When utilising a team such as this, where they organise your finance -lodging applications for the loan , property including property management, provide an analysis of the property purchase etc.
Using them come at a cost of course – with paying a fee to them. Paying them this fee I would assume that you have every right to ensure that they act in a timely manner. How much of a say would you have — I would assume a lot especially when its your name on the contract and your mortgage.
Need some advice as to how far we can go?
I'm not quite following.
Did you use a mentor type company that operates as a one stop shop for investors?
What have they done that you're not happy about?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
A team such as ?
acting in a timely manner for?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
I was a bit vague wasnt I.
Im really not sure whether they are a mentor type company but they are a company that enrols people into attending a seminar about investing in property and this company is affiliated with a financial service team and a property consultant team. They help to design a personal investment portfolio. We went through 3 stages before we were told we were qualifed for what they had to offer – this was over a period of 1 week.
Other people we knew of attended the 1st meeting and after the 2nd meeting they were told they didnt qualify. The 3rd stage been quite rigorous took like 4 hours to get through it.
To cut a long story short we have signed up, contract and all — the developers have given the property consultants the right to sell the properties for them.
All I was just wanting to know is that although we have left it in the hands of the financial and property team to arrange all the paperwork for our purchase is that we still direct them on what to do.
One thing i wasnt happy about is that initially they advised us that they were seeking to borrow $430,000 for us and then when another member of the finance team responded without consulting with the person who initially responded they advised they were seeking to borrow $438,000. No communication.
Thanks Jamie
Amendment to "the developers have given the property consultants the right to sell the properties for them" property consultants have the authority to sell on behalf of the developers.
Timely manner — to make sure all the contract terms and contracts are meet — or should we be taking more control of it, it feels like we have no control.
I am still confused.
What have you signed a contract for? to join their ‘program’ or to purchase the property?
Seems like you paid a fee to someone to sell you a (possibly overpriced) property for which they will also receive a large commission from a developer and to also organise a loan for you for which they may receive a commission and a large trail?
You should be very concerned
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
oh well its a bit hard to explain
Developers develop the land, so they need buyers for properties, they give the property consultants rights to sell the properties on their behalf. We signed the contract to purchase the property.
We did pay a fee well it didnt physicall come out of our pocket — this fee has been factored in to the loan amont, so yeah well we have used someone elses money ie bank
Where to from here…
yeah right. that is like saying restuarants sell food so they need people to buy it so give it to consultants who charge you an extra $10 per meal. This doesn’t matter because their fee is added on to your credit card so you don’t pay it with cash. In addition instead of paying $15 menu price for your fried rice they charge $20 so they can give the consultant an extra $5 commission.
I suggest you immediately get independent valuations done. Then if you have been ripped off speak to a lawyer.
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
Yip I get your analogy — understand totally. I diffently will arrange for an independent valuation to be done.
Thanks Terryw
good luck
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
Hey Terryw — Anyone really?
Do you know any good lawyers and accountants, even a broker for finance in the Wollongong Area who are property saavy
Hi, I responded to your other post then found this.
I was taught not to take advice from people who will gain from my purchase. Sounds like "they" have a lot to gain from your purchase so would find it very difficult to be objective.That's why they do the whole package so you get no other feedback.
Tread VERY carefully. Personally I'd bow out until you had time to do some due diligence.
You are from Wollongong? How much do you know about Coomera and the Qld market?
There are many groups pushing Coomera and they have been for many years.
Positive Real Estate was calling it Boomera Coomera 5 years ago. Still waiting to see the boom.Hi Catalyst
Yes we are from Wollongong — didnt know much about Coomera.
I should have rung my sister who lives up there to give me the heads up about the area BUT i didnt and its my bad luck.
Everything you have stated above is on the money…got sucked in big time
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