Forum Replies Created
Talking to our conveyancer yesterday I'm told that you have to tell the purchaser if you increase the loan amount because they've agreed to the Section 27 deposit release based on the figures you supplied, even though the borrowing is less than 80%. Conveyancer says normally you just tell them and ask they have any objection, then close the file because they never do. Unfortunately the bank want a letter from the purchaser or his solicitor to say it's OK. However I'm told that's not the law, we just have to tell, so I've put in a complaint to the bank laying out what happened, and they've escalated things.
The loan is approved subject to this so even if we don't get the purchaser to sign something (their solicitor has been less than helpful there in the past) I know I can now ask them to remove the condition of the loan now knowing it's not a legal requirement.
Michael, I don't understand what the alternative is. Do you mean when you're getting a standard mortgage? We will have no end debt.
Hi guys
We are getting advice today, but I really appreciate your input
Terry, we are unconditional, we are in Victoria.
The finance people at the bank assured us we would be fine for the bridging so we went ahead. But now they are saying the bank needs to secure the bridge on both the property we are buying and the one we are selling. We had the deposit released under section 27 so the agent could get paid. Now it appears that because we have done that we have to get the purchaser's OK to raise any funds on our current property. My husband had raised that question with the loans officer in the branch and she said it wouldn't matter and just to go ahead. Think maybe the bank's policy's changed regarding which properties to secure on. The regional manager who's now looking after us has never heard of this happening before
We think any talk of finance may spook the purchaser and they are more likely to wear a move forward, so that's where we're going first. If he won't do that we'll try to get his permission for the finance. We are going to explore all avenues. Already the vendor has declined to move back and let us rent for a week, but we are trying to find out whether his objection was to shifting the date or our renting.
Thanks again for all your advice.
Thanks so much for this guys. We're out, this property has too many problems.
Thanks Scott and Derek
Scott, conveyancer told us we couldn't find out unless the vendor sought to access the deposit
Derek, no the contract didn't include those conditions.
The conveyancer looked over the contract before we signed. We have previously always used a solicitor, but we believed we'd be better off using a conveyancer as that's all they do.
We're still in cooling off.
Hi, I just got a PM –
"Hello,
can you contact me here: [email protected] there is a project i want you to handle for me.
waiting for your urgent respond,
Mr. Charles"
Anyone else got this sort of thing. Tks
Carole
I'm now looking at Dean Parker's renovation system and wondered if there was any more feedback out there yet. Thanks in advance.
Thanks all for your help – and support.
It's made me a little more confident that we can do something – albeit carefully.
Unfortunately our property doesn't lend itself to subdivision or anything like that – but we are ready for a change anyway. When I say downsize – I actually mean downprice. We are lucky enough to be in an area that has appreciated quite well and have been here for over thirty years.
Derek, I'm going way past 84 – in fact I like it here so I'm not going anywhere. Just need to make some plans now as to how we're going to finance it! We both enjoy property investment – anything to do with property. Can't go on holiday without hanging round real estate agents' windows. So I guess whilst that continues, as long as we're diligent and avoid costly mistakes, our quality of life will be good as we're doing something we love.
I'm working on some business models now to see just how we need to structure ourselves.
I'll check out some of the courses, and also Paul, I'll have a look at your website. That might be a way to go. I liked that part of Steve McKnight's book, but I don't know how to do it. I see you do, so that might be a winner.
There are some great articles in this forum – I'm so glad I found it.
Thanks again to all who helped me.
Thanks Michael
I think an SMSF would be a more expensive way to go than holding company and discretionary trust. I did discuss this with my accountant today.
I'll have a look at the investment bond.
What a great forum this is.
Thanks again
Carole
What a great post – thanks for that Adam
