Hi All,
We are currently living and working overseas, is it possible for us to buy property in Melbourne without physically being there? Does real estate agents provide these sort of services, with the contract signing and all? [wacko] We would also be interested in getting a loan to purchase the property, what sort of information would the bank need? We already own a property ($290k) and have the deposit ready for our next purchase.
Thank you for your wise advise. [buz2]
Hi Jackie,
You could use a real estate agent to source your property however be aware real estate agents are employed by the vendor and as such are legally bound to look after their interests and not yours.
An alternative may be to consider the use of a Melbourne based buyers agent who can be employed by you. As such they have an obligation to you and not the vendor. Some people here may be able to make recommendations.
You can establish a power of attorney (?) enabling a trusted other to sign the necessary documentation. Some of the paperwork can be accomplished by fax and with some prethinking all the necessary financial documents can be in the hands of your broker/lenders ready for actioning the moment you find the property.
However I suggest that in the current climate a vendor would be prepared to have a longer settlement (make this one of the conditions) in recognition of your situation, especially if it meant the difference between sale & no sale.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Hi Jackie 5
We have just gone through the process of buying from overseas, it is a bit tricky! We were fortunate to have parents in the game already so they did all the legwork, a spotter would do the same thing…
Regarding the loan, we already had an IP but we needed to refinance with a lo-doc RAMS loan to get the second mortgage which has really hurt the purse strings…try to find a better way! I saw someone speaking of “members equity” who apparently are quite flexible. The lo-doc was needed because my partner and I both are both working “contract” jobs rather than permanent (same thing really but better ££ for us!)
Not sure where you are living but here in London there are Australian companies selling property with everything (incl bank issues & solicitors) sorted out for you. All for a price though…
The Power of Attorney thing is VERY important.
Good luck
Jet [biggrin]
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