Josh, totally agree with you and this is exactly what we are finding.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Portfolio PI wrote:Qlds007 wrote:Sorry Erin but living, working and investing in Brisbane and SE Qld i still have to refute your statement as clearly inaccurate and untrue.I discuss deals with valuers all day long and i am sorry the facts dont back up that statement dispite throwing the odd out of context media comment into the mix.
You go ahead believing that and advising your investor clients accordingly and i will go ahead acting in my clients best interest and securing them investment properties that value at purchase price.
Cheers
Hi Josh,
Is there something I can do about this because the valuation came out $100,000 lower than the purchase price and I didnt have enough equity for the 10% deposit so they want me to pay for the shortfall by borrowing money from parktrent themselves. I have signed the contract (it's unconditional).
They were very pushy about me signing the contract and telling me that I might miss out on the property.
Regards,
Yours in Finance
I might put my two cents in here also if I may… whilst we deal with regional QLD mainly, we had not one deal come in below valuation last year. The claim that ALL values are below is false, regardless of a couple of articles you may past Erin. In reality, if you are selling a house and land package also, there should be some instant equity (maybe not a lot) once construction has finished. That is if you are selling in areas that are growing in value.
JackDl wrote:Portfolio PI wrote:Qlds007 wrote:Sorry Erin but living, working and investing in Brisbane and SE Qld i still have to refute your statement as clearly inaccurate and untrue.I discuss deals with valuers all day long and i am sorry the facts dont back up that statement dispite throwing the odd out of context media comment into the mix.
You go ahead believing that and advising your investor clients accordingly and i will go ahead acting in my clients best interest and securing them investment properties that value at purchase price.
Cheers
Yours in Finance
I might put my two cents in here also if I may… whilst we deal with regional QLD mainly, we had not one deal come in below valuation last year. The claim that ALL values are below is false, regardless of a couple of articles you may past Erin. In reality, if you are selling a house and land package also, there should be some instant equity (maybe not a lot) once construction has finished. That is if you are selling in areas that are growing in value.
Hi Josh,
Is there something I can do about this because the valuation came out $100,000 lower than the purchase price and I didnt have enough equity for the 10% deposit so they want me to pay for the shortfall by borrowing money from parktrent themselves. I have signed the contract (it's unconditional).
They were very pushy about me signing the contract and telling me that I might miss out on the property.
Regards,
Sorry to hear about your current position JackDi.
Maybe Erin will come back to answer this one or maybe it is a matter of the valuers being more conservative than they used to be.
I think i would be getting independant legal advice as quickly as possible.
Why not contact TerryW and ask his opinion.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Certainly a time for independent legal advice.
Low val by $100K is trigger to do everything possible to get out. Havign said that contracts are often water tight but it is a case of nothing ventured nothing gained.
Qlds007 wrote:Sorry to hear about your current position JackDi.Maybe Erin will come back to answer this one or maybe it is a matter of the valuers being more conservative than they used to be.
I think i would be getting independant legal advice as quickly as possible.
Why not contact TerryW and ask his opinion.
Cheers
Yours in Finance
Furthermore the properties around there were a lot cheaper compare to the one ParkTrent is selling bigger land, more bedrooms and brand new everything is much more superior than the Parktrent property the only difference is the parktrent one is a lot more expensive.
Regards,
JackDl wrote:Furthermore the properties around there were a lot cheaper compare to the one ParkTrent is selling bigger land, more bedrooms and brand new everything is much more superior than the Parktrent property the only difference is the parktrent one is a lot more expensive.This would go a long way to explaining why your valuation was so low. The valuer would have done the same research and has come up with a similar realisation to you.
The best way to get the word out to beware of Park Trent and other such high pressure companies is to send our complaints to Today Tonight or A Current Affair. They were also taken to court which apparently they are appealing. I think there enough complaints that if we all called or emailed these shows, they might take it up as a story and many people will save their hard earned money
Any update about Park Trent?
Does anyone know about the outcome of court proceedings?
Hi god_of_money,
The matter has been heard in the Magistrates Court of Queensland. The case has been dismissed, and no charges or convictions were laid against the company, Ron or Kellie Cross.
Thanks.
Erin
Hi All,
The stories that happened in the past since 2008 is still happening in the year 2014. This is happening to me right now. Massive undervaluation of the property (First Property, Around 50,000), bank not willing to provide loan, Park Trent moving 10% deposit to other property (Second property), and charging massive Commission for the on sale of the first property. Is this the profitable business model of ParkTrent to lure new Property Investor and take advantage of their ignorance and dire situation?
Is it happening to others as well?
Has anyone taken or thought of taking joint class against ParkTrent? Has anyone reported ParkTrent to ACCC or gone to current affairs/today tonight?
Regards,
Hi Jack Di,
Your exact situation has happened to me in year 2014. It's my bad luck that I didn't head to this forum to read up the lessons learned from Park Trent victims like you.
I fell into their ONE STOP INVESTMENT SOLUTION tactics and in addition to their Property Investing service, end up getting their FINANCIAL BROKER (Easy Plan) + SOLICITOR, which made my case even worst.
In my case, the first property that ParkTrent showed to me was around $50,000 under valued so I couldn't secure bank loan, then they promised to get my 10% deposit back from the builder in condition that I buy another property (second property) from them, which I end up buying.
They didn't properly disclose to me that to save my 10% deposit, I've to pay them half of it (Around $15,000) to them as On Sale commission of the first property (for which my 10% deposit was held). The second property is also not that great and I had no choice but to forcefully buy that property, just to save my deposit.
I feel like I'm ripped off by ParkTrent and felt that I am mislead by them with their pressure tactics.
Just wondering how are you going with your Investment Property that you bought with them? Are you still with ParkTrent for rentals? Did you take any legal actions against them?
Your comments/suggestions would be much appreciated.
Regards.
Hello all,
I joined this forum in Novemeber or so so missed out on all these posts. I just spent a good 45 mins or so reading through the stories here. Unfortunately I was not a forum user back then, but was and always have been a property investor.
Firstly, sorry to all the investors that have been jibbed by this group, really am. Unfortunately, it is a familiar story with many property groups. Great credit to this site and the others that provide a source of due diligence for investors before they sign. Unfortunately sometimes its too late due to 'pressure buying'. Sometimes I do scratch my head with the significant emphasis on SMSFs when certain property groups can continue to get away with pressure selling to uneducated investors with no 'education', after all this is what ASIC has a task force for SMSF, why stop there.
As I write this, I am near the Silverwater resort at my holiday home, I know many people who were burnt there as well as other 'complexes' in the area.
I really feel for you, please do seek advice on your options and find other like you to voice your concerns. Unfortunately, this tactic is widespread, I see it everyday with our Chinese friends who are pressured into large scale purchases from 'reputable' property groups.
Please be diligent, research, speak to repected forum members before you make that huge investment, and please have someone read the contract before you sign.
Cheers, Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
http://redwoodadvisory.com.au
Email Me | Phone MeSMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS
Good informations.
Thanks RedWood. I wish I had your suggestions before I dealt with ParkTrent. It could have saved me from lots of headaches and heaps of money.
another victim of parktrent here. is there anyone who purchased the development in Belgian Gardens here? also has anyone taken legal action against pt?-
This reply was modified 10 years, 1 month ago by
Moonman.
Sorry to hear than Moonman.
Sure Erin from Park Trent will pop back in to give us their side of the story.
She is not a regular contributor as she is probably out at nights doing charity work or raising money for the homeless……
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hey moonman – SMSF or non-SMSF?
Bunch of savages they are who continue their unethical practices on a daily basis. They are lawyer’d up to the teeth and generally property is unregulated, unless its SMSF where you have recourse.
If its SMSF let me know, and i’ll get you ill be able to assist. You can reach out to me direct.
Cheers, Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
http://redwoodadvisory.com.au
Email Me | Phone MeSMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS
-
This reply was modified 10 years, 1 month ago by
You must be logged in to reply to this topic. If you don't have an account, you can register here.
