My first post and I need help.[confused2]
I have paid a deposit on a residential building block in regional Victoria 8 months ago with the intention to flip it prior to settlement, settlement is soon due. I have been trying to sell with no luck although I have reduced the price to original purchase price. It occured to me that I might be able to wrap it or offer Vendor Finance. Can anyone tell me if this is possible and who would be a good contact to find or arrange the legal aspects. Part of my difficulty in this is how it might work when the purchaser builds on the land and then if they default on the land section of the agreement if they have built a house on the land.
Maybe there is someone who has done such a thing.
Regards AlanAlan, if you want to sell with Vendor Finance (a wrap) you will still need to settle on the land…
If you are planning on taking a 2nd mortgage, you could probably do that – but for the amount of cash you have in the deal as you still need to provide the full money’s to the vendor.
I’m not sure how your buyer would go with getting construction finance if they don’t have title to the land?
Maybe you could settle it, and look at building options etc.?
Cheers
Melyes, I think it owuld be hard to wrap as the purchaser could not build unless they have the funds themselves (ie they could not borrow).
Maybe you could vendor finance the purchasers deposit?
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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