Thanks for the advice So what happens in the scenario (very common im sure) where the banks are only prepared to give a buyer 70% finance, when he was relying on 80 or 90%? If financially, the buyer is in no financial position to come up with an addtional 10 – 20% deposit, surely the vendor has no right to hold onto a buyers 10% deposit?The deal…[Read more]

Well thats exactly why i put 'satisfactory finance'.What happens if the bank only offer me a 70% mortgage and a interest rate of 8% and a short term i.e 20 years?These conditioans are unsatisfactory to me and were not how i have structure the deal, so i'm not obligued to accept the banks offering just for the sake of it.I dont expect the bank to…[Read more]

Would it better to say the following? :"This offer is subject to and conditional upon the purchaser obtaining satisfactory finance from an institution of the purchasers choice”.So once the bank has done their valuation and presented you with an offer for finance, are you able to ask the bank what their valuation of the property is before you a…[Read more]

Thanks Micheal, much appreciated.I fully agree in using the good old fashioned way, which you mentioned, but i just feel that an online estimate is a good starting point which will quickly help you from sifting your potenial deals verus deals which are a no go. This rough guidline could save you hours and hours of time by not having to do all that…[Read more]

We going slightly off the topic, which was the accuracy of property estimates of Residex and Rest Estate Investar..Anyone else found them to be fairly accurate?

grantos_champos , lets paint a picture for you..A few years back you bought your property for $100k and got a mortage of $80k. You loose your job and your debts (credit cards, car repayments, electricty, water, gas) are pilling up. You are unable to service your mortgage repayments and the bank is about to start the process of repossessing your…[Read more]

Thanks for the feedback.Lets say my strategy was to buy atleast 20-25% below market value as my intention was to refinance as soon as possible to use the funds for my next investment.So I find a property on the market (via and agent or privately) for $220k. I have no idea if this asking price has been inflated by the agent or vendor to get a…[Read more]

Dont get me wrong, what she is going is great.. its a win win situation for all parties involved and shes doing a great job I'm just very keen to learn as much a posible about the rules and regulations in the industry here in Australia, thats all.

O ok.. even though she is fully disclosing what she is doing (to the owner), i would think she would still need a real estate agents licence in order to receive money in terms of property letting?Would the same rules apply if she was selling a property on behalf of an owner,  whom she fully disclosed what she was doing, and received any sort of…[Read more]

Great idea! Does she need to hold a Real Estate Agents licence in order to receive a commission in terms of property letting?

Great.. look forward to interacting with her on the forum. i'm sure Carole will benefit tremendously from being on this forum

Hey Angel,Love hearing stories like this..very inspiring If Carole on the forum, is not, why not invite her?Cheers,Robbie

Thanks Terry, please do let me know when you do start taking clients as you do seem like someone i could work with Thanks for all the advice/

Thanks Terry, you are a star!Any recommendations for a solicitor based in Sydney?

<BTW you can only withdraw an offer until it is accepted. Once it is accepted you have a contract.>This is why its so important to have special condtions in your offer whichwill allow you to get out the deal once both parties have signed the contract, Some which spring to mind are:1: This contract is subject to the purchaser ontaining suitable…[Read more]

On the same note..Are you able to make ammendements to a signed Offer to Purchase document?In South Africa we were able to get the seller and buyer to sign an Offer to Purchase, which would be presented to the attorney handling the transfer.After the OTP was signed by the seller and buyer, there might be a reason to make amendments to that…[Read more]

Thanks Terry, much appreciated.Who would be a good person to speak to to get an Offer to Purchase template or Option document drawn up?Are there any legal guys on the forum who can assit me?

PropertyBee.. did you manage to get out of the deal?

Another question..What is the mortgage term you can take out with the banks? In South Africa we were able to get 30 year mortgages.Whats the maximum mortgage loan term in Austrlia?

Hi Kong,Whats the longest term mortgage you could get for a variable IR?Regards,Robbie