Hmmm….the broker has previously indictated the lender (which is BankWest) will give a partial refund within 12 months.

B x

Great…thanks for that!

All appears to be confirmed…after initial delays with finance….so settlement was put back a bit…….

Will speak to the legal eagles!

Thanks!

B x

Actually, we have found another property that would fit the bill, and explained a bit of the situation to the agent who said a possible rental/long settlement is very much a possibility to the vendor depending on the offer made – it was their PPOR then an investment property and is currently vacant….they are selling up properties *allegedly* as older people wanting to direct funds to their children.

Only way we could go for this property now is to do the long settlement/rental thing. Otherwise we would go for a lower price temporary PPOR (future IP) in our next fave suburb and be able to borrow now at a level that would not involve LMI. Our preference is to be in that long term home now, with no more changes of address….

Richard, I have no clues as to how/where we'd start to arrange a partial vendor finance arrangement……arghhhh!

B x

Thanks Duckster!

I would have thought the cost of bridging finance would be higher than that of the likes of the St George relocation loan….I am happy to be corrected though!

B x

Yes…..have a current property to sell…..

B x

Hey thanks gmnicho…I appreciate your response!

Even at your very lowest estimate of 25k – you think it would be that much to paint internally, paint externally and repolish floors….so at least 8k for EACH of the three jobs? That is before looking at possible re-stumping or re-wiring??

I knew getting things done professionally would cost a bit – but maybe not this much…….

Sure, I am not helping frame the question properly by not having the actual size of the property – but imagine the smallest of the older style commission houses of the 60s.

And yes, I want to pay others to do the work….have no intention of doing it on my own or asking friends.

Thanks!

B

Thanks everyone!

We have decided not to attend.

Initially we went with this PM as that is all they do – manage properties – no real estate sales. But it has kind of back fired as they seem rather pedantic. The 120+ condition report jpegs of the property should have warned us – separate photos of the phone book, the spare light bulb for the WIR, and the utility company magnets for the fridge – I mean really!!!!

I don't want us (as the owners) or the PM to become an annoyance to the tenants, who we would like to keep long term. It is not that long since I was a renter, and I know this would annoy the crap out of me!!!!!

If we need information on the market we can contact the PM at any time, or go to other sources.

I suppose I resented the way the PM was kind of bombastic about our claims that we hadn't heard of owners attending all inspections. She scoffed saying ALL of her clients do ALL of the time. We felt kinda embarrased, and therefore bullied into going along with this. We have now managed to get a bit tougher…..LOL!

Hey, thanks everyone – I didn’t think they’d be so many people with such varied ideas….I didn’t want to bore with too much detail in my original post, but as everyone is coming up with good stuff, here is some more detail:

Okay, I am ashamed of the figures. Purchased late 2005 for 85k with not much less than that owing now.

Mortgage further complicated by the need to have a relative as a guarantor, as I was working part time.

Location? Western Victoria, population under 4000. 3 bedroom mid 1960s former authority house, in a street with only 5 ex-gov houses. Opposite park. Basic layout, but good sized rooms (lounge 18ft x 12ft) largest bedroom 15 x 12 ft. Weatherboard with aluminium cladding. Internally plaster in bed and living room and (?) lining boards in bath/toilet/laundry/kitchen. Original wooden windows need restoring or replacing (depends who I ask!) Survey at the time of purchase described it as a good sound house. Roof is iron, it looks rough, but a plumber suggested a high pressure clean would suffice. Bought in a neglected state, eg. Tiling incomplete around bath/shower, allowing for dampness to get into wall space between bathroom and toilet causing rot, and the need to replaster/repair. On moving in discovered the carpet smelt, lifted it to find much pet urine had stained & rotted this. Removed carpet and had floor boards polished, revealing signs of insect activity, although not recent or current. Corner of one bedroom (closest to bathroom) floor honeycomb like, but could (?) have been from the urine….why would anyone lock larges dogs inside a house? Original kitchen was half ripped out. No external shedding, paving, or landscaping. Big block.

Agents have previously claimed it could fetch $130pw + in rent once repaired. Local rentals are hard to come by, with agents having waiting lists. Local growth cited as being due to a new major industry coming to town shortly. Plus it is a lovely picturesque location – well that is what attracted me.

I don’t have a hope of taking out a loan for larger repairs, and have no desire to do so. This is further complicated by needing my guarantor’s permission on extending the mortgage. The man in my life has his own mortgage, and plans to purchase for us elsewhere for a work relocation that will take place in the next year, keeping his current property as rental investment. I currently have some huge medical costs that use up (his) all spare funds, so his borrowing for the repairs is out of the question.

Maybe at  worst it would require up to 20k to have work done, but again regardless of $ getting the work professionally done seems near impossible. At one stage I decided to go around builders, and was to hire a window place from the next largest town to replace all the windows (7-10k) as they said they had a short waiting time, and the work would be complete within 4 wks….well, it took 4 months before they were able to come and look at the job…our plans had yet again changed.

Current plan – to continue to empty place, and get the agents in to see what they have to say for themselves.

Trakka: Thanks for your comments….this is a sad but true story..I had the super handyman of all time ready to do the windows (restore & replace with 2^nd hand) and he died suddenly. A second local fellow (who is actually a builder) would have been great, but had limited availability due to existing as a full time carer. I’ve been on the list for every local builder (and some from surrounding areas) to no avail. Admittedly, the most work would be a small job to a builder – but yeah, I’ve had no luck there. One previous plan to just co-ordinate various trades myself just didn’t work. My new man and I live some distance away, so there is no chance of us living there ever again.

Malquisce: I am with you, doing anything while stressed is not the way to go….it is just that so much time has elapsed while we have waited for various things to eventuate. Our own indecisiveness has been to blame, and we know it. I have no doubt that the cost of repairs would add to the sale (or rental) price, and be a good investment, but for us it just isn’t worth the prolonged financial stress while waiting for this to be done. Again, there is not a hope of us doing the work ourselves. No real idea of its current value. Locally, other ex-govt houses now start at 125k (usually those in neat, basic, original condition.) Yet, last year a nearby house similar to mine (without cladding, & with 20yo aluminium windows, original kit & bath) went for 105k, so I really don’t know..could the slight difference of location mean a drop in 20K?…certainly the 4 cheapest houses currently listed locally are 125/130/135. I just have to get some agents in for a current idea…I still worry I originally just paid too much in my desperation way back then.

Richard: Wrapping? Ugh! I think that is something best left to someone with a far stronger constitution than I!

V8ghia: You're right, I shouldn’t let this put me off future investments…and there will be future investments – but those will be purchased for that reason alone, making things far less complicated. The man in my life reckons we will regret (in future years) not realising the possible potential of this property.

Duckster: Well, I hadn’t heard of that site….however, I am taking notice of all said here…private sale was just one idea.

Thanks everyone!