Any advice on offer would be appreciated. We are selling a duplex for around 580k of which we have around 80% equity and it is our principal place of residence. We have bought elsewhere a renovater and borrowed 100%. The plan was to dump our money on the new place once we sold our existing place. However, we have had an enquiry from a buyer interested in Vendor Finance with 50% upfront. Is it worth pursuing?? What do you think???
This means that you are going to have to lend them the other 50%. Whether it is worth pursuing or not will depend on many other factors such as:
– how soon you need the other 50%
– The price they have offered (should be more for the trouble)
– The security for your 50% – eg second mortgage.
– The interest they will pay you for borrowing your money, and the terms – ie how long, PI or IO etc.So it may be an option, but then again you may be able to find someone able to pay full price straight away.
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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