Forum Replies Created
Hi JessW
One thing to add to danviv1's post is that you may be in a stronger barganing position with respect to early access for renovations if you offer to take out insurance for the early access period and document it as a licence to access to renovate. Insurance may address the landlord's concerns regarding liability and protect you if something does go wrong and someone gets injured.
Anther sweetner you could offer the vendor is payment of 'licence fees' during the access period. In other words, you are paying them rent for the period you are accessing property for renovations.
I'd also try to 'sell' it to the landlord along the lines of 'I am going to be improving your property. If I do this and then fail to settle, you get the benefit of my improvements…'
Hope this helps
Cheers
EvaCD
One point of distinction between Mortgage Choice and Aussie – Mortgage Choice does not sell their own home loans while Aussie does. Mortgage Choice is also publically listed, I believe.
Hi All
I can think of one way to obtain the details of the property owners where the property is owned in the name of a company:
1. Obtain title search to determine the name of the company that owns the property in question.
2. Obtain ASIC search for the company.The ASIC search will give you the names and addresses of the company's directors – bingo!
Now, i am not sure what implications this approach will have in terms of any potential breaches of the privacy law. Does anyone know?
Cheers
EvaCD
cinooo wrote:Hi EvaCD, it's been a bit frustrating for me as I am going through a (very bad) mortgage broker who was referred by a friend and they are doing the application on my behalf.I am not sure of the reason for the hold-up, all my broker has said so far is that I will find out for sure on Thursday. I received conditional approval (according to my broker) on 31st March so its taken substantially longer compared to your case! I think I could have done a quicker and better job had I applied by myself rather than through the broker!
Do you know what are the conditions your approval is subject to? What I am getting at is, these may be minor things that are under your control (eg. providing copy of the stamped contract to ING), i.e. you know you will comply and therefor the risk of your laon being rejected due to the failure to comply with these conditions is not that great.
Also, keep in mind that the bank will not need more than a couple of days to get ready for the settlement. So, in my view, getting your final approval by Thursday should be just fine for the 5th of May settlement.
Hi Cinooo
I also have a loan with ING for a property due to settle on the 30th April. ING took approximately 5 business days to give me final approval from the date the conditional approval has been granted.
Do you know the reason for their timeframe? Perhaps worth asking…
Cheers
E
Kaytee wrote:EvaCD wrote:Kaytee, there is a fine line between signing the contract and having a binding agreement which eventuates once the contracts are exchanged. …what does this mean?
Kaytee – at least in NSW there is no binding agreement between the parties until the contracts are exchanged (this is when both contracts are signed and dated and when you receive the vendor's copy of the contract).You signing the contract may evidence your intention to be bound by the deal but does not necessarily bind you to the deal if you told the agent not to exchange contract / that s/he does not have authority to exchange.
Please note that these comments are of general nature and should not be used as substitute for legal advice.
Kaytee, there is a fine line between signing the contract and having a binding agreement which eventuates once the contracts are exchanged. This of course is not legal advice and you should seek professional help as suggested by others.
However, if at all possible (if the agent is holding your signed copy of the contract), you need to make it clear to the agent that the contracts have not been exchanged and that s/he does not have your authority to exchange. I would be getting a lawyer to look through the contracts and negotiate some amendments in the meantime…
Thanks GeraldineM!
I am based in Sydney so Adelaide market is a pretty foreign area for me……
May check out the other units you've mentioned and, you are right, a two bedroom place with a car parking space would be a much better investment.
By the way, do you know what is Adelaide's market rent for city car spaces licensed separately (I am thinking rent out the unit to one tenant and car parking space to someone who lives in the suburbs and drives to the city for work)?
Thanks Ben, your comments are very helpful!!!
I also not not think that renting through Quest (or any other serviced apartments 'provider') would be great, however, I was wondering whether achieving approx. $280 rent per week (which is what the place is currently being rented for through Quest) would be possible if I rent it myself…..
Hi All
My 5c worth….
I'd say, subject to the rental market conditions, buying without a tenant has more advantages because very often the existing tenant will be holding over paying outdated rent. The certainty of having the property come pre-packaged with a tenant is a plus, however, it may be more beneficial to 'shop' for a new tenant who will pay more rent (especially true if the prices have gone up since the existing tenant's lease has been entered into by the vendor).
Also, not alawys but defintely sometimes, people are selling because their tenant is a 'problem tenant'. I recently purchased a property where the vendor wanted to sell subject to an existing tenancy. The tenant's lease has expired and his rent was rather low so I was keen to get vacant posession and find a new tenant. I managed to negotiate vacant possession. Later on while doing my strata searches I found out that my rejected tenant was a trouble tenant – saw letters to the agent from the strata BC complaining of constant yelling and domestics originanting from the unit and heard by the entire house!
Ahhhh! Thanks Richard, makes perfect sense now. cheers!
Hi Domain
I think agents often under-quote in a hope to get more people to attend the auction (certainly very common in Sydney!).
By law agents have to communicate all offers to the vendor, so I am assuming in your case the vendor has rejected your offer…. Did you get a formal reply from the agent? Was your offer conditional on anything (eg. finance, building inspection, etc)? I am just trying to understand why an offer significantly above what is being quoted as the price guide would be rejected. Maybe speak to the agent to see if there is anyway you can do make your offer more attractive to the vendor (for example, shorter settlement).
Just my 2c worth….
That is an excellent idea! I will try to fit in a couple of rental inspections with my IP search inspections. Thanks again for your advice Spos.
Thanks again Spos, this does help.
One final question regarding rents.
I noticed that a lot of Liverpool units on the market are currently tenanted but tenants are holding over (month to month tenancy after the fixed term lease has expired). It looks like rents under these holding over arrangements are about $220 p.w. I am being told that this is too low and any half-decent 2 bedroom property should rent for $250+ p.w. with no problems. This seems to correspond (roughly) with what I see on realestate.com rentals for Liverpool.
Can you shed any lights on market rents in Liverpool?
Again, many thanks!
Spos,
Thank you for the info! Can you tell me where about in Liverpool is your IP? I am also from the Eastern Suburbs so not very familiar with Liverpool….. Would you recommend buying near Westfield or do you think near the station is also OK? Cheers.
