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Go and see another Solicitor. Serve The Real Estate Agent, Your Solicitor, The Vendor, AND Their Solicitor with a writ and sue the lot of them. Make sure your Writ includes Damages for Stress, Lost Interest on the funds, Interest Payable, etc; Someone will cough the cash and perhaps they all will. You have a case against all of them so why not? There are quite a few solicitors out there who would love to play the game on that basis, and most Solicitors enjoy taking down a Comrade. I guess it’s the Legal Societies Pecking order and the opportunity to advance up the ladder a bit higher that spurs them on…
Have Fun!
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Originally posted by audrey123:Hi All,
Trade Practices Act affects alot of people, so think about lenders, insurance salespeople, lawyers, accountants etc, they all have a fiduciary duty to look after your best interests.
Hands up who has a horror story of an agent? I know alot of people do, and it shouldnt be that way. The law says they are not allowed to mislead at all, yet how many who do? I know that in the town i grew up in, every single agent there was dodgy, and they were not acting with the clients best interests at all. Dodgy dodgy dodgy!! So what to do when dealing with agents? Ask direct questions, and if you believe it sounds too good to be true, write it down!! They arent allowed to lie at all not even indirectly. Remember that!!Just remember when using the word “Client” & the word “Customer” A Realtors “Client” is the Vendor, YOU as the Buyer are their “Customer”. The fiduciary duty extends to their “Client”, Not the “Customer”. Now in so saying whilst they are fullfilling their duty to their client they also have an obligation to protect you the customer. How twisted is that? No – wonder so many of them are bent. And all of this whilst working for commission only!
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Here’s a tip: Always leave some meat on the bone for the other Fellow (or fellowess) in the negotiation. It makes it easier and you can still get a fantastic deal…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Step one – get a copy of his current Baycorp Credit File. It will cost him $23.00 OR about 3 weeks for nothing. Review it. Find out how much money he went Bankrupt for. Assess your Risk Accordingly.
Step Two – If you decide the risk is worth it consult your Solicitor and have him draw up the Contract for the lease option. In this he should receive a “rent credit” if he follows through with the purchase. If he walks away at the end of the time he gets nothing it is a simple lease and you retain his option money as covering your costs.
Step three – Ensure your contracts contain the necessary parts about who is responsible for maintenance and rates insurance etc;
Step four have him seek Legal advice. Do no allow him into the house or contract without a Lawyers Certificate Advising him it is a bad idea!
Step Five – Have him move in and start taking his money.
Step Six – Give him the title in exchange for settlement after he obtains Funding through a Commercial Lender.
Simple!
It’s really a bit more complex thaqn that but thats the basic overview. I left out the part about you having to get funding for the home and then onsell it at a profit. I figured that stood to reason…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055I now have to question why you would spend $125/month on Phone and Interweb combined in order to obtain cheap Phone Calls which when you read the fine print aren’t all that cheap or that good, when you have the option of spending $79/month with Vodaphone, Telstra or Optus and getting $500 worth of 60c/minute phone calls on a mobile which you can also use as a modem? OR $149/month with Vodaphone for $1200 worth of 60c/minute phone calls which again can be used as a modem?
Maybe neither of these are entirely an ideal setup, but it does have some merit when compared to the minimal downloads you have access to via the wireless setup plans vs the standard dial up service you could access using your mobile as a modem?
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Originally posted by Mortgage Hunter:Maybe they told you that you needed to be on title?
No requirement for a mortgage. Your grany can give you a property and you would be entitled to the FHOG.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Just to Clarify Simon’s Statement you would have to enter into a contract with your Granny to purchase the property for $7000 Minimum in order to qualify, and it may not be classed as an eligible purchase if it can be construed as gifting. No you don’t require a mortgage to qualify for the FHOG. It is generally handled by the Office of State Revenue in your state. Perhaps they were under the impression that as the majority of FHO’s have a 30year mortgage it was a requirement?
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Yes I can. I use Stephen Moore of Blair Anderson Solicitors. They are on Level 9 215 George St Brisbane City 4001. Phone is (07) 3220 2622. Feel free to let them know I reccomended them. They just invoiced me for $750 + GST + Outlays for searches etc;
Whilst you can go to a bucket conveyancer I always have firmly believed in the adage about getting what you pay for so I’m always happy to pay a bit more for a Solicitors services whilst conveying property.
Hope this Helps.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055In QLD if an agent OR Vendor Lies to you, they are both Legally liable for any losses and or damages you incur as a result of this happening. In the instance you have supplied they would be found liable for the balance of Rent and your inability to let the property. This is why the Qld agents have to supply a CMA or comparative Market Analysis, whichstates where and how they founded their ideas on the obtainable rental for that property. I have had purchases and offers delayed by this, but it generally stops the above from happening.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Yes Kiwi’s are generally eligible for the FHOG, but if they have owned a property in NZ before then they aren’t entitled to the Stamp Exemption as they aren’t first time home purchasers. Well thats in QLD anyway.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055O.K. default interest rate: insert NIL
ask for 14 dats building and pest, 21 days finance and 45 days to settle. The standard REIQ Contract is 7Building and Pest, 14 Days Finance and 21 Days to settle. Oh and Default interest is generally charged at around the 11 – 12% mark. Refer to the clause naming the buyer as the at risk party and change that one too under the special conditions. Make the contract to remain at sellers risk.
If you are using the “ADL” Contracts clause 4.9 reads “In respect of White-Ants risk in itself will not constitute a reason for termination of this Contract.”
That particular contract has another couple of nasties in it such as 10.2 which says “it is acknowledged and agreed by the parties hereto that any building approval defect listed as a requisitor in the local authority’s building records does not constitute a Notice or an Order as contempletd by clause 10.1” 10.1 saying the seller has to repair defects etc;
Make sure you read your contract thoroughly and if in doubt ask your solicitor.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055This can be a tricky one but is relatively straight forward when viewed with the right approach. If you wish to discuss this off forum I’d be more than happy to help.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055interesting – http://www.yato.com.au if you’re in Brisvegas. I was in there yesterday, and their prices are superb compared to the others I have seen. They also use only 7-ply not chipboard meaning it will virtually last forever. Average price is about $7k with a discount applicable should you decide to obtain bathroom items as well.
Otherwise try the yellow pages, and shop around for installation or do it yourself (pay someone to cut it though) it will save you heaps and isn’t too hard to do…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055I like the builders labourer idea, but why on someone elses property? Do it on yours. Sure it increases the costs of your first couple of reno’s somewhat, but the learning curve will be well worth it. Otherwise try your local TAFE college for Adult education courses and then you can also use the DIY courses at places like Bunnings. Otherwise speak with someone at Bunnings explain your problem flick them $100 flash in the pan to cruise by and spend the day teaching you on the job. Most of the older guys there are tradesman so they should know…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Why pay a deposit at all? If you are going to be on a long term settlement then pay with a deposit bond. Otherwise in QLD, you have the option of investing the funds as long as both you and the vendor agree and formally instruct the agent in writing as to how they are to be invested and where with what split of interest etc. Bear in mind though that if you do this and the agent then goes out drops your $100k deposit on red at the Casino and loses the lot you are not covered by the “Claim Fund”. It is entirely at your risk. This can also only be done on settlements with a period longer than 90days or deposits over a set amount.
Personally for a couple of hundred bucks vs the interest earnt on your money in your acount or saved in your offset account even, tthe costs associted with a deposit bond are cheap…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Misty, I’ll second that motion. Depends on the areas, and what exactly you’re chasing…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055My “Mates” the Real Estate Agents. Most I encounter would be better suited to the title “Fake Estate Agents.” They are mostly crap. It’s funny how they claim to “Sell” yet I’ve always decided to purchase independant of them. They haven’t influenced my decision to purchase a property at all. They do however influence the price. If you’re concerned about this situation do your homework. Ask the agent for their licence. Then when they provide it deal with them. If they don’t, can’t or won’t provide it use another. Another way to avoid this is to use a Buyers agent. The other agents won’t get the opportunity to play with them as they will go directly to the vendor if they start with the games…
Another point to remember is this: YOUR Agent is not working for you. They are engaged by the Vendor and always represent them. NOT YOU.
Oh and there’s always another property to buy…
Hope this helps.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055I know of one who will do 105% but the rates are rude! Then again not really when one considers the fact the are fronting with more than the value of the property.
I would think to access 140% one would be needing to cross collateralise.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055I know of a way it can be done. And with a funder who will ignore the work history as they don’t get too upset about these things.
It can be hard to pull a low-doc without 2years ABN, but isn’t necessarily impossible. There are a couple of lenders who will play the game on that side of things. Of course this lending is unregulated and therefore investment only.
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Generally sopeaking though for an agent to earn their commission they have to be the “effective cause of sale”. As in your case you were the cause of the sale by approaching the owner/vendor yourself, they have no real entitlement to commission (unless you purchase at auction.)
My recomendation to you is this for future purchases – Front with an offer. If offer is accepted buy property. If offer is refused/declined query the vendor why? It may be they have been high balled by an agent. If this is the case find out who the agent was. Then track down a past sales history (6 months should suffice & is available through RP Data or similar) of their listings – Listed Price vs Actual Sale. Show this to the owner/vendor use the average or median differential to knock down their price. Then calculate their commission on the price subtract that and do the deal if the figures stack up. The vendor cannot argue or claim it is unfair they have the evidence in front of them. If they still won’t play ball walk…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Paul & Karen, Great call. The LOC facility was my first thought. Then again using that wisely is generally the key issue with most. I could also think of a couple of other solutions Pseudo Lines of Credit etc which may have effectively the same result and minimise the risk, whilst maintaining the advantages of an LOC.
Depanding on your personal situation Age, desire to own more property, savings etc will be the deciding factor in which loan product is right for you.
Speak with someone who has your long term goals in mind, and you should be well on the path to the freedom you seek…
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055
