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Master Builders Association was the other body- they are set up by builders for builders really. Call Consumer Affairs- a solicitor is costly. Or it seems that this guy: Anthony – Legal Director – Australian Legal & Finance
Email: [email protected] 1300 559 073
Web : http://www.legalandfinance.com.au “Bridging the Gap” in knowledge for ordinary Australians
Posts on this forum a lot. Surprised he has not answered your Q.You DO need to stand tough- don’t hand over the money until you are happy- although as “scott no mates” says: “It is your obligation to make application for the supply of electricity to the meter. If the energy supplier cannot energise the house, the the builder has not completed his work.”
I did hear of a case where a property was sold – contract of sale but NO deposit was taken. This was not an auction. The buyer did not come up with the money. The place was sold again. The agent in this case was held in breach. I am not sure what happened to the buyer. The fact is that if he – your buyer does not have money- it doesn’t matter much what you do- you wont get anything out of him. I am not sure that you cant sell in the mean time. The buyer has breached the contract and you can end it on that point. Best thing to do is to contact “Consumer Affairs” in your state- I think it might be “Office of Fair Trading” for you before you engage a solicitor. Having been through some messy legal issues- they cost a lot and I think you have to be wary that they are not doing extra work that costs you more but wont get you more back in court. I have represented myself in court too- and won at no cost to me. Know your rights and know your facts. The $1000 on the day with a promise to bring the rest on Monday is fairly common. Not turning up with the rest of the cash is not.
Oh,m it sounds like the rent guarantee is NRAS. Yes, usually deals like this- the builder builds in the rent on the price. I have not heard of them.
Scott No Mates, you are absolutely correct- NG applies to other classes of investments as well. I guess this forum is about property though- so we are talking about property.
Yes, Terryw, Keating abolished it and there was a shortage of housing and now its even a bigger shortage!
Well thanks Mike. I have learned so much from all the information here on this web site- but also from my own work and mistakes I guess.
This is a most valuable web site.Yes, Alastair is right- and Jodie can help you this all of this. Don’t stress and take one step at a time. Yes, you could on- sell one of the units. People do this- put on contract and sell before it settles. If it is worth more now- then there will be a capital gain to pay- but if you are making money then paying tax is a good thing. That is – you should try to minimize your tax but if you are paying lots of tax it means you are making LOADS of money. I’d like to pay Lots of tax every day= I’m making lots of money.
As Alastair says- you need a good broker. I have come across plenty in my time running women in property but not many are able to work with figures – you need an “investment broker” – one who invests too is even more helpful.
I had my solicitor look at my contracts – their job is to advise on the working of the contract- not on finance.
As I said in my previous post- the size of the unit thing is a bit of a trap that you are not told about. I guess that is why it is wise to mix with like minded people who have been there before.Hhhhmm, I built a house and there were some minor things not installed that made it not functional. The builder argued that these things were not necessary for the house to function. I short paid him the price of not getting those things installed. He would not hand over the keys to which I responded I would end the contract- he handed over the keys within an hour. Look VERY closely at your contract- solicitors cost a lot of money. I went t to consumer affairs but they kind of went- oh well- just pay him. HIA and the other body – name escapes me- are really bodies which are run for and by builders. Try not to engage a solicitor- but do stand your ground on this.
Hi try my finance person Jodie on 0413229929 and our accountant on Mark Ault on 0409000019. I am not sure it is a solicitors role to advise you on getting the finance- but this IS a trick for young players. Jodie is REALLY good at helping people get finance in your situation. I would get another solicitor if that is his attitude though. Dont see him in court- it is just not worth it- find someone who has a better attitude. I like my solicitor though. email me if you need more help.
CheersYes, $15K – $20K sounds cheap! Please share.
I am with Michael, Keating tried to abolish negative gearing but there was an outcry. Further the government is encouraging property investors with NRAS- there is a shortage of housing no matter which way you look at it- investors or not. The government needs investors to build the shortfall in housing. The banks might have a bigger push – they seem to have a lot of clout- and all the money…………and they want more? The banks have a responsibility too. I recall over 10 years ago the government saying it was not going to fund public housing. The commentators said there would be a housing shortage- what do we have now? A housing shortage! What drives prices up? Less supply than demand.
Well, I have read Rich Dad Poor Dad- I liked them. Yes, probably a lot in the way of inspiration and not a lot in the way of perspiration- that is not so much in nuts and bolts. But it has changed my way of thinking and that is what counts to me. It has moved me into action and thinking about money and wealth creation differently. I am happy with that.
I have been to and listened to a lot of inspirational speakers. They are all the same – have a message and you wonder what they actually do toward what they preach. But if it gets you moving and makes you do “something” that is positive, then it IS all worth it.Btw, I have a couple of SIMPLE accountants I am in contact with if it helps anyone? That is simple to deal with. And our next meeting is focussed on accounting given the tax year is soon ending……………
Well I have not used C & N but I did try. They seemed a bit too difficult to deal with. I love their books though!
The rule of thumb is that you should calculate if the property is a goer or not and not depend on the tax returns- this should just be icing on the cake. Since you have not actually purchased it yet- there would be many variables to consider. I would do a “rule of thumb” – include what you can in terms of the calcs but if it does not stack up for you as it is- move to the next property- there are plenty out there.
I can give you the contact details of an excellent broker who will ask you all the right questions on this to get the right answer to your questions if you like.Hi Chrisaus, it is VERY worthwhile to get a quantity surveyor to set you up with a depreciation schedule. Most will refund the cost if they cant find it in their schedule so you really have nothing to lose- but lots to gain back in your tax! Accountants might give you a refund but quantity surveyors are usually more aggressive in what they depreciate and how they do it. Its easy. I set mine up over the phone and internet and they sent me pdf. My girlfriend bought a property – like you- close before tax time and was VERY pleasantly surprised at what she got back.
Well, I was a real estate agent for 3 years. I loved it but its hard work. And everyone seems to want to beat up in real estate agents. I think valuers have to have a higher standard of training. There is one organisation I know who has been commissioned to undertake a study into property investing but I am not sure that I can share it here. Commercial- I imagine would be very hard- not so many agents, not so many renters. Its a TOUGH gig that and a lot of turnover– that is why a lot of ads on seek
Yes, this is good advice. Scot and Jamie are right. Sit and wait. You can go back in a few weeks but if you are looking at other properties, I am sure you will find something you like in this time. Its not the last property on earth to be sold- there is always one around the corner.
If you think about a contract- and a sale of a home is merely a contract- it is the exchange of the house for consideration. The vendor has the house and its the consideration you are arguing about- what is a fair price for what the vendor has to offer. The value is determined by what you agree on- somewhere in the middle probably- that you agree to make the exchange. It is the price at which the vendor is prepared to let it go. I am not sure the agent has to drop his pants. There is always a buyer- it just comes down to who agrees on the price in the middle. The agent is the guy in the middle. You all seem to think its the agents who play games but here you all are advising a buyer to “play games”??? Hmmm- who plays the games then?Hi Nonnie, I would not suggest this tactic- there is no point to prove to the vendor. Yes, there are other houses in the street. This is why people think that agents are bad- because buyers play these games. It will not get you any where. Just make the offer you can -and be prepared to walk away. Dont get into game playing- just get on with the job.
It does not suddenly become negotiable just because you are looking at other houses- that is to be expected.I am happy to give feedback or advice dealing with agents- any time- just dont play games- they are better at it- its their job.
Cheers
ChristineHi Nonnie,
you can put as many offers as you like- so long as you have clauses in them so that you only have to accept one. You should alway put a clause in the contracts. Sometimes agents wont accept them. I am a former agent- we liked the offers to be unconditional and that is the way we played the game. From your perspective- just put in the clause and if they don’t like it- move on.
It depends a bit on what you are buying for? Investment? Then don’t get emotional about it. There is always another one coming. If it is your home- or going to be your home- then people get emotionally attached. That makes negotiating all that much harder.
They say to offer less and less increases each time and to take longer and longer to respond. So $283K say, then $284.5K so it seems that you are reaching your limit. I wouldn’t waste too much time on it though- it sounds like you are on the look out anyway.
If your offer is not accepted at $287K- move on.
Good luck!
