Hi All;
Just puttung this out there; I'm looking at purchasing land in my locality as new blokes have been released.
Has anyone ever purchased land on inslalments / lease's with a call option so I can pay later…. (any vendor financing)
I'll test the waters with the real estate agent about (VF) but would be grateful of anyones experience of this; Maybe if you've developments this way. Or is it possible to get a contract with a due diligence clause put into it……
We (missus also) Would build later on the block of land (PPOR).
cheers
GH
Hi GH
I assume you mean some new blocks being relases and not new blokes lol.
You can put any condition into a Contract i.e due diligence, part vendor finance etc etc but remember that is not to say the Vendor has to accept it. If it is a fairly new development i think getting them to take some VF is going to be tough as they probably have to have some Conditional Contracts in place to satisfy their financier.
If it is one of the last blocks left over or a battleaxe or similar then probably more likely to have some flexibility.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
hi Richard;
Yes Blocks; should have looked it first…
Cheers for responding; Yes the blocks I'm looking at are cash or finance approved only at the moment……
GH
Well….
Its good to know that you are welly known about basics of purchasing a land. Just want to tell one thing that be careful while contracting and read all cautions and points carefully.
ThanksI have tried to do a couple of deals like this in the past. One thing to be a bit cautious of is the real estate agents. Many people think that they are experts in property – which is only half right. There have been so many agents I have come across who don't even really know what vendor finance is or only have a very tenuous grasp on it. Many of these would not present your offer very favourably to the vendor. You just have to work out the best way to present your offer.
Also, if it is a new development I don't think the developer will be very interested, as Richard said they will be less flexible.
One thing I have found works is to wait for the blocks to come up as an individual sale – I have noticed people sometimes jump into new releases only to have their circumstances change and they need to sell the block without building on it. This way you get to negotiate with an individual.
Good luck. Let us know how you go.
Hi there!
Purchasing a land involves a crucial decision making and that's normal due to the influence of financial matter. I guess, you could somehow settle with the idea of purchasing the land through installments or with diligence clause. It would depend on you and your family, of course your financial budget as well. So it is better to ask the agents too in order to know more about in dealing with that particular issue.
Mosaic, anything the agent thinks might delay them earning the commission is not favourable to the agent oops not in the vendor’s best interest. So the agent would prefer the easiest outcome.
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