Hi everyone
I have a lady and partner who want a particular property. They put in an offer in on the property went out and got furniture for this property and then got knocked back by the finance company. The reason they were knocked back was because the husband and his brother previously bought a property together then the brother stopped making payments and the husband couldnt keep up the payments so the bank foreclosed. The husband now has a mark on his credit report. The good news is that they have $90K to spend towards buying a house when they can. This lady keeps on calling me to find out whether I can help her hence my request to anyone out there i.e. you or anyone you know. The property is in Perth. She says that it needs some tlc but the pictures say otherwise.
http://www.realestate.com.au/cgi-bin/rsearch?a=o&f=0&p=10&t=res&ty=&c=60670610&s=wa&snf=rbs&tm=1248263034&id=105685944>s=1>s-suburb=east+ca,EAST+CANNINGTON|wa,wa
Hopefully the above link will show you the property. Otherwise it can be found in realestate.com.au under 34 Elkhorn, East Cannington.
This lady just really wants this property and keeps on calling me about it. I thought a wrap would be the best situation for her.
I believe that at least the husband is working.Anything to get this lady off of my back.
I'm chasing someone who can put wraps together to see whether they would like to put this one together. All I am after is a spotters fee or a finders fee (if I am allowed to take one). Respond back here or call me on 0407 542 950. Your help would be much appreciated.
Regards
Nathan Danker
Nathan
Do i read it correctly she has $90,000 deposit which she would use ?
Richard Taylor | Australia's leading private lender
Richard,
Yes, I believe she would use it. She did want to do renovations to the property and really really loves the place
and like I said she even went out and bought furniture for the place only to get knocked back by finance.
As long as she (and her partner) are good on serviceability I dont see why this wouldnt work. I just dont know how to put a wrap together myself otherwise I would do it.Oh, and one other thing for anyone reading, she even said that she would pay the $365,000 that was originally asked for the property (which is probably what we would wrap it to her for). If they were to pass the serviceability checks then this would be sweet.
Regards
Nathan
Hi Nathan
Sounds like a good deposit.
Hate to say if you are thinking of wrapping it to her for the same as the purchase price you are lossing serious money and exposed to risk.
You will incur stamp duty on the acqusition and other purchase costs and would be wanting to add on a decent profit margin.
If the actual price is $365,000 you would probably be wrapping this for circa $430K.
As you said she wont get finance for some unknown reason so if she want the property she pays the higher price.
Richard Taylor | Australia's leading private lender
Hi Richard
Sorry about the late reply.
Yes, obviously I would have it wrapped for more that what it is bought for to cover costs and to include, as you said, a decent profit margin. She is aware that there will be a mark up on the price of the property for our work and risk and she was still interested in going ahead. I understand where the profit is made on a wrap, the only problem that I have is that I am 1) unable to aquire finance atm and 2) even if I did buy this house for on-sale I dont know exactly how to do a wrap i.e. the ins and outs, little details, etc.
Anyway, thanks for your responses Richard
Regards
Nathan
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