250k Cash + Pre approved for 670k loan what to do

The situation with the house is...

I put in an offer of 920K which got accepted however the vendor will not do a 5 day cooling off period so until I sign the house is still for sale @ offers over 950 so..

I can either sign with .25% (2300$) and if the building and pest go to **** lose the deposit or wait until building and pest is done and find out about council and then buy but by then perhaps it will have sold.

How do you take advantage of a seemingly good sale. If i sign one of those w66 no cooling off with a .25 deposit and i back out is all I lose the .25 deposit?
 
celsioraus said:
The situation with the house is...

I put in an offer of 920K which got accepted however the vendor will not do a 5 day cooling off period so until I sign the house is still for sale @ offers over 950 so..

I can either sign with .25% (2300$) and if the building and pest go to **** lose the deposit or wait until building and pest is done and find out about council and then buy but by then perhaps it will have sold.

How do you take advantage of a seemingly good sale. If i sign one of those w66 no cooling off with a .25 deposit and i back out is all I lose the .25 deposit?
Click to expand...

Wait. Usually, you pay the 0.25%, then you have 5 days cooling off, prior to the end of which you can crash the contract and just lose the 0.25%.

My understanding is that with no cooling off, you don't have ANY conditions, in which case you CAN'T back out as soon as you sign. In other words, the 0.25% is almost irrelevant if you have no cooling off period, because you're obliged to complete as soon as you sign the contract. If you find issues with the pest and building inspections, tough. If your finance doesn't come through, tough.

Who told you that if you sign the s66w certificate, you can still crash the contract and just lose the 0.25% ?
 
66 W means no backing out

In theory you are only liable to the deposit paid, youd be a very brave perso to accept such advice.

If u exchange contracts and dont complete, you are in breach and can be sued for many things ...........dont go there

Pls seek proper legal advice !

ta
rolf
 
celsioraus said:
My dad is pressuring me to buy a house for 800k + and to make a granny flat and rent them out. I dont mind the idea of it I just dont like the property he is suggesting.
Click to expand...

I hate to be cynical but is someone daddy's little boy (or girl)?

Care to tell us where you got the $250,000 from? I will guess.... Daddy!

It pisses me off when people get given hundreds of thousands of dollars from their rich parents who are too stupid to properly teach their children how to manage money.

If someone has quarter of a million dollars sitting in the bank and can't use their own brain to figure out how to invest it......
 
deejay said:
I'm not sure what you consider to be such a stretch here. The chain of discussion went:

ianvestor:
Why are you feeling pressure?...Who has 'trained' you to want an 850k house, and how are they doing financially?

censioraus:
My dad is pressuring me to buy a house for 800k...

Pretty clear chain of discussion here. Someone asks the OP why they feel pressured, OP says dad is pressuring him/her to buy a specific house.

Really not interested in rehashing this. I worked off the OP's quote, not interpretation as you've repeatedly implied. End of story.
Click to expand...

Yeah allright buddy

If it was the end of story, so many posts agao

why bother bringing it up again if you're not interested in rehashing it , let it go and move on

Good on ya, you're probably right Fantastic dude :rolleyes:
 
tom1000000 said:
I hate to be cynical but is someone daddy's little boy (or girl)?

Care to tell us where you got the $250,000 from? I will guess.... Daddy!

It pisses me off when people get given hundreds of thousands of dollars from their rich parents who are too stupid to properly teach their children how to manage money.

If someone has quarter of a million dollars sitting in the bank and can't use their own brain to figure out how to invest it......
Click to expand...

They shold give it to you hey Tom - cause it's not fair otherwise

This old "the wolrd aint fair" will keep appearing life jsut like a broken record unfrotunately... I've really found though that getting pissed off aobut it hasn't helped make things less unfair....
 
tom1000000 said:
I hate to be cynical but is someone daddy's little boy (or girl)?

Care to tell us where you got the $250,000 from? I will guess.... Daddy!

It pisses me off when people get given hundreds of thousands of dollars from their rich parents who are too stupid to properly teach their children how to manage money.

If someone has quarter of a million dollars sitting in the bank and can't use their own brain to figure out how to invest it......
Click to expand...

lets see.. Salary of $110k, rent of $160pw .. no way known that they could save $250k in six years, right?

I think they have used their own brain to figure out to invest it in property ... but hell, canvassing opinions on a forum of property investors.. damm that's insulting and worthy of an attack I guess.
 
RightValue said:
lets see.. Salary of $110k, rent of $160pw .. no way known that they could save $250k in six years, right?

I think they have used their own brain to figure out to invest it in property ... but hell, canvassing opinions on a forum of property investors.. damm that's insulting and worthy of an attack I guess.
Click to expand...

I agree with this post..
 
tom1000000 said:
I hate to be cynical but is someone daddy's little boy (or girl)?

Care to tell us where you got the $250,000 from? I will guess.... Daddy!

It pisses me off when people get given hundreds of thousands of dollars from their rich parents who are too stupid to properly teach their children how to manage money.

If someone has quarter of a million dollars sitting in the bank and can't use their own brain to figure out how to invest it......
Click to expand...

Way to go tom you are all class.

In 98 I bought a house for 320k in a 1/3 share. In 07 I bought a house for 710 in a 1/3 share. We sold out of one house and I ended up with 250k after paying a mortgage for the last 12 years not that its any of your business you are probably the most uneducated fool I have ever met on any forum anywhere. Congrats for being a complete and total ********.


Forums are created to help people. Already Ive learnt to ensure council approval on granny flats, to consider 2 x 400k investments instead of 1 x 800k and am heavily considering using a buyers agent if this curent house falls through.
 
Onto more important issues.

I have a feeling this property has already been issued with a demolition or compliance notice on the granny flat. I have to find out the exact situation before I proceed.

In all likelyhood I will not buy this property if the granny flat has to be removed and will be back on the market for an IP and / or PPOR.

i appreciate everyones assistance here. If everything does go to **** ill go from there.

s
 
celsioraus said:
I have a feeling this property has already been issued with a demolition or compliance notice on the granny flat. I have to find out the exact situation before I proceed.
Click to expand...
If that turns out to be the case, you could potentially pull out and renegotiate again. Since you wanted to live in the granny flat, you could make an offer of $890k minus demolition costs, reapproval (council) fees, holding costs and the cost of building the new dwelling. Just some food for thought. Not that this would actually happen. Seems pointless for council to make you demolish and rebuild but then again I'm clueless about legal procedures in this field. Purely as a negotiation tool though, it might work.

Also if they were to be on the same title, that would make tax time a nightmare since your PPOR is also your IP.

This is just one option and personally in your situation I would spread the risk to 2-3 IPs with strong CG prospects at a lower LVR. On your income, piling money in to offset accounts would generate nice cashflow too.

You are in an enviable situation.
 
Just a update for everyone 2 years on. I ended up buying a house in Cromer, for 940k which I now live in and also rent out. Rental Income is 900pw and my wage has slightly increased.

I would have loved to buy inner city but would never have got the return so burbs it is for me!
 
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