Forum Replies Created
- Qlds007 wrote:As Jamie has mentioned we write with slightly a biased view however in saying that most mortgage brokers dont charge fees for their services so certainly wouldnt be getting any unsuprising bill from me.
Now if you are after someone to source the property for you probably look to engage a Buyers Agent but remember choice one who declares his fees to you upfront so you know exactly what you are up for.
Let me know if you are interested in the Central Coast / Newcastle area and I can put you onto an excellent Buyers Agent who is a forum member and top bloke to boot.
Never had a finance issue with any deal of his we have financed for forum members.
Cheers
Yours in Finance.
whos the person on the central coast that you recomend?
xdrew wrote:Rent to own and vendor finance are basically the same thing.Instead of the bank playing decision maker on the deal .. the vendor supplies either a line of finance .. a condition of terms or a means of payment for making a property deal happen.
It means you have to impress the vendor as to your credit suitability for the deal.
For someone who doesnt fit the stricter terms that a bank might issue .. it presents a position of flexibility for possibly getting a property.
As finance terms go .. its an expensive option in that while you might get 7% (or close to it) from a bank or credit institution, you might be paying 9% or 10% (or higher) to get the same deal from the vendor. The vendor wraps a deal and makes a margin over bank interest, the buyer gets a property without dealing with bank restrictions, and it gives him a good footing into the property market.
If it suits your needs for getting onto the property ladder .. then the answer is .. go for it.
Read all the fine print on the deal. Its not unknown for vendor finance providers to add sticky clauses into the paperwork. Be warned.
thanks very much thats helpd heaps bye the way im only 22 and looking to start out a.s.a.p and threw my research and home work iv came across rto and vendour. this seems the best option for me as i have little deposit with an average credit history
cheers Daniel
would a rent to own senario be good for for OZLAT?
im in the same kind of situation on were to start i screwed up when i was younger but now have a goverment job and on a good income
what's the deal with rent to own and vendour finace
