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I don't know of any rebate happening but he did mention that on the contract it states call option on one of the annexure
I then found this article
So by stating $510k on the contract is that business inflating the market?
He doesn’t get any rebate.
The propery business uses a call option on the contract so they deal with all the paper work, he just signs and provides pay slips so there might be a rebate but he doesn’t see it.The interesting part is my uncle’s solicitor said it’s legal and very smart???
just an update.
I’ve found out that price on the contract is actualy $510k and not
$420k but his bank loan amount is $420k.
He said the bank has valued the property at $510k but he doesn’t know how the discounted amount was used for the deposit. He doesn’t care as long as he only owes $420k, gets the property without paying and fees or deposits.pm sent
Terryw: could you elaborate on your short fall comment please?
Is there possibly some extra fees within?Qld007: definitely not vendor finance, as he says that he’s using the equity gained from buying below market value to pay for deposit. He said he’s not borrowing anything on the side, so unless it’s hidden.
He said these guys are geniuses and are the first in Australia to do this but when the family kept questioning he got pissed off and doesn’t talk to us haters about it no more.
No, he has no properties under his name which is why he was so eager to hop on board.
They’ve told him that they only offer properties that already have equity in it so they can pass on the equity on to him to use for deposits, stamp duty etc.
He just has to cover the shortfall of about $140/week from rental and interest only repayments.I don’t understand how you can use equity within?
Apparently the contract says $420k but I’m unsure which bank and what the interest rates are.
I’m quite sure it’s not a deposit finance either.
They do seem to target desperate sellers as you can’t pick your own property off property listings.Brad
