Forum Replies Created
This is difficult legally.
You say you have oral acceptance, if you were buying or selling anything other than land, (with house), this would be a valid contract in itself.
This agent is acting highly unethically, but it is ambiguous as to whether its breached the law. There is conflict of law here.
On one hand, legally, your offer has lapsed (if its 24 hours)……… but then again you received oral acceptance and the contract was not presented.
If a subsequent higher offer was presented and is signed… there is still an ambiguity regarding them holding your deposit, for an offer that was accepted but not signed in uncertain circumstances.
Even when you employ a lawyer, the conclusion will be mixed because you are relying on an exception to the law regarding fraud or suspicious dealings. The lawyer will not give a conclusion because this needs substantial research.
In the mean time, you have to raise hell with the agent because, with the oral acceptance, this transaction becomes extremely dodgy on the agents part. Not just ‘ethically’ with the agents profesional conduct, but you may well have an ability to enforce this contract legally, even though they have not signed it. This needs research but, if the agent lied to you about not being able to present the offer, that may constitute a legal exception to the signiture rule.
Legally, this is actually quite complicated.
You don’t need to submit another offer because you have submitted a valid offer which has not been communicated to the vendor effectively (in writing)
The reason why the agent wants another offer may be because legally, in Queensland at least, he must submit the offer within a set period of time (24 hours) and he has failed to do that for whatever reason. THAT IS HIS NEGLIGENCE AND BREACH OF FIDUCIARY DUTY AS THE SELLERS AGENT (WHY NOT FAX OFFER?)OR AT LEAST GET ORAL ACCEPTANCE.
You have placed a deposit. Don’t accept this deposit back. Tell the agent that he must present the offer or you shall report him to the Real estate institute for his negligence.
You may have to make a fresh offer on fresh paperwork at the last minute, but that is mere paperwork, formality for law. Make sure there is an oral acceptance or rejection before then.
Bottom line: you have made a valid offer and they have your money. They have a duty to present
(If this gets more serious, you do need a lawyer)
________________________________________________
he’s triple mortiged his house and has taken out a mortage on another property which he doesn’t even own!!!
_________________________________________________I just looked fraud up in the dictionary and this is what I found
Gees guys, he is not an investor. He’s a criminal
As if he can “retire debt” and improve the situation. He’s committed fraud on someone elses house as well. He is gone right now.
The best outcome:
He gets a two year prison sentence in a minimum security prison farm
The worst outcome:
He keeps going, totally ruins his family, commits suicide (sorry but its possible), or he gets a substantial prison term accompanied by a very embarrising trial
ShaneB, you might be piling up the post, but gees, they are all of a similar consistant quality
As an almost lawyer, my strategy for the situation would be:
-Basically, he has got to take ownership of this problem, that way he can also take ownership of his defense of the problem. At best case, he can make himself the victim
-Legally, this means he needs to own up (quickly) and with the same breath declare himself mentally deficient or some other mitigation mechanism.
At this rate, this guy will be found out. Once that occurs he loses control of the issue and his legal outcome will be totally out of his hands.
Unfortunately, Sooshie, you can be part of this solution. You could empower his family to hire the lawyer who could go to work. Otherwise, he is gone and his family will be a lot worse than if they embrace the problem now.
Difficult to get positive gearing in Queensland now.
Ipswich used to be everyone’s favourite (I believe even Steve would even have a few here) for positive gearing. Now, some properties have increased 400% in 18 months. That’s no joke, I just sold one.
Be patient. Unless you are looking in the market every day to find the fraudulent agent or the unimformed seller, you need to wait for falls in price before positive gearing is possible.
Walk away, HG Wells. Walk away.
If you are buying for capital gain, look for a house with land. I frown on this investment very much because its no where near positive geared and you’ve got body corp…
It’s all good to buy for capital gain in this market, but it should be a reno or at least a nice bit of land
Keep looking
I got my first house with Austudy and the home grant. It can be done, just sweetalk the bank
Why GST Div.
If this is done right, both units should be sold as his PPOR. Surely there is no GST.
Surely GST is only payable on ‘trading stock’ or a commercial property?
Land is often a consideration because you have the freedom to create whatever positive geared scenario you can think of with the new building.
eg. duplex, multioccupancy, granny flatThe downside is:
The land is not in established area known for tenacies
New buildings cost more than old ones often
holding costs while building
Council restrectionsAnd lots more…
Rowan, what I think Designer and I want is Positive cashflow. Estimate for us the value of your Canberra properties, chances are they are not close to positive geared, although I’m sure you’ve done very well with capital gain
What are the closest towns to Canberra (not Queenbeyan). There is Yass (50kms)which is even overpriced and is that it?
Funny enough, I was contemplating a cushy public service job to facilitate my property investing.
The question you ask about positive geared property (2 hours drve) is exactly the issue which I am confronting. Seriously, I won’t take the job if I can’t do the property thing as well.
I think I did find some opportunities but you have to be pretty creative and flexible. Property in Canberra or soroundings is chronically overvalued so really you don’t have a choice of going into that market at all. There are positive gearing opportunities but its a test of your determination
Good luck
Funny enough, I was contemplating a cushy public service job to facilitate my property investing.
The question you ask about positive geared property (2 hours drve) is exactly the issue which I am confronting. Seriously, I won’t take the job if I can’t do the property thing as well.
I think I did find some opportunities but you have to be pretty creative and flexible. Property in Canberra or soroundings is chronically overvalued so really you don’t have a choice of going into that market at all. There are positive gearing opportunities but its a test of your determination
Good luck
Mate, I would always lean towards buying a house than units, townhouse (land appreciates in value,buildings usually depreciate) and no body corp…..
In this market, you should be very careful what you buy and your investment motivations behind it. Capital gain may not be a good enough motivation, depending on the deal
Hope that helps
Did they employ my mother’s pest control business. Sounds like it, it is amoung the biggest in brisbane
A bad agent actually costs the seller money, there are many bad agents keen to rack up a commission at any cost. You describe a few in your article (house sold in a day=sold for too little)
A quality agent is worth double their commision because a quality agent should appear to be an impartial, expert negotiator on the sellers behalf. On a million dollar property, a good agent should be worth up to $200 000. Recently, in my case, the good agent was worth about 25 000 on a 160 000 sale.
The key is to find a quality agent
Fear is constructive, negativity is not.
Life is about living, doing and acting. Life is not about avoiding risk, loss or pain. Those things are inevitable, but can be managed.
People used to question why would I buy in a certain ‘undesirable’ neiborhood. Now similar people are paying five times as much to live in that neighbourhood.
The real losers are those who never even try
I think more 12 yr olds should be wanting to be the next Gorden Gekko.
This is a joke I’m afraid
You only need three books
1. Streets ahead (how to buy for captal gains/negative gear)
2 Steves book (cashflow/positive gear
3 Real estate mistakes by Jenman (how to buy from bad real estate agents)
