Forum Replies Created
- Qlds007 wrote:Sorry to hear about your current position JackDi.
Maybe Erin will come back to answer this one or maybe it is a matter of the valuers being more conservative than they used to be.
I think i would be getting independant legal advice as quickly as possible.
Why not contact TerryW and ask his opinion.
Cheers
Yours in Finance
Furthermore the properties around there were a lot cheaper compare to the one ParkTrent is selling bigger land, more bedrooms and brand new everything is much more superior than the Parktrent property the only difference is the parktrent one is a lot more expensive.
Regards,
JackDl wrote:Portfolio PI wrote:Qlds007 wrote:Sorry Erin but living, working and investing in Brisbane and SE Qld i still have to refute your statement as clearly inaccurate and untrue.I discuss deals with valuers all day long and i am sorry the facts dont back up that statement dispite throwing the odd out of context media comment into the mix.
You go ahead believing that and advising your investor clients accordingly and i will go ahead acting in my clients best interest and securing them investment properties that value at purchase price.
Cheers
Yours in Finance
I might put my two cents in here also if I may… whilst we deal with regional QLD mainly, we had not one deal come in below valuation last year. The claim that ALL values are below is false, regardless of a couple of articles you may past Erin. In reality, if you are selling a house and land package also, there should be some instant equity (maybe not a lot) once construction has finished. That is if you are selling in areas that are growing in value.
Hi Josh,
Is there something I can do about this because the valuation came out $100,000 lower than the purchase price and I didnt have enough equity for the 10% deposit so they want me to pay for the shortfall by borrowing money from parktrent themselves. I have signed the contract (it's unconditional).
They were very pushy about me signing the contract and telling me that I might miss out on the property.
Regards,
Portfolio PI wrote:Qlds007 wrote:Sorry Erin but living, working and investing in Brisbane and SE Qld i still have to refute your statement as clearly inaccurate and untrue.I discuss deals with valuers all day long and i am sorry the facts dont back up that statement dispite throwing the odd out of context media comment into the mix.
You go ahead believing that and advising your investor clients accordingly and i will go ahead acting in my clients best interest and securing them investment properties that value at purchase price.
Cheers
Hi Josh,
Is there something I can do about this because the valuation came out $100,000 lower than the purchase price and I didnt have enough equity for the 10% deposit so they want me to pay for the shortfall by borrowing money from parktrent themselves. I have signed the contract (it's unconditional).
They were very pushy about me signing the contract and telling me that I might miss out on the property.
Regards,
Yours in Finance
I might put my two cents in here also if I may… whilst we deal with regional QLD mainly, we had not one deal come in below valuation last year. The claim that ALL values are below is false, regardless of a couple of articles you may past Erin. In reality, if you are selling a house and land package also, there should be some instant equity (maybe not a lot) once construction has finished. That is if you are selling in areas that are growing in value.
hc_andy wrote:Hi pvrpunnad,When I first started looking at property investing we encountered Park Trent and went to one of their seminars. Everything seemed really great at their seminar and we booked a follow up session with one of their consultants for $100. The consultant came and took down our financial details and went off to find us a suitable property. When a suitable property was found we went to their head office in Melbourne and met their head honcho sales guys. We signed the contract of sale to buy an off the plan apartment on the same day subject to finance.
To cut a long story short, we weren't terribly impress with their service after we started to have doubts about our purchase. What really angered me the most was that they had not even taken our financials into consideration before looking for a property for us. There wasn't enough equity in our house for a 10% deposit and they wanted us to make up the short fall by taking out a personal loan to cover it! This to me indicated that they did not do their homework and were just in the business of selling and never had our best intentions at heart.
After a much lengthy battle with their customer service department we finally got all our money back which was about $2000. When we signed the contract we had to give them $2000 so that they could secure the apartment for us. At first they were going to only give back $1000. Later on we learnt that half of that money was paid to the brokerage team and that's probably why they were so reluctant to give it back to us because they had already used it. After threatening them with legal action and advising them that we would be taking this up with Consumer Affairs Victoria, we got all our money back.
So be careful. They seem genuinely interested in helping you build up a property portfolio but are really in the business to sell property.
Cheers.
Andy
Hey Andy,
I'm stuck at their contract at the moment and apparently I cant pull out of the contract the property came out $80,000 short of the purchase price and also I didnt have enough equity for my house for the %10 deposit. So they ask me to borrow money from Parktrent to cover the shortfall.
It would be great to give me details on how you terminated the contract. The contract is unconditional!!
Cheers
Coriander wrote:To all who have been stung by Park Trent,I believe the only way to get authorities like the ACCC etc… to pay attention is through group action. We need to get all the information we individually have on this company and make a formal (and combined) complaint. A good lawyer needs to be consulted – hopefully at not too much extra costs as I am sure that everyone (like us) has lost far too much money already – however good legal advice is definately needed if we are to succeed.
Anyone who is interested in contacting me can do so at: [email protected]
I have already been in contact with DParkes and we have very similar stories, there must be others out there. I am involved in the D2 student accommodation building in Melbourne, however anyone who is involved with Park Trent should be able to lodge a complaint.
I was thinking of the same thing I started gathering information, facts and personal experience from others. Im currently seeking legal actions. <moderator: delete personal comment>. When I was at his wollongong office they were bragging out on how much he makes a week. Have some conscience, karma will bite you back!
To previous comment above the property was valued $100,000 less than the purchase price.
To all Investors planning to invest in Park Trent,
My experience with Park Trent was is the biggest mistake I have ever done when it comes to making money. I was sucked in by their agents who promise high rental yield and capital growth. Anyways I come to their Wollongong office to see what they can offer and the agents works out my financial situation etc… shows me a property saying that the rent would be around 6.5% yield and promising that the property will double within 7 years time.
And then I said ill come back and think about it, so the agent then said its the last one they have available on that area I signed the contract when in fact I was one of the first one to purchase in that estate. So I did more research and found that some other developers are also building new estates around the area whichs sells for less and much more superior overall (land size, house quality etc.). In my reserach. I also found out that the property is worth $100,000 less of what I paid for. In addition i kept asking the broker why my LMI is so expensive when in fact I had equity on currnet house. I ask the broker and he replies with "the bank works it out". He knew why it was, because it was $100,000 short. Banks may be conservative but $100,000 is very conservative.
Currently the property is vacant and the capital growth last year was -7%.
In conclusion, do your own research, get your own solicitor and broker not the ones that work for parktrent saying that its easier because everything is at one place and read the contract before signing it because their contracts are UNCONDITIONAL.
YOU DECIDE IF INVESTING IN PARKTRENT IS GOOD FOR YOU!!
