Forum Replies Created
we have negotiated purchases from banks since 1991 and NO transaction has been the same.
Banks are people and if you speak to the right person at the right time you may get the result you are looking for.
We have found that the longer the property has been "received" for the easier it is to get whatever terms you need.
The bank will usually follow the "play book" to start with which is what the other posts are really refering to
1. reposess
2.market
3.auction
etc
but often this whole process fails and it is then that the best deals can be found
usually I would stay away from any "fresh" repossessions the bank needs conditioning and this only happens over time.
This example only illustrates the value in crowd funding property investment and development.
The transaction costs in property as an asset class mean small acquisitions like this versus the time , energy and capital required cant result in any REAL up side.
We have come across a similar problem to this in the past (though in NSW)
The main issue should be pursued based on getting "plumbing approval" first rather than going after a "planning " approval.
Then take apart the approvals required a little step at each time.
Before you know it you may have everything you need to occupy lawfully.
