Okay, another property I have information on.
This one is over near mascot. It is a 3br, 2 bath, Double brick house.
The seler is in a divorce situation and just wants to get out. He is asking $480k and is starting to look a bit more flexible with price. (2br house nearby sold for $420k on a smaller block).
The inside is fully renovated. New ceilings, new roof and gutters, bathroom, fresh paint, etc. The flooring is unfinished (just the old carpet remains) so that needs to be done, polished or carpeted.
The reason the place is not selling is because the outside of the house has not been fixed up. The divorce situation stopped the project mid way. So it just needs a coat of paint outside.
The seller is definately motivated, but wants to just get out of the situation, so making payments to him is not really an option. Though the price could be flexible with a low offer.
Any creative thoughts on making this work? I’m happy if anyone wants to talk about this further.
Josh
hi JoshJ
Put a put call option or delayed settlement on the property.
Then organise to fix the outside up and then revalue and lend on the new value.
Watch the mascot area some parts are good but some are on the market because the builders are over committed and are getting hit around the head by the banks so it may be a little difficult to get a lender excited.
Price sounds ok for the area.here to help
Josh,
What about a building inspection to find faults / quality of the internal reno, and to check out the exterior. You could use this as a basis for negotiations.
Perhaps make your offer for a long settlement say 5 or 6 months.
hrm
Originally posted by grossrealisation:hi JoshJ
Put a put call option or delayed settlement on the property.
Then organise to fix the outside up and then revalue and lend on the new value.
Watch the mascot area some parts are good but some are on the market because the builders are over committed and are getting hit around the head by the banks so it may be a little difficult to get a lender excited.
Price sounds ok for the area.here to help
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Dear GrossRealsiation,1. Are you really serious about wanting to make monies through renovations in a declining property market like Sydney?
2. What are the risks involved and what kind of profit are we talking about here in this case?
3. Looking forward to hearing and learning from you soon.
4. Thank you.
regards,
Kenneth KOH
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