Hi guys , I just wanted to find out if anyone has had any experiences with A better choice which is a financial services group in Melbourne ? I am only 22 and i know very little about property investments but my dad has just had a very bad experience with this company and as a result we will have to sell our family home.Five and a half years ago my dad brought and apartment through ABC and was told that it was a residential apartment and signed a 5 year contract were the rent would increase each year.Well once the contract expired they told my dad that the rent would not be increasing it would be going back to what it was 5 years ago.Than a few months later my dad got a call from his bank and was told that this was not a residential property but a commercial property and that the value had significantly decreased .So the bank wants my dad to pay the amount that the property has decreased by and the only way he can do this is by selling the family house.I have no issues with the bank , my problem is with ABC for not being honest
Hi Robert26, I/we am/are a SMSF guy and get every property firm Australia wide sending me email daily, however never heard of these guys, however vals not coming in is a huge issue in Mel and Syd, sorry to hear abt your experience, will be interested to hear from other posters?
Cheers, Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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http://www.abetterchoice.com.au/company.html this is the company . Could someone please tell me how common it is for a commercial property in Melbourne to decrease in value by 20% after almost 6 years ? thanks any response
this does not sound right- how can a residential apartment become a commercial property without notification to your dad and the bank, you may want to consult with a solicitor before making any decisions as my understanding is the banks check and value the property before giving a loan and they would have seen the zoning ( resi or commercial) at this stage. am i missing something here
no it does not sound right to me either, i cant understand how you can trick someone into thinking that they are buying a residential property.This is the first time anything like this has happened to my dad , he is a conservative person of reasonable intelligence
even if your father was tricked to buy a comm property under the disguise of resi property the bank would have known from the contracts so best to aks the bank to clarify this
this might not be the right place to ask but does anyone know how costly it could be to take these guys to court ?
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