first home buyers can take my already paid deposit for 576 block of land in 3338 vic

I paid 10 % deposit already to land sales office and we cant settle because of multiple reasons.

I don't want my 10 % deposit to go in waste to developer caz we dont want to settle caz of multiple reasons so i was thinking I might help any first home buyer who is sturgling with deposit .I can give that deposit to that FHB and whatever can be returned in later years . tell me my legal options ...............why I am doing it caz I know how hard it is to save for the deposit for young family and those developer try to snatch hard earned money just because we as buyer don't know the stuff

will it be help to FHB or not
 
My guess is that you purchased a land and property package, the valuation came in short, the bank won't lend you money unless you tip further money in, you obvisouly don't have any more money but are willing to let a FHB buy the property at the reduced price with your deposit and in the end the FHB will repay the deposit to you over "later years".

I don't know if you are serious or English is your 5th language but I can see why you are going to lose your deposit.
 
My guess is that you purchased a land and property package, the valuation came in short, the bank won't lend you money unless you tip further money in, you obvisouly don't have any more money but are willing to let a FHB buy the property at the reduced price with your deposit and in the end the FHB will repay the deposit to you over "later years".

I don't know if you are serious or English is your 5th language but I can see why you are going to lose your deposit.
Hi Georgie ,

Thanks for your post .I am serious as I was very much tensed because of all this caz I am loosing the deposit so English was not the concern. I found this forum just minutes before that post and all I was interested in the post.
I am sorry if you did not understand what I wrote.
All I am interested in if someone can take advantage of paid deposit. We have already told developer that we are not settling.
 
how do you propose this ? how much deposit have you put in ? and what you want in return ?

what is the h&L packgae that you have sign up ?

Hi Georgie ,

Thanks for your post .I am serious as I was very much tensed because of all this caz I am loosing the deposit so English was not the concern. I found this forum just minutes before that post and all I was interested in the post.
I am sorry if you did not understand what I wrote.
All I am interested in if someone can take advantage of paid deposit. We have already told developer that we are not settling.
 
The block size is 576 SQM
Paid deposit is 18700 its not H&L its land only
What I want:
Scenario 1:
Developer is saying that price of land is 187000 .I want someone who wants to settle the land and can pay the paid deposit gradually or bit less .
Scenario 2:
Or if no options are there and I have to leave the deposit in these circumstances then I want to leave it for any FHB who is struggling with saving the deposit rather leaving the deposit with developer. This way I may be able to help some young family.

Please reply
 
If there are other people in your situation, the block might not even be worth 170k. Taking it off your hands might not help anyone.
 
I am not sure if people are in same situation or not .How can i check that secondly sales office are telling us that land price is same what they have quoted and valuation should be challenged. they said people settled we have only 8 days left .
 
I am not sure if people are in same situation or not .How can i check that secondly sales office are telling us that land price is same what they have quoted and valuation should be challenged. they said people settled we have only 8 days left .

What did your valuation come in at?
 
I was very much tensed because of all this caz I am loosing the deposit...


With respect, I don't think you understand that you are likely to lose MORE than the deposit.

If you fail to settle the vendor can sell the land to another buyer for LESS than you agreed, then get the DIFFERENCE in sale prices from YOU.

As was said in that other thread, the vendor is offering finance so take it and buy the property. You aren't entitled to a refund if you just change your mind.

There was a case recently discussed in the forums where a buyer backed out of a sale on a $1.1M property and lost their $110k deposit PLUS had to pay a further $300K to make up for the reduced sale price of $700k to the subsequent buyer.

CORRECTION: the vendor chose not to sell and to instead hold the property for a couple of years until the market firmed. That case was interesting because the court chose to award the vendor the difference between the original sale price and the current valuation.
 
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Just to help out ... the word you are after is "because".

Okay - what I can gather from your posts ...

You've signed a contract to purchase a block of land
You've paid a deposit for $18k+
Settlement is in 8 days (or less now)
You cannot come up with the additional finance due to low valuation
Developer has offered you vendor finance to settle the deal

Legally your options are to either settle ... or not settle and walk away without your deposit (and potentially the difference between your contracted price and future sale price).

Is there any way you can come up with the extra $22k? Family loan, personal loan, sell something like a car?

Is there any reason why you won't accept the vendor finance? What are the interest rates they are charging?

Would you still buy the land if the valuation didn't come in low? If not, then what changed your mind? Is it for a home or investment?

I don't like your chances of finding a FHB at this late stage - and definately not on this forum (although someone may know someone who knows someone) - and especially someone who is willing to undertake the unusual deal you are offering. I might be pleasantly surprised tho.

Sadly, we on SS seem to be getting hammered with unexperienced buyers happily signing binding contracts and then wanting out at the last minute.

Reminds me a lot of the Melbourne Docklands fiasco panic ... and that turned out ok.
 
Keep in mind that if you do manage to on-sell the property to a third party, you will still be required to pay stamp duty (as you're purchasing the property), then the person you sell the property too will also be required to pay stamp duty.
 
I think the FHBs are vulnearable to this sort of error because some REA encourage them not to do DD first. For example: in a letter of acceptaqnce from REA I received not so long ago, they included a page containing 'important info for purchasers" and at the bottom it has "SUMMARY OF STEPS WHEN PURCHASING AS FOLLOWS" (in capital letters)-so it is strongly emphasized.

1. Agreement of purchase price
2.Payment of deposit to agent
3. Sign contract for sale for agent
4. Exchange of contracts affected by agent
5. immediately organised pest inspection and building inspection reports required
6. Immediately apply for finance if required
7. Contact your solicitor
8. Outstanding balance of deposit paid to agent (prior to expiration of 'coolong off' period)

If I was a FHB, I would think that these are the right steps to take (and in that order)-specially if it iw written on a coloured, glossy, and classy looking print?

But as non-FHBs, I will change the above order by placing #5,6,7 after #1, and never give deposit to agent without the 'nod' from my solicitor. I think PROPERTUNITY posted a very good summary for NSW buyers.
But the majority of members in this forum is 'investor' or non-FHB. So somehow many of the FHB don't get it, until they encounter problems. So, may be THIS FORUM have a place in the popular media? (i.e someone with knowldge and experience from the forum write an article for major media/present in the television station?)

I still recalled the feeling (of not knowing & not in control) when we bought our PPOR (first house purchase). I still remember the 'experienced' agent's way to sway us to the direction she wanted us to take.

FHB can easily influenced by 'selected words' from REA; so in the first instance EDUCATION IS A MUST!.

There are cheap books available or even online info. I used the old 'home buyers guide' and still referring to it in my current purchasing process.

Engaging a good convayencer from the on-set is a 'must' . I used the same solicitor for the last 12 years for several purchases and we get to establish a good business relationship that way.




Sadly, we on SS seem to be getting hammered with unexperienced buyers happily signing binding contracts and then wanting out at the last minute.

Reminds me a lot of the Melbourne Docklands fiasco panic ... and that turned out ok.
 
FHBs are lambs to the slaughter. REAs eat them up for breakfast with the 'steps' as outlined above. They don't do research because they're new and they have no idea what they do or don't know. You can sell them a crap house with paper-thin walls, laminate benchtops and claim it is 'luxurious' living and they will believe you. This is no different to any other purchasers in any other industry - like women going to buy cars.
 
FHBs are lambs to the slaughter. REAs eat them up for breakfast with the 'steps' as outlined above. They don't do research because they're new and they have no idea what they do or don't know. You can sell them a crap house with paper-thin walls, laminate benchtops and claim it is 'luxurious' living and they will believe you. This is no different to any other purchasers in any other industry - like women going to buy cars.

I guess you pay a price for ignorance and learning/knowledge comes at a price.

I like women and cars and therefore cannot support your last sentence.
 
I guess you pay a price for ignorance and learning/knowledge comes at a price.

MsAli and I were going to buy brand new units a few years ago in Western Sydney, and lost $2K in 0.25% deposit. So glad - better to pay a small price for a life long lesson.
 
oh, I think you might be a lamb going to the slaughter with a comment like that!!

Haha I'm not trying to be sexist or anything but that's just how things work. An agent sees a FHB, licks their lips and does the hard-sell. Same thing in the automotive industry or in any situation where there is a large knowledge gap (or perceived knowledge gap) between the seller and the purchaser.
 
they delayed for 17 months + whenever we inquired they told us settling in 3to 4 months they told it would be settling in 3 to 4 months after we signed the contarcat back in 2010 ..and the land was available to settle in april 2012 ......but that was al verbal later we came to know abt sunset clause ......all tey did just few days before expiry of the sunset clause...
tehy still told me if there is potential buyer and can come up with the realistic offer we can nominate some .... but I am concerned about the shortfall.....
 
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