Forum Replies Created

Viewing 20 posts - 1 through 20 (of 24 total)
1 2
  • Profile photo of ChristinaMChristinaM
    Participant
    @christinam
    Join Date: 2010
    Post Count: 34
    October 26, 2011 - 10:19 pm
    v8ghia wrote:
    Hi Christina,
    Depends on your state too. I'm guessing NSW? If so, your solicitor would not 'exchange' contracts until they have confirmation that the finance is in fact unconditional (ie after having the valuation done, you have singed their formal offer – which is the executred loan contract) . As far as no conditions, subject to finance is always wise unless you have 100% cash but anything other than that is up to you. For the record, the last person I saw that was dissapointed for missing out on a house when the successful offer went to a purchaser who made a less but unconditional offer, felt a whole lot better when the purchaser had to borrow some more money to have the place restumped…….

    All the best with whatever you decide.

    Cheers

    Thank you for the reply. I am in VIC.
    Very frustrated now with the process….

    Profile photo of ChristinaMChristinaM
    Participant
    @christinam
    Join Date: 2010
    Post Count: 34
    October 25, 2011 - 10:07 pm

    Thank you all for your reply.

    Profile photo of ChristinaMChristinaM
    Participant
    @christinam
    Join Date: 2010
    Post Count: 34
    October 25, 2011 - 9:43 am

    thank you guys..?/ladies)

    cooling off period is often 3 days, can bank let you know wether or not your loan is approved within 3 days?

    Profile photo of ChristinaMChristinaM
    Participant
    @christinam
    Join Date: 2010
    Post Count: 34
    October 25, 2011 - 9:22 am
    Catalyst wrote:
    I have never made an offer with conditions.

    Did you buy at auctions or private sale? and how many transactions have you done?

    Profile photo of ChristinaMChristinaM
    Participant
    @christinam
    Join Date: 2010
    Post Count: 34
    September 10, 2011 - 10:28 am

    Thanks for the reply.

    The current drain/sewer runs next to the property we are interested in, but the "easement for possible future sewers" takes up around 140sqm of the property. So there are restrictions currently in place on what can and can't be built.

    DO you know how to find out whether the authority has to pay for the affected land?

    Also, does anyone have an idea as to how likely water damage, etc is to a house adjacent to a major drain/sewer?

    Profile photo of ChristinaMChristinaM
    Participant
    @christinam
    Join Date: 2010
    Post Count: 34
    August 24, 2011 - 5:40 am

    Thanks both for your replies.

    The reason we want to sell is

    1.we need to upgrade our family home (just had a son and maybe in the next a couple of years, we'll have another one).

    2. Our current home is too far from the city where we work. Working full time, trying very hard to advance in our career, having a child under 1 year old, commuting >4 hours a day between us, doing chores and everthing are just too much for us to handle. So.. a solution to this is to live somewhere closer to work and save 1 hour a day per person.

    3. For the majority of people, the family home is our largest asset. From this point of view, we need something with better growth potential (larger land, closer to the city).

    After we sell, we'll have to buy straightaway to have a place to live. Although in a market like this, we can buy at a lower price. But it doesn't lessen the pain of selling at a loss.(a huge loss in fact, > our a year's savings!)

    Profile photo of ChristinaMChristinaM
    Participant
    @christinam
    Join Date: 2010
    Post Count: 34
    August 24, 2011 - 5:08 am

    I read this thread, because I am in a very similar situation.
    My property is in the market for 4-5 weeks and has only one offer, an offer that's 10% lower than our break-even number.

    It's easy to say "cut the loss short and move on" while you're not in that situation…
    For us, we're going through so much paid making a decision on wether or not we should take the offer and recoganise the loss.

    Profile photo of ChristinaMChristinaM
    Participant
    @christinam
    Join Date: 2010
    Post Count: 34
    July 14, 2011 - 7:25 am
    Terryw wrote:
    I helped someone move a few months ago and it is a pain. Wouldn't want to do it twice in a few months, thats for sure.

    We moved houses so many time, but that was when we had no kids.

    Now we have a 7 1/2 month old boy.. Moving houses will be much harder (my son has more stuff than I do!!!)

    That's one of reasons why we want to sell and know how much we can fetch and how much we can afford for our new house. Something more permanent. I do not want to move for the next 15 years so we need to find a place that can meet our evolving needs (another kid etc)..that has a potential to extend..

    Profile photo of ChristinaMChristinaM
    Participant
    @christinam
    Join Date: 2010
    Post Count: 34
    July 14, 2011 - 7:11 am

    Parents come handy in a situation like this!!!

    Profile photo of ChristinaMChristinaM
    Participant
    @christinam
    Join Date: 2010
    Post Count: 34
    July 14, 2011 - 7:09 am
    Terryw wrote:
    Or, you sell and rent for a period of 6 months while you look for the new one.

    This is the safest way, but then you have the hassle of moving twice!

    In the past 7-8 years, my husband has lived in 3 cities and I have lived in 5 cities. And in each city, we moved houses as well. I absolutely hate moving houses ever AGAIN!

    We've decided to sell first and try to get a long settlement. In the worst case, we'll have to pack and live with his parents for a short period of time!(We did this before when we moved to Melb from Syd!)

    Finger crossed this time!

    Profile photo of ChristinaMChristinaM
    Participant
    @christinam
    Join Date: 2010
    Post Count: 34
    July 14, 2011 - 5:26 am
    Terryw wrote:
    I am a solicitor and have seen many people get into trouble. Many will sell and buy at the same time and assume the sales will go through as per the contract however things don't always happen this way.

    Imagine having to be out of your house tomorrow so the new purchasers can move in. At 4pm you find out there is still a tenant in your new house and he is not going to move out because he cannot find accomodation.

    …….

    You're exactly right. that's exactly the reason why this question is such a headache!!!!
    there are problems either way…

    You sell first. You're out in the street if you can't find a new place or the new place is not ready for you to move in.
    You buy first. You might find that you can't sell and access your equity that easily… and you end up repaying two mortgages…

    Profile photo of ChristinaMChristinaM
    Participant
    @christinam
    Join Date: 2010
    Post Count: 34
    July 13, 2011 - 11:16 pm

    I think I agree that it depends on the market condition.
    In a hot market, you will probably buy first. In a market like what we have experienced at the moment, selling first makes sense.
    You sell and you know the price you sell for.. This helps because you know how much you can afford for your new house.

    The only downside is where are you going to live if you can't find the house you want to buy within your time limit (settlement)

    Profile photo of ChristinaMChristinaM
    Participant
    @christinam
    Join Date: 2010
    Post Count: 34
    July 12, 2011 - 6:48 am

    Thank you all for your input.
    I'm selling now! My property will be listed next week and finger crossed!

    Profile photo of ChristinaMChristinaM
    Participant
    @christinam
    Join Date: 2010
    Post Count: 34
    June 28, 2011 - 4:35 am
    ksherwell wrote:

    Solution: its better to have the money in the bank, especially in a tough market when days on sale are exceeding 45days.  Sell the property 1st, get a long (90day+) settlement and ensure you have a unconditional contract before purchasing.

    Thanks for the reply..
    A question..why a long settlement?

    I have started looking to buy for 3 months but haven't got anything. (I was so close to getting one, but was outbidden..)
    My other concern is if my current house settles later than the house I am buying, then we'll have a huge mortgage insurance.And my current bank only released equity to 80% LVR, which doesn't help much.

    Profile photo of ChristinaMChristinaM
    Participant
    @christinam
    Join Date: 2010
    Post Count: 34
    June 28, 2011 - 3:41 am

    I work from Monday to Friday, away from home about 11 hours a day.
    I have a 7 month old son who attends childcare full time.
    Saturday is our house hunting day and chores day. Sunday is another day to finish off chores (just to keep the house livable)

    I have two to-do lists, one for work and the other one personal. To do lists are great in meeting the deadlines and getting things done. The work to do list, I usually leave it at work. On some occasions, I take it home and work from home.. I carry the personal to do list all the time. It's just a diary and I add items to do and once done, I check them off.

    My husband and I.. we are 50-50. We make some amount of money and do same amount of chores. I stayed home for 3 months for our new born son before I returned to work. He looked after him for another month. Then he started childcare when he was 4 month old. It was tough… but at this stage, we're still mortgage slaves and want to payoff our house as quick as we can…

    Profile photo of ChristinaMChristinaM
    Participant
    @christinam
    Join Date: 2010
    Post Count: 34
    April 28, 2011 - 7:17 am
    Terryw wrote:

    If you take this $40,000 out of the loan it is new borrowings and the interest on this new loan would only be deductible if used for investment/business purposes.

    I do not understand this part. How come this 40K redrawn from the loan becomes a new loan?
    doesn't redrawing of 40K mean that the principle of the loan now becomes 100K? it's within the loan and doesn't create a new loan…

    Does it make a difference if you redraw 40K from the loan, which is for an IP, and use this 40K as the deposit for a new PPOR?

    Very confusing…probably need to use an example and go thru the Math…

    Profile photo of ChristinaMChristinaM
    Participant
    @christinam
    Join Date: 2010
    Post Count: 34
    April 26, 2011 - 5:29 am

    Do you guys speak Chinese? Can you read the contracts in Chinese?
    If you can't, do not invest, unless you find a trustworthy independent translator.

    Agree with ALF1 that setting up a website costs only 100 bucks…Be cautious.

    Profile photo of ChristinaMChristinaM
    Participant
    @christinam
    Join Date: 2010
    Post Count: 34
    April 26, 2011 - 5:00 am

    Anybody, any thoughts?

    Profile photo of ChristinaMChristinaM
    Participant
    @christinam
    Join Date: 2010
    Post Count: 34
    April 26, 2011 - 4:54 am

    My anglicised name is Christina. I am originally from China and now live in Melbourne.
    My father and I did a couple of deals back in China and we made millions (?)

    I have a passion for real estate and hopefully, in the near future, I'll have a sizeable property portfolio(like my father did).
    If anybody on this forum is interested in partnering up, please let me know.

    Profile photo of ChristinaMChristinaM
    Participant
    @christinam
    Join Date: 2010
    Post Count: 34
    April 26, 2011 - 4:34 am

    Thank you Richard for your quick reply.
    We spoke back in 2009 and I am now back in the property market to look for a larger house. This time I have to find one, because I now have a 5 month old son and need an extra room!

    I am wondering if you can take me as your new client. I found a house that I am happy with. My husband will go have a look tomorrow morning. If he's happy, we'll make an offer.

    Will talk privately later…

Viewing 20 posts - 1 through 20 (of 24 total)
1 2