jvpropertypartners.com.au/index.php?option=com_content&view=article&id=50&Itemid=75
http://www.vendorfinancelawyer.com.au/
http://www.vendorfinance.asn.au/ The Vendor Finance Association of Australia
http://www.vendorfinanceinstitute.com.auCheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Thanks Paul for all the good sites, I am reading through them all.
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