Just new to the forum, but not to PI. Previously done Buy and Hold deals. I have recently been reading a lot of Rick Otton’s stuff online and his book.
I have seen a property down on the same st I live on which has been put on the market for the second time within the last 6 months and is an ugly house, but has potential.
I am wanting to go and speak with the owner of the property and see if I can help out by taking it off his hands on an option to buy contract, through VF, hoping that’s an option.
My questions, firstly is there anyone who can recommend a good WA solicitor who is familiar with Option to Buy, terms contracts and lease contracts?
Also I have been reading here heaps and saw a post which said something along the lines of they approach the owner, make a deal with them. Let them continue to TRY and sell the property the std way while they look for a buyer for the property. Is this after paperwork has been done or is this just a verbal agreement? Love this option just not sure how to go about it.
As this property is already listed how do I go about the RE Agent who already has an agreement with the vendor? Fees ect
If this doesn’t turn out to be my first purchase this way. What is the best way to find another property to buy through VF, do I just knock on doors with For Sale signs out the front, or contact the agent first, who will then of course not allow me to talk to the vendor directly. Not sure what to do from here. Again it brings me back to the question about the RE agent and their role once I pretty much take over the sale and sell the property for him/her, although if there was never a sign out the front of the house I would have never known the vendors intentions
Any advice would be greatly appreciated. Thanks for your patience, I have read a heap before posting this and done searches, trying not to ask the newbie questions, there is so much info on here, you can get lost amongst it all lol
Hi
WA is a bit short of vendor finance savvy solicitors but http://www.equitaslawyers.com.au should be able to help. Ask for Martin.
We don't deal with sellers while they have a current listing agreement in place with an Agent.
Ask property managers, not agents, "do you have any properties for rent that have come to you after they didn't sell?" It's a great way to source properties that you may be able to buy with VF.
Another way to source the same sort of sellers is to put a ad in the To Let classifieds, along the lines of, "Professional couple looking for long term lease, with view to future purchase".
These are just a couple of ideas that may help to put you in touch with sellers who may consider selling with VF.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
You may have problems with buying an option while the property is listed because the agent could miss out on the commission – or they think they will – You could keep the same agent on the case to resell.
or if the agenthave a clause in their agreement that the seller may have to pay the normal commission to the agent if they sell an option to purchase to anyone while it is listed with an agent. This is common in Vic, from what I have seen.
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
Thank you so much for comments Paul and Terry, I appreciate your reply!
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