Forum Replies Created
Trying to negotiate the property price down will be hard becuase the vendors will not want to move unless we threaten to pull out, so the agent may have to give up on some commission but even then that wouldnt be a great deal of $$$ some advice from a solicitor might be in order, short of going in there myself and laying it on the table, but with no legal knowledge the agent would probably call my bluff.
The agent is the owner dont know where i stand legally but i'd say could be good grounds for negotiation, or further action.
if they could enforce 10% of the purchase price on us for unresonable cause in terminating the contract then we would just go ahead and buy the property it would cost less to fix it than pay 10%. Basically if we can walk from the contract then you never know the vendors may obligue and discount the property enough for us to feel comfortable in buying.
At the end of the day what is the point in getting a building & pest inspection and listing subject to building and pest if you cannot rescind from the contract becuase of it????thanks for the responses guys, on the contract it just says subject to building and pest inspection with no date, there are various problems with the house. The report was done on the 2/1/08 so it would be fair and reasonable to say that we have just recieved quotes on some of the defects and we cannot afford to fix them. Even if the vendor was to offer a discount it would need to be pretty large which i dont think they would do any way. settlement is on the 14/02/07.
We have spent $550 on the building and pest around the same for conveyencer and put down a$500 deposit but it wouldnt bother me if we didnt get the deposit back as long as we can get out of the contract!!!!!!
Would rather lose $1500 now than buy a property that is just going bleed me dry.
My other half wouldnt qualify for the fhog i have spoken to my bank manager and i can get the loan in my own name and the title signed in my name only so 100% tax deductible we plan on living in the property before we sell say in 3-5 years time so CGT sholdnt be an issue.
Thanks for the responses everyone, it is more than likely that we will end up renovating the proerty after 3 or so years then moving in ourselves so we wouldnt pay CGT upon the sale of the property, theres know way it will be positive cashflow in 3 years i can assure you of that. So i'm thinking i push the bank to put the property in my name only with my partner as guarentor if that cant be done then on the transfer of land write up the % of ownership and set up diff bank accounts for myself and partner so all the incommings and outgoings regarding the property are through my account sound write???
Hi guys i'm currently looking at buying in the Footscray West area has anyone bought here got any experience knowledge of footscray i'm finding it difficult to work out land value anyone got an idea??
Thanks for the reply Steve if the bank wont let my partner co guarentee the loan and we both have to go on the title is there any way of splitting the rental loss so 99% of it goes to me and 1% to my partner?
We do not have kids, the property will be negatively geared likelyhood of being sued is unlikely. (Touch wood), with tennants in common does this structure have to be set up by my accountant and how much does it usely cost.
Thanks for the replies Carlin and Steve, i will get some quotes ASAP the house is unoccupied and the vendor has never lived in it so i dont think they will want to fix any of the problems so a reduction in price will hopefully resolve the issues. The house also has rubbish left through out the property old fridge, old bed, clothes, food in the kitchen from the previous tennants so i asked the agent to put in a removal of rubbish clause, but he was reluctant saying that normaly people clean up their house prior to the final inspection and that he had never had to put that in, and that the more clauses i put in the less likely the vendors will sign, and that there are other people interested. I said to him if he can persoanlly guarantee the removal of the rubbish then thats fine, he said he couldnt so i said then put it in the contract and if they dont want to do it we can reduce the price. I would have to say basesd on what i've seen so far they will try very hard to keep the price where it is and bluff me by saying someone else is offering more etc even though it is fair market value if not slightly higher so i'll have to hold my nerve and throw it back on them. We have signed the contract of sale but the vendors are yet to should be signed by today. after they have signed i will take them the building and pest report.
The above figures have been done based on selling upon completion
Ring your local council
Not really a great deal for you having to put in $54,000 of your own money which will not be working for you at all how long do you expect someone to pay off $54000???.
A property rap would be a better idea, but like propertypower said its a strong market you should be able to sell it if your price is reasonable.Interesting stuff guys i'm no economist, my understanding of the economy is somewhat lacking, which is why i'm not so sure how things are goin to pan out over the next five years. The property boom of 99 to 2003 was said to lead to a massive bust in the real estate market but it didnt, so things went quite for a bit then since the start of this year melbourne auc clearance rates have continued to rise, its almost like the people that seen the last boom dont wont to miss out again and are willing to stretch themselves financially to get into the market. The difference in 2007 however is that most motgages eat up more than 30% of peoples income!!! What does everyone think the future holds for us mear mortals??
I'm looking at building in the western side of Melbourne
Thanks guys for that info, i've spoken to a company who design draft and construct, the guy i spoke to said they dont really build spec homes on subdivided lots due to council regs more often than not things need to be changed, but this sounds to me like it would cost more to build, compared to a spec home.
Has anyone had experiences with particular companies that offer a start to finish approach design draft contruct sounds like it would make the process a lot smoother but at what cost??
It might have been vacant for six months
were in the west are you building ??
hey locco i'm currently looking for a block to sub divide what would an average 3 bed 2 bath single story be worth to build?
I will have to keep the old implied easement trick in mind so how do you know 100% the piece of land you want to develop does or dosent have easements or overlays that could affect your development?? Usually the easements are run on along the fence line.
