Forum Replies Created
Hi Dave,
Being in I'm guessing the town is driven by mining? If so, do you know what the companies in the area are doing with employment? Has there been in projects shelved in the area? Just a few questions I would be asking.
If you message me your email address and the town you're looking at I can send you the sales history for the surrounding area if its of interest.
Cheers
RhysHi DrSupachicken,
One issue that crosses my mind is what industries sustain the area? eg. mining community, farming etc
Being in a rural area and likely not to have the support of numerous industries as major townships are, I would do an analysis of these industries and their future prospects as a well as that of the specific property.
If you're happy to post more details I'm happy to bounce back some thoughts.
Cheers
Rhys
This is a question that has crossed my mind quite a bit in the last 12 months or so, how have I been affected when it seems to make the front page of the paper daily?
So far I have escaped fairly unscathed. Working in commercial/development finance, work has dropped off but personally this has largely been offset by falling interest rates etc. At this stage I'm confident of hanging onto my job for the next 12 months and hope things start to improve after that and come out of this relatively unaffected.
My heart goes out to those approaching retirement that have seen their superannuation decimated in the 18 months and are looking at the prospect of a more modest retirement or a few more years in the work force.
Cheers
RhysBoggled,
god_of_money is right in that a valuation prepared by a real estate agent won't be too much help.
Assuming the $1.3m valuation I would only be able to obtain 65% ie $845k gross, would this be sufficient? Do you have an investor/JV Partner to contribute the shortfall? How confident are you of this valuing up?
Obviously the timeframe is another obstacle as a valuation from a panel valuer will be required but can be turned around within the timeframe. I assume due to the uplift in value the vendor will be quite happy not to offer an extension based on you having an approval for finance?
Feel free to email if you want to discuss the options further – [email protected].
Cheers
RhysHi Boggled,
There may be options but unfortunately with this type of funding they don't come cheap.
To determine whether short term funding can be arranged, could you confirm the following:
– Are you only needing to obtain $825,000 to complete settlement (ie. do you have funds to pay other costs involved? eg stamp duty etc.)
– You mentioned the property 'has been valued for sale at $1.3M with plans and permits' – does this mean a valuation has been prepared on a 'With Council Approval' basis, what is the 'As Is' value of the property? What company prepared the valuation?
If you let me know these things there may be a few options that can be considered.
Cheers
Rhys
