Forum Replies Created
- nkrasn wrote:Hi guys
I need some ideas in terms of investing up to $160K. I am interested in either 1 bedroom units or apartments or a block of land in a growth corridor.
Any ideas or suggestions would be most welcome. I live in Melbourne and I am open to investing interstate as well as Vic.
Thanks
Nat
In my opinion you should get this for around $130,000-$140,000 only 19kms from Adelaide CBD, the houses in this street can sell for over $300,000, I own a unit in a complex at the back and getting $130 pw.cadan,
You can ask prior to the auction for a variation to the auction terms allowing you to make the deposit payable on the Monday and if the vendor's accepts your variations you'll be ok.
mixedup,
Try here http://www.businessmall.com.au/store/listCategoriesAndProducts.shop?idCategory=11
The Business Mall.
Your conveyancer/solicitor can serve this notice on your behalf.
I'll let you know REISA contract, may be different in your state. If your finance is due in 1 day time and you have yet to receive unconditional approval. The vendor can just let the contract lapse, the vendor needs to issue you with a notice of cancellation of contract giving you 7 days to comply before cancelling.
The vendor's wants to move the settlement day just to suit them…….. If you don't agree to the settlement day being changed and keep the date the same and the vendor fails to settle on the agreed day makes them in breach of the contract and you can issue them with a notice giving them 3 days to comply (settle). If the vendor does not settle within 3 days of you serving the notice you can charge them penalties equalling 2%points higher than the Adelaide bank variable rate charged back to the date they should have settled.
Note: I use and are familiar with Real Estate Institute of South Australia Residential Contracts it may be different in your state.
xpine73 wrote:Thanks L.A. Aussie.I have been doing that actually. While most agents wouldnt give me straight answer since those properties have been sold. The agent of the townhouse I am looking at told me exactly the same answer like yours. It is so werid. I am buying No.16, while No.15, 17, 18 were all sold in the past 2 or 3 months. Two of them were apparently investment properties. And the other one was renovated before sold.
Thanks anyway.
Maybe no sales had occured for a while prior to these 3 sales and as soon as 1 sold the other Vendor's may have been surprised of the growth and decided now was a good time to cash out. Happens quite often. We often see 1 unit sells in a group or 1 house in a street, then a flow on occurs.
Linar wrote:They are a medium-large developer. That is, they are not an individual or just a couple of people. They are a company with substantial developing experience. They are one of the largest developers in this particular city.As to the price the blocks range between $65 – $75,000 with the difference in price about $12,000 on one block and $6,000 on another.
The developer may have given you a discount for a multiple purchase – If there are any left I'll take 3. I might get even a bigger discount.
Linar wrote:Hi all
I have an ethical dilemma that I wouldn't mind some opinions on.
I have recently signed contracts to buy a large number of blocks of land. The contracts have been signed by both parties and are now unconditional. I am now wanting to onsell them and the RE Agent who I bought them off has pointed out to me that the contract price on two of the blocks is substantially less than the original agreed price, to the tune of nearly $20,000.
The vendor is quite a big developer and the contracts have been prepared by solicitors. It appears that there has been an oversight and a cheaper price than we agreed to pay was inadvertantly entered as the contract price. At the time I signed the contracts I was not aware of this. It has only been brought to my attention today when I spoke to the RE Agent about onselling them and he was checking the price we paid against what he thinks they are now worth.
What would you do? Would you tell the vendor that they have made a mistake or would you just proceed on the price set out in the contract?
Cheers
K
Developers are the first to charge penalty interest if buyers dont settle on time when purchasing from them and majority of the time its not the buyers fault or maybe an oversight from the buyer and you would be lucky to get any sympathy from them. Obviously the developers making way too much money doesnt have time to read the contracts they sign. I would question why they signed a contract with the wrong price on and see their response. If I was in your situation I would personally probably pay half the difference between the intended price and your actual contract price. I bet the developer reads their contracts in the future.
Terryw wrote:You could paint it? add curtains maybe?subdivide into bike parks
Try this company, they have helped a few clients of mine in the past.
http://goldengatefunding.com.au/ ask for Dale
