In a real bind and need advice.

[wylie]

Before you resign youself to selling ... did you talk to any of the excellent brokers on the forum about refinancing and getting a lower interest rate?

As advised, your repayments seem to be really high in the current market. Even if you go on interest only repayments, and put all your surplus towards the credit card debt (should always pay down your highest interest rate debt first).

Why are you, or your wife, not able to look for employment? Something as simple as dog walking/minding, newpaper/brochure delivery, lawn mowing or expanding your online business to include more "in demand" items etc ... there are endless options

selling fees on 250k property will not be 10k and offering to pay say 50/week over market rent would likely have the same effect of enticing an investor

i just think it makes absolutely no sense for someone who is under severe financial pressure to sell a property for 30k under market value

Why not try to reduce your cost of keeping your own house to the cost of renting? Sure, if you are renting you don't have to pay rates, house insurance etc, but the rent will continue to increase and you may find you have to move again and again.

What about taking in a foreign student for a short term until things improve, or try those things Lizzie and others have suggested. I'd hate to be at the mercy of a landlord when you have troubles enough already.

 

[dollarbill]

Related investor route very slow on the uptake.
Refinance is not an option due to age ( over 60 ).
I really do NOT want to go down the government benefit
plus subsidised rent track.
This in my view is a very very last resort.

All I need is some breathing space, some capital and
reduced overall ongoing financial committments.

I agree that an investor could snap up the bargain ( if
the accepted price was too low ) then
give us the boot at the earliest opportunity.

I do not wish to list our property until after negotiations
with a 'related' investor fall down completely otherwise
I could have a real estate agent chasing me for the commission.

If an investor / new landlord scenario presents itself then
could I ask a few questions ?
Would an investor normally consider purchasing a property
with existing tenants or would this be viewed as being similar
to buying a property with a termite history ?

 

[china]

Related investor route very slow on the uptake.
Refinance is not an option due to age ( over 60 ).
I really do NOT want to go down the government benefit
plus subsidised rent track.
This in my view is a very very last resort.

All I need is some breathing space, some capital and
reduced overall ongoing financial committments.

I agree that an investor could snap up the bargain ( if
the accepted price was too low ) then
give us the boot at the earliest opportunity.

I do not wish to list our property until after negotiations
with a 'related' investor fall down completely otherwise
I could have a real estate agent chasing me for the commission.

If an investor / new landlord scenario presents itself then
could I ask a few questions ?
Would an investor normally consider purchasing a property
with existing tenants or would this be viewed as being similar
to buying a property with a termite history ?

Sometimes having an existing tenant can prove to be attractive for a property investor. It depends on the goals of the investor. If the investor wants to develop the property, it may be good for them to have an exisitng tenant providing income whilst he is undertaking DA approval / builder /council arrangements. If the tenant has a fixed term contract, the investor can also be assured of income until a certain tim.e.

 

[dollarbill]

Good news.
My daughter has seen her bank and a sale to her is now firmly on the cards.
Thanks for all the advice good people.
She is suggesting doing a DIY conveyance which is OK by me but as luck would have it, diyconveyancingkits.com.au is closed ( regarding accepting phone calls ) for the night.
Has anyone every done a diy conveyance ?
I imagine it's just a step by step with info provided as to who to contact etc but I get the feeling that we will be paying for sheets of paper with a sequence of actions and appropriate government contacts.