have a client who has opportunity to buy a house at substantial discount from ex but doesn’t meet normal lending criteria. Is there anyone who would buy it and sell it to her next year. Obviously needs to be a win-win.
Hi Mike. Stamp duty makes these sorts of deals tough as it eats a lot of the profit.
If it is a divorce settlement, then the person may be able to get a loan based on valuation rather than the price they are paying for their share. But, they may still need to show income to services.
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
Mike
Whereabouts are you? That would be helpful!Keep smiling
Felicity
Is there any opportunity for a WRAP here. Say put together a WRAP deal based on win/win.
Set it up in a normal WRAP and then next year when your client has access to finance pay out the deal.
Where is the property and what sort of money are we looking at.
Get back to me if there is any way i can help
Cheers
Kelvin J Brennan
hi mike
where is this property and how much is it what is she lloking for to buy it back at and when hope to hear from you soonMike is in Adelaide so a wrap is not possible.
I have discussed this deal with Mike and, since neither of us has ever done a lease/option and vendor financing is illegal in SA, we would both welcome any help here. Is there someone interested in doing this deal for him?
I would also like info on how to set up a lease/option or similar deal in SA so it doesn’t fall foul of the legisation that won’t allow vendor financing in SA. I’m not ready yet to do one of these but I want to know how and all the pitfalls before I consider doing it for myself.
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