Forum Replies Created
- podney wrote:Hello all, I have a brief question on vendor finance in Adelaide, Is it legal to do this here as I have heard various answers. Is it just called something else here or is it the only state that does not allow. I dont understand why we would not be able to provide to people the same help as other states around Australia.
We have a property in Morphett Vale which we were thinking to sell via vendor finance. Any info would be appreciated.
Thanks in Advance.you could contact OFFICE CONSUMER AND BUSINESS AFFAIRS, OCBA, and ask your question there and look on their website for info re real estate guidelines in sa.why do you want to sell your property under vendor finance conditions? what is the benefit to you?
keep your property in ireland. lots of equity there and from what is reported the market is very depressed there at present.
reports of so called ghost towns full of new property that cannot be sold or leased.
by keeping the irish property it keeps your options open for lots of reasons.
how much equity does your partner have? if you can afford it keep both and purchase 1 together if thats what you want to do.
only you know your personal situation.
please remember it is not just a % of the rent the property manager gets.
look carefully at your contract, there will be fees for relet, often 1-2 weeks, advertising for new tenants, postage etc.
a good property manager is worth the fees but a bad one will be expensive.
if you do an internet search you will discover a great deal about the company. lots have been discussed on this forum too.
wise to be careful. wiser to get professional and independent advice.
good luck.
this sounds like serious… certainly a scam.
quite possibly worse.how did this bloke find you?
run fast.
you could bring it to the attention of the authorites too. i doubt the bloke and his 8 mates are legitamate in any sense of that term.
run and get some quality advice from others who will not charge anything like $45000, or make claims that are not based on reality.
that reply got mixed with my comments.
hope this helps.
regards.carlin wrote:this is a common situation and a potential minefield because of all the complexities around the issues.
please get expert professional advice before taking any further action.have you spoken to all your other family members potentially effected by this situation?
has your mother still got full capacity to make legal decisions?
have you spoken with a Financial Information Officer from centerlink? they do not give advice but can point you in the right direction, and certainly tell you what any decisions you make and how those decisions may impact your parents financial position with centrelink.as you maybe aware govt funded aged care like nursing homes, high care and low care facilities assess income and assets and this impacts on fees and charges. homeowners are considered differently to nonhomeowners. it is very complex.
making the wrong decisions will be expensive. there are some experts in this area. contact SENIOR INFORMATION SERVIVES in adelaide. it is a govt funded agency that can give you independent information and may be able to refer you to someone who can help in your decision making.
well meaning families can find themselves in a lot of conflict in this area, especially from other family members.
please get expert advice asap.
regards.Hoping someone out there may have resolved a similar situation. My elderly Mum is moving from her home (fully owned) into our granny flat and will be paying us rent to compensate for the rent we're currently receiving from a tenant.
She's a pensioner as is my Dad, who's now in a nursing home.
What should we do with her house? Do people usually sell at this point or do they rent the house out – either choice will no doubt result in a drop in (or end to) receiving the pension as a result of the capital gain.
I have six siblings who will eventually share in the proceeds from the house sale once our parents pass away.
I would love to buy the place (it's an easy renter + has development potential) but feel it would be stretching us at this point and I would have to pay fair market price because of siblings also having a stake in the property's value. I'm not keen to go into any JV with siblings.
Any guidance here most appreciated.
cheers,
Carlinthese seminars are often more show business/entertainment than education/knowledge/information.
lets also be plain, history has shown some of the individuals to be cons and worse.
go for the entertainment if its free but keep your money and pen in your pocket.
make your decisions in the cold light of day and based on facts not promises and possibilities.
some of these individuals, change their names and even target other countries once they have needed to move on for various reasons.
good luck and take care.
walk away and find something you can afford.
hi jamby.
do you have landlord insurance?
then your agent should be following up with that.
regards.re paying down debt.
i know there are a lot of opinions re this subject and we all have one.many like the idea of being geared to the gills for lots of reasons, tax, asset protection etc,etc.
many like a lot of money as moneylenders too. plus this can all be justified in some ways.
it is a personal decision. i dislike paying more than i should/need for anything.
i resented paying interest but understand why its necessary to get property and i understand the tax benefits of it too.
however it was lovely to be debt free and have freehold property.
it depends on your stage of life too. why pay more than you have too?
many will disagree and thats ok. but if you can achieve peace of mind do whatever makes you happy.
the moneylenders do not want you to be debt free its their business.
welcome to oz!
good to have passion and dreams. need i think expert independent financial advice first and a plan.
this will include taxation issues and any issues re centrelink etc.plus you may want to revisit the uk too so allow money for living and emergencies.
you are 32 and 30, so young and plenty of time. does your wife work? it may help to get ahead start.
there are lots of opportunities but also lots of traps, so do get good advice, preferably not from those with a vested interest to sell you overpriced property!!! many of those.
good luck.
re NRAS, would any of the builder/developers like to tell us what inducements were offered by the govt to participate in this venture?
was it cheap land for example, or something similar?certainly the new builds appear to be on small blocks or are in high density type of arrangements.
some have suggested that some properties seem to be priced higher than market value too.
we are being told some of the potential benefits for investors,but just curious about some other aspects of this scheme.
the fact that the investor cannot choose the property manager is a concern too.
so far a win for the govt, potential tenants and builder/developers. remains to be seen the benefit to investors.well said michael.
i find it incredible that people would ask for that sort of money, and sad, in fact dangerous that anyone would pay it!!
this company obviously targets novices?please be carefully with your hard earnt money.
please consider value.
please get expert advice. i doubt it would involve paying anything like the amounts mentioned above.consult with experienced investors if you can. look for evidence and research as much as you can. lots of info out there.
regards.taza with all due respect, may i say the following,
great you enjoyed the social event and hotel provided,but have you wondered who paid for the hotel and gala event??
good luck with your investing, keep us posted.
regards.i tend to agree with the previous poster.
you said you paid less than the property was worth. why would the vendor want to assist you further.
good luck with your purchase.
just out of interest why did the vendor sell for less than it was worth?
regards.tell me, do you feel lucky?
i doubt they will do a door knock but all sorts of matching data goes on.
plus you would be unwise to think people do not talk, and it is surprising how often this happens.
regards.what is a PITA tenant?
how long is the tenant lease?
is the property being professionally managed? If so are you working with the leasing agent to gain access, or simply via the vendors agent?the tenant is entitled to a period of notice re open inspections etc, has this been done?
the leasing agent must have had access to do inspections? what do they say about the property condition?
unless in breach of conditions of their tenancy for say non payment of rent etc, eviction is a serious matter that would need to followed as per specific guidelines laid down by your states governing body.
i would seek information re your options from them. you may find they can stay until their tenancy expires.
has the vendor been up front with the tenant re selling the property? if you have bought the property perhaps the tenant goes with it albeit until their tenancy expires?
good luck, regards.this is a fairly new rule i think. there is also something about salary sacrificing to super which is also now added back to calculate taxable income when calculating some centrelink benefits?
goodness knows what the henry tax review will come up with?
regards.so from what you say there has been no sale/settlement? it would appear commission would not have to paid.
marketing costs maybe, it would depend on the contract details.has the time expired for the sale agreement? will you list with another?
good luck with this, i hate seeing this behaviour which seems to be common amongst some agents.
certainly do all you can, tell everyone you know to avoid them. jenman maybe interested in this, he does have an interest in advocacy against rogue agents. just google his name and lots of information will come up.
another avenue maybe the consumer affairs dept in your state, and even your member of parliment. some have an interest in stamping out this sort of thing, or can suggest other avenues.
i wonder if the agent found a buyer amongst his family/friends? it is not unknown to sell at a low price in this way. full of tricks, and often boast about it too.
you unfortunately will not be the last to be treated this way but exposure and not tolerating this needs to be done.good luck and do keep us informed.
regards.
