1% Deposit No Bank Approval

[GoalsMagic]

Found an add in local paper from someone offering a 3br apartment in Melbourne CBD on terms of 1% deposit and no bank approval required.

Wondering if anyone has come across similar? What sort of financing would this be based on?

I had assumed it is probably a wrap or vendor finance of some sort. When I rang and asked they wouldn't give me details on phone only via appt.

Interested to hear if any one has any knowledge or experience with such a finance arrangement.

Regards
Rod

 

[sbe]

Most likely it's a wrap.

Either that, or a really desperate vendor/developer !!!

 

[OPM-addict]

Hae the questions been ask?

Firstly:

How desperate ???

Then:
What was it selling for ?
What is the vacancy rate in the area?
What was the last property sold similiar to this one?
What is the carry back finiance for this little gem or rock ?
What is the last 5 years, last years, last quaters CG in the area?


Lastly,

Does it come with a tennant, is so how much rent per week.

So many questions ?

Respect, Peace, Out.

OPM - addict

 

[Tony]

Hi,
Why don't you give the person offering the property a call & find out more about the deal, after all what have you got to lose other than some time & the cost of a phone call?
Interested in what you find out.

Regards Tony

 

[RPI]

Hi my guess is either:

excessive price or

excissive interest or

both

Darryl