I have posted in the finance section a couple of times with little response.
I have a property which due to its size is proving difficult to sell .
Prospective buyers love it but have been told they wont get finance because of the size so they arent even trying .
I need an alternative strategy to sell it .
Or an alternative strategy to finance it.
Any Ideas please ?
one idea I have is doing a part vendor finance say 30% which would be around $40,000.
I am not sure of all the implications and traps with doing this.If anyone knows the ropes could you please comment.
Thanks for your help.
Cheers,
GregGrega, can you be more specific?
Give as much detail as you possibly can, not saying you advertise here to sell but if you want answers, you must tickle the curiosity.Too small? Too big? A house? Apartment? Farm?
What price? Where? What sold nearby and at what price?May God prosper you always.[biggrin]
MarcHi Marc,
Being careful as I got a friendly warning about advertising already for an attempt to seek advice on this property.
Had several agents look .All very impressed with the quality throughout. I have renovated entirely and it presents as new throughout.I have also put in brand new display furniture .The whole thing looks stunning. Everthing going for it except banks size criteria for lending.
The unit is 34 Sq M .It is first floor/top floor Great leafy outlook on three sides.
Block of 13 Extremely well maint .Money in the bank . levies only $100 a quarter.
Corner unit in corner block ,quiet street.similar complex of around 15 to 20 across the road otherwise surrounded by quality houses including brand new 2 storey federation style triplex just finishing . 400 metres to train station or buses . 400 m to cafes and shops. Maybe 10 minutes if busy to city by car. Agents all suggest Mid $120s should sell and agree other one beds in much bigger complexes fetching $115s to $130s usually requiring work.
I obviously need to attract someone with sufficient deposit but this does not seem to be happening.
There must be some way I can achieve this.
Any Ideas ?
Cheers,
GregHi grega21360
Add $1000 to the price (or to your confidential reserve price) and add $1000 to the salesman’s personal cash bonus if he sells within 30 days at or above your confidential reserve.
Watch him go. [grin]
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
Vendor financing could work for you – to know the legalities of it, you’ll have to speak to a solicitor…
Block of 13 Extremely well maint .what does this mean?
I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out how
G’day Greg.
Difficult to offer advice without knowing the nature & location of the property, and hence your realistic target market.
A possibility might be offering a % of purchase price as Barter (have you heard of Barter Card?). I don’t personally use Barter, however I know that some people who use it have a stack of barter $ that they are looking to utilise.
Look up the BarterCard website & contact your nearest BarterCard manager, they can explain to you how it works, and help you establish an account if you wish. They will also advertise your property Australia-wide to BarterCard users.
I hope this helps.
Cheers,
MattThanks for your replies Guys,
Geo Block of 13 means it is a complex of 13 units and it is extremely well looked after and in very good condition
Matt I’m in bartercard and find it a drain on funds . Ive been trying for years to get someone to show me how to use it for PROFITABLE property deals. No one has so far Only usefull if you have a stash of barter to use up .Cash fees of 11% plus trade fee of 1% could represent a direct loss on your deal . If you consider this be very carefull to fully understand and get your sums right.
Cheers,
Gregthen just strata them off and sell them off for capital gains…kep a few for yourself
I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out how
Geo I only have one .someone made all that money years ago.
Add $1000 to the price (or to your confidential reserve price) and add $1000 to the salesman’s personal cash bonus if he sells within 30 days at or above your confidential reserve.
Watch him go.he or she…tsk tsk
hi grega21360,
perhaps you aren’t attracting the right buyers:
Prospective buyers love it but have been told they wont get finance because of the size so they arent even trying .i’m not sure how your agent has worded his or her advertising text but maybe try changing the text the net / paper / flyers etc to reflect exactly what you’re trying to sell.
eg.
Pocket rocket!
immaculately fitted out 34sqm unit. located on the 13th floor with leafy outlook….
i’m no expert but i have a strong family background in advertising who’ve always told me ‘let the buyers know exactly what they’re getting’ that way you eliminate the surprise factor.
perhaps that way you’ll attract people who’s finance isn’t an issue.
e x
Pocket rocket!
immaculately fitted out 34sqm unit. located on the 13th floor with leafy outlook….
i’m no expert but i have a strong family background in advertising who’ve always told me ‘let the buyers know exactly what they’re getting’ that way you eliminate the surprise factor.
That sounds like very smart advice. Another little gem for me to remember!
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi emcdonald
thanks for the option, I chose “he” for my post, and politely ignored the grammatical error in your post. We all live in glass houses.
cheers
thecrestthecrest | Tony Neale - Statewide Motel Brokers
http://www.statewidemotelbrokers.com.au
Email Me | Phone Meselling motels in NSW
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