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  • Profile photo of flippingkazzaflippingkazza
    Member
    @flippingkazza
    Join Date: 2011
    Post Count: 3
    October 25, 2011 - 10:04 am
    Terryw wrote:
    They are probably wanting to control the property without having to pay the interest on a loan. It may be worth 10% more in 6 months or even more and they could want to try and resell it before they settle. Unless they specified otherwise you would be getting any rent. But, becareful. accepting 5% deposit and then what if the other party doesn't settle? you keep the deposit and have to resell it again. If it is a company purchaser make sure you get personal guarantees, and even then they may have no assets.

    Thats interesting about the "control" as this investor does want to call all the shots and they are all in his interest with no regard for us. I thought he implied that we would have to pay him rent to stay in the property until it settled. I've heard of an investor wanting an extended 8 month settlement on the condition he could live there rent free for the 8 months!!

    I doubt the house will go up 10% any time soon. They will save interest on the loan, but wouldnt that be a tax deduction anyway?

    Profile photo of flippingkazzaflippingkazza
    Member
    @flippingkazza
    Join Date: 2011
    Post Count: 3
    October 25, 2011 - 10:02 am
    Shape wrote:
    The only time i have seen a buyer wanting to delay settlement in this manner is because his finance is not yet up to date/approved- Ie meaning he doesn't have enough deposit to "settle" the funds– so need time to save up. Regards Michael

    Thanks. I dont think finance is an issue as they are also planning to but a house up the street.

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