Forum Replies Created
There are a few companies doing staging in Adelaide, Ian Foggo seems to be geared towards upmarket properties:
http://locationmakeover.com.au/
Charyn youngson featured on Today tonight recently:
http://www.charynyoungson.com/It varies from lender to lender, but 14 days is a good rule of thumb guide if everything goes to plan.
I would be more concerned about a property that had no protection against termites. If there is no structural evidence of termite damage, why would you want to cool off?
There is no penalty for being late on finance approval, I'd suggest 3 weeks, but I'm sure the finance brokers on this board may disagree. Importantly your settlement date needs to be met, as penalties can be incurred if you run late.
If multiple offers are received (unless it was stated there was a tender deadline) the council may likely make a decision, rather than lose a good offer(s) through delay. Realistically you have close to 2 weeks up your sleeve, probably upto a week before a decision is made, a few days before you meet to sign the formal contract, your cooling off period in WA?
Even if you are late in receiving finance approval, there will be a another week before action is probably taken/notices served etc.You already seem to have read between the lines. The council will want to sell for the highest price, with the biggest deposit, and minimal conditions (finance, building inspections, settlement etc)
I can't tell you how much to offer not having seen the facts, however, if the asking price is heavily discounted (below market price in its current condition?) and interest is high from what you witnessed, its likely it will sell above the asking price.
Four weeks for finance approval under the circumstances will be unattractive, other buyers are likely to be ready to settle at the time you are waiting for finance. You need to negotiate a faster approval with your lender to have any chance, if you can't do this, and are not prepared to offer over the asking price, it's quite likely you will miss out (if it is being advertised below market price in its current condition)
Good luck
Playful Pan wrote:I noticed that newly listed properties appear at the top of the list when you first see the listings page. I was even thinking of changing the copy daily. Wondering whether changing the copy would put the listing back at the top of the list.
Changing the copy daily will not bump your listing to the top of the list. You can pay extra to have a 'featured listing' The price depends on your subscription, but is approximately $75 to $125 per month extra.
lizzie0185 wrote:HiBoth my partner and i are looking to buy our first home/investment property. We are going to occupy the residence for a couple of years, try and pay as much as we can off it then rent it out. We are both new to this so i would like some advice.
Quote:Here are my questions:
Do i pay body corporate fees on torrens titles homes?No body corporate fees apply to torrens title properties
Quote:What do strata fees include?Strata fees CAN cover building insurance (owners need only arrange their individual contents insurance), pest control, common water consumption, maintenance and repairs of common areas, common garden maintenance, management fees to the strata company and so on.
Quote:Should i buy a torrens title residence instead of strata title residence?Torrens title may present you with more options for development etc, but strata can also be an effective investment, depends on the circumstances
Quote:Who would be the best person to talk to about this eg. financial advisor, accountant etc etc ?Everyone will have an opinion, but I'd suggest your accountant.
If the mortgage and title is in your fathers name, you will not get the FHOG
Tony B wrote:Good luck & keep renting.
Regardless of the FHOG, I'd be encouraging people to get off the rental roundabout, Pretty Basic Tony.
Worst case scenario, you could be liable for any loss incurred by the seller, ie the difference between your contract price, and the price the apartment can now be sold for. (if any) This assumes the seller will take legal action, which often doesn't happen.
I would have a solicitor take a look at the contract, it's often surprising how many loopholes they can find to get you out of a contract, as the majority of contracts are often poorly written.
Assuming the contract is subject to finance, a finance declination letter will likely get you out of trouble, and avoid any legal action from the vendor.
The bank set a reserve, they have a responsibility to achieve as close as possible to market price after having an independent valuation done. Whilst you can often pick up a bargain, you are unlikely to purchase at 30% off.
If reserve is not reached, the banks will often place the property on the market at a set price.Scamp wrote:hoping2doitright wrote:Its not as simple as calling the bank unfortunately, how do i get to the right peopleIt really is that simple. Just call the local bank in the town ( or close to it ) where your house is, then ask them where the mortgage-guy of the bank is. Usually they are in the local office ( 1 or 2 guys specializing in mortgages ) and sometimes they're in a big office in a bigger city.
Banks are made up of people. These people are easily accessibly, they love to help you ,hoping2doitright has no legal interest in the property at this point. The bank cannot provide information to hoping2doitright due to privacy laws, so any approach to the bank would have to be in conjunction with the owner. They will not discuss an 80 cents in the dollar offer, let alone any offer until they have arranged a valuation of their own to access the maximum return they can achieve. Even at that point, the banks Mortgage insurance company will have a strong point of view on the process to be undertaken.
I have been involved in dozens of mortgagee sales (yes I know it's not at this stage yet). The only times I have seen property deals done with tha bank, are when the purchaser acts in conjunction with the vendor, and when the mortgage is covered by the offer, or an arrangement of payment for the balance is made. Yes, the bank does not always recover 100%, however if they believe they can achieve $10,000 or more extra by repossessing and going to market, which way do you think they are going to go?
Obvious huh? Well what is also obvious is your freind cannot sell you the property for less than it owes, because it simply cannot settle unless the mortgage is discharged. If you don't like that answer you're living in fairyland.
If you are purchasing the home for less than is owed on the mortgage to the bank, it's highly unlikely the bank will accept the offer. The bank in the process of taking posession of the property, will have it independently valued. Unless your offer clears the mortgage, don't bother, wait for the auction.
ormeau wrote:Skip101 wrote:Scamp wrote:Put off your rose-colored glasses please.
1 million dollar properties selling for $500,000? I think you may be losing some credibility here.
Mc Graths Hill comes to mind…………….
Sorry, a quick scan of properties on the market and also properties sold at McGraths Hill is not showing price reductions of 50 percent.
gmh454 wrote:In Sydney we have already seen 850K homes (asking price pre slump) sell for under 500K, Kellyville, the divorce capital of Australia.Palm Beach $6.25M to $4.5M in under a year, both ends of the market.
Wonder how many of the bulls here are taking there own advice and swooping in to prop up there portfolio before the market jumps again ????
what is more relevant to property investors on this board is that properties ideally suited for rentals throughout Australia in the $180,000 to $300,000 range have only experienced minimal downwards pressure on price, in other words drops of 20 to 30 percent are not happening unless the property is grossly overpriced to start off with.
ItalianDragon wrote:Have a look at this recent news from New Zealand:http://tvnz.co.nz/view/page/411749/1843300
Now, how would you describe that?
Real Estate Institutes exist to provide positive spin for their members, so I'm not that surprised, any more than I doubt the spin pushed by the REI here in Australia.
Scamp wrote:How long do you think it will take for Real Estate agents to find out they can earn more money by driving prices DOWN than up ? The updriving has worked for a while. It was a perfect time for them. Now, that has come to a halt, RE agents aren't selling houses anymore , therefor not getting commisions, therefor not getting any MONEY. Soon, believe me, they will drive prices down just to drive sales up.Why would a RE agent try to sell 10 estates at 1 million each ( not selling ) when he can sell them for 500.000 and earn 10*500.000*<insert commission here, let's assume 1.5%> = 75.000 $
instead of 10*0*<doesn't matter> = 0 $If you were a RE agent, what would you do ? .. aaah ok , you'd sell them for 500.000 each ? Me too.
Now, as far as the rents going up thing :
When people can't sell their homes, what would you do ? … oooh ok , you'd rent it out in order to make a few bucks while you try and sell it ? What do you think this will do to the rents ? It will drive them down.
The MASSIVE influx of rental homes that will soon flood the rental market will drive down rentals beyond anyone's belief. That will get more investors ( who were doing ok before renting out ) in problems since they won't find any tenants.Put off your rose-colored glasses please.
1 million dollar properties selling for $500,000? I think you may be losing some credibility here.
