Forum Replies Created
You are really out there aren’t you…for a start I was the consumer (as in I bought the houses) so the Trade Pactices Act protects me.
As for somebody trolling a web site, tracking me down and then prosocuting me for negotiating $25,000 off the price of a house….seriously…you have been reading too many conspiracy books.
As I stated (and you fail to understand) all I did was to position the negotiations so that I had a better bargaining position than they did….if they had used an agent I doubt I would have got to that position. Keep in mind they freely told me what their position was upfront.
In fact in both instances the vendors were small time ‘developers’ who had bought a place thinking they could turn a quick profit. So by your resoning they were the sharks …not me.
By offering $25,000 less than asking price to somebody selling a house I’m not breaking any laws….lets face it a house is only worth what somebody will pay and I was the best price. How can you honestly sit here and say I ripped them off? From your post it would appear that a buyer is not allowed to enter into negotiations with a private seller as then the buyer would be deemed to be taking advantage of the vendor and their lack of education and/or understanding.
That may go a long way to explaining why so few private vendor sales are succesful…if buyers are banned from offering a lower price then many buyers would avoid that house an look at agent listed properties where negotiaions are welcome if not encouraged.
I must thank you for one thing….having had an insight into your thinking I will be extra careful the next time I buy from a private vendor, they may end up stalking me or threatening my person as they appear to be from a part of society that is a real worry for us sane folk.
As I pointed out above you appear to be the typical example of somebody who sells their own property…you have a misplaced trust in people, you have a complete misunderstanding of the law and how it is applied and you have very little commercial sense.
If you really are such a great ‘deal do-er” why don’t you go to an agent and strike a deal where he gets no commision until a certain price is reached and then shares in the profit amount above that level….you can’t lose !!
Originally posted by Nat R:This may come as a shock but I don’t need or want the people I buy property off to love me…I would prefer to have the extra money in my pocket. I think you will find that most buyers feel this way. In fact, I would feel that I had failed in my duty to strike the best deal for my familiy, who I beleive really do love me.
This “I will strike an honest deal with an honest person” faliacy that private sellers cling onto is what amuses and concerns me…somehow they all seem to think that its 1955 again, were all driving FJ holdens and the world is full of good hearted folks who actually want to pay too much for a property.
All I can say is you will be holding on to this property for a long time with views like you have. Do you really think that the other 99.9% of the sellers in the market have got it wrong by using agents? Everything you say and the way you say it just re-inforces my view on private vendors…..don’t be upset, the world needs more people like you.
Ethics does matter, and it pays better, and for longer…but I’m sure you know better and would disagree.Ethics and final negotiated price are two different things, you don’t have to be unethical to strike a bargain! Keep in mind I didn’t hold a gun to their head …all I did was wave a cheque in front of them…something most sellers actually want ! Maybe I’m missing something.
The mere fact you think that ethics and buying a house off somebody are related shows you really are a chicken about to walk into KFC.
I’m the buyer, you are the seller, I have the money and it is a depressed market…..where does the power lie?? If you can’t appreciate that, then my opening statement regarding the intelligence of your client appears to hold true.
Already you have shown that you can’t emotianlly distance yourself from the sales process…this will lead to further problems as you try to sell the place.
Please feel safe that I won’t send you an virus…..you appear to have enough problems on your plate as it is.
There is a cliche in legal circles that I’m sure you have heard “a person who represents himself on court has a fool for a client”
I feel much the same way about people who try to sell their own house. I have bought 2 houses off private vendors and both times I have been able to completly screw the vendor as they did not have anybody with any skills helping them with the negotiations.
I don’t care if you love or hate agents…you just have to admit that the good ones are experts in spinning a story.
Example:
I say to the vendor “why are you selling the house?” Vendore replys “I have two other houses and the bank is forcing me to sell one of them”…. I say great …I can do a quick settlement to help you but my price has just dropped by $25,000 and will fall by another $5,000 every 24 hours, whatdo you want to do?An agent would have spun some story about the owner looking for other opportunities or whatever….and not let on what was the true story. Plus an agent would have put the pressure back on me and not let me taken the upper hand in the negotaition process!!
BTW I’m not an agent and I don’t wish to be one but I always use them when selling and I dream of not using them when I’m buying (which tells you a lot when your think about who pays their bills)
A “securitised lender” is a bank or non bank lendee who sources their funds via the whoolesale bond market. Every lender in Australia (bank and non bank) does this…some more than others. Lenders like Rams, Liberty etc are very realint on this style of funding, the bigger banks are less realiant. This year there was $50bill of securitised deals done in Australian market….which is almost exactly half of the total loans written in Australia for the year. many people think that some lenders tap very cheap funds from the US and Asia…this not true…whilst many lenders do source money offshore the saving is 1/10 of 1% (sometimes less).
In all honesty as a borrower you will see no differnce between a loan that has been securitised and one that hasn’t…in fact you won’t even know which you have.
Geo…it is very hard to frame a response to your post as you are so ilinformed that I’m not sure i can simplify my reply enough for you to undertand it.
Do you think that people like Anibus and myself just make up the stuff we post. We both work in the world of finace and we understand how things like the ASX and money market work….please try to take on board what we say or take your ignorance elsewhere.
<N.B. Edited a couple of personal comments – Derek>
IMHO…you can set up as many trusts/companies etc as you like but if the family court feels that you are hiding assets or income they will just gouge them out of you another way or ignore the trust….keep in mind the processes within the familiy court are unlike any other court and is heaviliy geared towards the less empowered person in the relationship.
To suggest they are a competitor to telstra shows you have absollutly no idea how the Telco market works…in no way can two-bit reseller that is spending nothing on marketing and even less on infrastructure be considered a threat.
In the UK there are ove 400 Telcos…..3 of them controll 97% of the market….that leaves 397 companies fighting for 3% market share between them….the Aussie market is not much different.
In essence all they are doing is promoting a pyramid selling stcureture which will allow them to eliminate the fixed cost of marketing that every other start up telco struggles with. A great idea from their side but not really a scalable or credible business model in terms of world telco market.
As for listing on the ASX…it has nothing to do with them passing profits back to the reps…..if you look at how the ASX works you will see that you have to sepnd big amounts of money to gain & maintain listing status, typically you have to be an Aussie based company (they seem to be a worldwide frranchise or similar) and you also need invedtors to buy your shares….something that in itself needs a credible business.
You can request a copy of your credit file from Baycorp (for free) …why not check if it is actually on there or not !
A quick update on the how the “access your super now” industry is travelling (or not travelling as the case may be)
Definatley…as I keep saying there is no magic in how the banks set their fixed rates…they just go off they relevant swap rate…have a look in teh markets section of the Finacial Review under “swap rates”. The swap rate is where banks and corporates can lock in fixed borrow and lending rates for 1,2,3,4 out to 10 or more years forward.
The mortgage divison of a bank then decides what margin over the swap rate they are going to charge …not what the swap rate is.
BTW…I’m not making ths up …I do this every day!
Based on your findings would you call that bait advertising ?
As others have said the non comforming sector is a growth area but keep in mind Liberty hold about 60% of the market share with Bluestone and Pepper holding the balance. These are all big companies with many millions of dollars spent to get them to where they are today.
You need to ask your self can a small company selling $40,000 shares to mates and mates of mates really cut it?
BTW…are the shares being offered as an excluded offer or under limited propectus? There a many ASIC rule about offering shares of this nature.
I thought ‘bait’ advertising was banned.
My predicion is that it is bullsh!t….no credible, legal lender will advance money below the official cash rate of 5.25% (except honeymoon rates maybe)….why would a mortgage lender, other than your mum, lend you money at a rate below what they can get by depositing it with any one of the big banks?
And if it some wierd offshore, foreign currency loan then run a mile.
It is all to do with the shape of the money market yield curve.
Whist the whole world expects the RBA to raise overnight rates they also expect this to be a short lived scenario and three years out interets rates rates will be lower. By using the interest rate swap market banks can lock in these lower forward rates. If you look in teh markets section of the AFR they publish the swap rates out to 10 years.
It has zero to do with cheap offshore money.
Nat R
Keep in mind if the price of petrol in Australia tripled (which is sort of what you would expect if oil tripled) then it would still be cheaper than petrol in the UK an most of Europe.
Quote: “In relation to the ‘on book’ issue, he fails to address a fastly growing sector in the investment world which easily provides sufficient funds for Australia’s investment needs going forward. I am referring to securitisation”
Mortgage Advisor…for your guide…Kohler is actually referring to securitisation in the article when he talking about the banks selling bonds into the US…unforturantley he doesn’t really know much about the topic so his explanation makes no sense at all.
Ignore Alan Kohler’s article…it is completely wrong in both the logic it applies and the conclusions he draws….any trainee money market dealer who has just graduatued from getting the coffees and collecting the dry cleaning for his boss could shoot holes in Alans explanation of how the market fits together.
Likewise Mortgage Adcvisor there are many mistakes in your post …but you are streets ahead of Alans take on the situatiion.
