Forum Replies Created
Hi Panno,
I read over your post and put it together that it took 4 weeks for the property manager to get possesion of the property?
And your last post about being out of pocket $400 after all the bond and back dated rent…?
If you want to speak with Consumer Affairs:
Unfortunately at the moment in Adelaide it can take up to 10 weeks to get to tribunal hearing and in a lot of cases, they'll be in favour of the tenant as the Government doesn't want people homeless.
The property being cleaned up will come out of the bond, along with the rent that is due – if this amount exceeds the bond, the PM will try reclaim that cost at tribunal.
Ultimately the tenant will be paying rent on the property until its re-let or the agreement expires.
Provided your rent is a good price and the property in a good area, it shouldn't take too long to re-let.
How long was the tenant in the property?
In SA, routine inspections are done quarterly. Some PMs can overlook this so it's always good to note the date when these inspections should be taking place and make sure you see the routine inspection sheet when it comes in.
In your situation, I think the PM has done the right thing (minus being 3 weeks late on a routine – however, I don't think this would have prevented the current circumstance).
There are pros and cons of working with small agencies. The pros would be its more personalised and they really want to keep your business.
And on a future note, Landlord Insurance would cover things like this and it's tax deductible. Your PM is likely to have the name of a company that offers them good deals in LLI.
Thanks for everyone's advice.
I had a second valuation and it came through at $360K.
The valuer said "perfect house" when they left.
My broker initially said she didn't have the valuer's report but when questioned further, she revealed that she did have the report.
I did say I was going to put together a report to contest but she hasn't contacted me since.
However, I've decided I won't continue with her services because I don't feel she's being fair and reasonable.
I'm now speaking with another broker.
I've also got the number of a good valuer through my real estate contacts.
Yossarian wrote:What we know to a certainty is that someone estimated the market value in January to be $375K and that the actual market value was established by you 7 months later at $280K.Why do you think, given the above, the January valuation has any relevance at all?
The median for 2012 was $370K in this suburb.
My house was valued at $325K in January 2012.
It was an unfortunate situation for the previous owners as to why they were selling and their property sat on the market for 5 months before myself and two others put in offers.
Very few people want to buy a property that needs work.
So thanks for your post but you're offering no help. If everyone thought like you, or took on your advice, we'd get no where with investing.
Please don't reply to my thread.
Yossarian wrote:Paid $280K.Minor reno.
Values up at $320K
Doesn't seem unreasonable to me.
It's always worth noting that the value you NEED has no bearing on the value IT IS.
Just sayin'
The house was valued on 1st January 2012 for $325K.
So it doesn't seem unreasonable to expect what I've calculated.
It's not a matter of need.
Thanks everyone, appreciate it.
The valuer didn't want to speak with me. I said I had before pictures and he said "yes, I can tell you've done a lot".
So I didn't get a chance to tell him how much money has been spent.
I bought the house in a down market for a good price. Like I said, I work in real estate – I watch property trends.
I can't understand how he valued it $5K less than valuation after all the work that has been done.
My broker has now gone quite. I asked her if a credit check had been done. She said no and was I concerned about the result. What the??? I told her no, that I was concerned about how many credit checks my name would get.
So now I'm dealing with another broker and another valuer.
When I book a date and time with the valuer, I will ask if they're going to look over the pictures etc.
Fingers crossed!
Shahin, how do I know it a full valuation has been done? The valuer took photos of each room etc.
Thanks Johann, I will put a report together log with recent sales that I feel are more relevant.
I am aware I might seem like I don't understand the numbers – but that isn't truth. I've based everything I've done on this property with my numbers based on the realities.
I believe what it comes down to in the end is comparable sales and I think he's missed the mark. Comparing my place with a property that has less living space and overall less structural content.
I also want to note that the suburb my property is located has a medium house price of $370K.
Can someone please explain desktop valuation? I've never heard of this before.
When I spoke to the bank, the pulled an RP Data report which showed my property between $280 – $360K. And that was before the renovations.
Thanks Jamie.
Mum will only suggest I use her title again to buy more property – so there isn't a concern there.
Ok, I think I will most likely contest it.
I'm wanting another $280K loan to buy a second property.
The broker said we can contest it but I'm trying to work out if that will be worthwhile or what my options are.
When the broker did the numbers, I needed the current property #1 valued at $350K for a new $270K loan for property #2.
I asked her if I'd be able to use my currently property as security on the next loan and property #2.
My Mum currently has her property as security on property #1.
She said yes but wasn't very clear about my options. She seemed more interested in releasing Mum's property – not sure if that has to be done?
Thanks for your replies.
I'm keeping the property and using the equity to finance to buy another place.
I have been given the 3 properties which the valuer compared my property – one below, one "on par" and one "inferior".
The latter is at $355K and to me, they are more on par.
I've also just found another property one street away which sold for $365K that's more on par too.
The broker was going through Macquarie Bank as I'm wanting a 95% lend.
What I'm wanting to achieve is $70K equity and get a $280K loan. My broker has said I need to get 95% lend with that kind of deposit.
This is a new broker as well. I'm really struggling to find a good broker that knows what I need.
Thanks Grimnar, good ideas.
What needs to be done on the house is; kitchen, carpet, paint and polished floorboards.
We will be installing the kitchen and painting ourselves.
Gardens and other maintenance around the house can be done as we go along.
But just doing those few things at the start will greatly improve the house.
I was looking at CitiBank, until I read their terms and conditions and they were stating "Apply before October 2011". I emailed them and suggested they update.
But what they have to offer is good.
Thanks again.
Thanks for your reply.
I do have a bit of credit history with car loans but maybe they do want to see how I'll go with a mortgage.
Mum went guarantor because I didn't have enough for a deposit – over the last year, I spent quite a bit of money on eye surgery and visiting my sister overseas.
