Hi All,
Looking at purchasing a PPOR and don't have a deposit, vendors agreement ending with agent, and vendor willing to do sale without agents involvement, how do I keep money in the deal to act as a deposit. Probably able to get property of 340,000.00 on the market for 330,000.00 – 350,000.00. I believe the property is worth 350,000.00 to 360,000.00. It is a marriage breakup.
any advise would be very helpful
Thanks
Dr S
Only way is for the vendor to agree to leave 5% plus your costs in the deal by way of a 2nd mortgage.
You agree to buy the property for say $340K but only pay say $323K on settlement with the balance paid over a period of time.
If you cannot fund your costs then you will need a little more left in.The Bank would lend you the $323K being 95% and the Vendor provides funds for your costs (obviously if this is the case you would be settling on less than 95%).
I would be suprised the Vendor would agree to this given that it is a marraige breakup and would have thought both parties would want a clean settlement.
Richard Taylor | Australia's leading private lender
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