Why is that most investors take out 30 day contracts with a 14 day finance clause only to find the banks are slow at approving loans then you find your under pressure to settle.
Go for 90 day contracts or 60 days
Simply with a token deposit secure the contract oh and by the way ,new PAMD contracts stipulate a further deposit is payable when finance is approved .Has a buyer you might want to delete this and put in its place balance to be paid in full on settlement date.This preserves your cash flow your lifeblood!
Also imagine you have secured a contract with a hundred dollars then at settlement in 90 days your purchase has gone up $10,000 thats a nice 10,000% profit before you pay.
In this market if you ask for extensions you could be penalised by the vendor if you,ve bought in a moving market and you either pay the penalties that are enforced and believe me they hurt or worse the contract is withdrawn resulting in more pain and its happened to me.
The banks go slow and close over this next period cover yourself and get long term contracts also make sure you get a minimum of 21 day finance you call the shots……
Another tip dont specify bank you could stipulate any bank or finance company in case the one you wish to use turns you down
Preserve your cash flow its your life blood
G’day…
I think you are deluding yoursef in thinking youll make $10k prior to settlement… it will prove to be more like -$10,000 if my mail is any indication.
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]
G’day…I think you are deluding yoursef in thinking youll make $10k prior to settlement… it will prove to be more like -$10,000 if my mail is any indication.
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]
G’day…I think you are deluding yoursef in thinking youll make $10k prior to settlement… it will prove to be more like -$10,000 if my mail is any indication.
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]Deluded and happy then….
sim months ago i purchased 5 properties in Eagleby gold coast Queensland all on three month contracts 120/122/140/150/175
At settlement time the above properties were est to be worth 140/140/180/200 i enjoy been deluded infact 155000 in 3 months deluded bill .
I dont think that will happen all the time but great to experience
G’day…I think you are deluding yoursef in thinking youll make $10k prior to settlement… it will prove to be more like -$10,000 if my mail is any indication.
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages, Option Writing & Forex. [email protected]Deluded and happy then….
six months ago i purchased 5 properties in Eagleby gold coast Queensland all on three month contracts 120/122/140/150/175
At settlement time the above properties were est to be worth 140/140/180/200 i enjoy been deluded infact 155000 in 3 months deluded bill .
I dont think that will happen all the time but great to experience
Anyone who is afraight that the bank will take too long to approve a loan, well the solution is simple : Ask for a pre-approval for the highest loan you can get on your income.
Then you can even go to an auction, make a bid and sleep that night.
Pisces133
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