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Thanks Paul I spoke to Russell S last night after this post and he gave me some good advise and that is that as you said i can if i comply with the act Ill see what sort of offers i get from prospective buyers and go from there. Ill have a read on your web site and get an idea of the work involved and get in tough if it looks like i need your service.
Thanks again.
Thanks Matnz, I think your right must be linked to variable rate I dont have any mortgage on the property but would like a better return than what i can get as rent and this might attract a better occupier. The property does need some work so it is an opportunity for someone else.
The one question im not sue about is can I legally offer vender finance ASIC site is very confusing I emailed them but they wouldnt say as normal make laws that cant be interpreted by a normal person and wont give an interpretation.
For COI1 seas, You are required to fill out this form if. [a] are, or will be a credit provider before 1 July 2010 or after 30 June 2010 and are not or will not be a licensee.
Dosent that sound like a load of rubbish..
Does anyone know if I as an owner of property can offer Vender finance without a license.
It could be a good way to buy and sell.
There seems 2 main ways that is a rent to buy which is you have a normal rental agreement and a rental amount per week and then you have a agreement which is an option to buy this has a mature date maybe 3 years the option amount and the deposit count toward your deposit when you re finance in 3 years i think your interest as having an option to buy is registered with the title you can take up this option at any time before the 3 years is up.
The other way is to get Vender finance where you have an installment contract which is relisted against the title and the total amount and the deposit is counted against the mortgage the rate of interest and the deposit and even the purchase price are all negotiated before hand. I think the key to it is where will you be in 3 years how can you be sure that the property will be worth more in 3 years so you can refinance.
The answer is you will have the initial deposit plus the bit you have been paying extra above the rent component or above the interest component in a vender loan.
Plus and this is the big plus if you can add value to the property if you can paint improve the kitchen the bathroom the garden the shed the fencing any thing that can make the property look better and appeal to a buyer to the extent to be worth more.
Removal of a few trees and clean up the yard and paint and render the outside of a dated old house can add a lot of value.
Keep that in mind when you look around at whats on offer.
There is some good web sites explaining vender finance and rent to buy but the key to your success will be what its worth in 3 years.
good hunting..
