Just a suggestion - OTP

Just making a suggestion that maybe someone could make up a 'sticky thread' regarding OTP purchases.

I feel like every second thread I read goes along the lines of:

"I signed up for a OTP in year X, and this week the valuation came in $Y below the puchase price. My $Z deposit is on the line here as I dont have further funds to complete. What should I do?"


Im no expert. I have (successfully) purchased a OTP, and as many others done well with it, but my story really is boring.

Anyway, just a suggestion!

pinkboy
 
The reason why you are seeing these threads is simple. Back 1-2 years ago there was a big boom in housing. So lots of people bought. Now they are coming to settle those properties and the market has turned since then.
 
The reason why you are seeing these threads is simple. Back 1-2 years ago there was a big boom in housing. So lots of people bought. Now they are coming to settle those properties and the market has turned since then.

Yeah, I realise that. Just thought if someone did post one up, people like yourself wouldnt have to keep repeating yourself over and over and just refer them to a 'sticky thread'. Then if they have a specific question not covered in that thread, they could then ask the more complex questions.

pinkboy
 
Yeah, I realise that. Just thought if someone did post one up, people like yourself wouldnt have to keep repeating yourself over and over and just refer them to a 'sticky thread'. Then if they have a specific question not covered in that thread, they could then ask the more complex questions.

pinkboy

I see your point but each person's situation is different. Some people just don't have the money to pay if the valuation falls short while others can still afford it. I think it's better if these people engage with the community so they learn not to make the same mistakes next time.
 
Yeah, I realise that. Just thought if someone did post one up, people like yourself wouldnt have to keep repeating yourself over and over and just refer them to a 'sticky thread'. Then if they have a specific question not covered in that thread, they could then ask the more complex questions.

pinkboy

I like your suggestion and agree.

But let's face it, people don't read sticky posts and they don't do searches. I've given the same advice about offset accounts at least 200 times, and there is a sticky on offset accounts somewhere.
 
but then all you need to do is post a link to the sticky. problem solved

i agree with you pinkboy

on the topic of OTP now its in a slump would getting an OTP have its benefits that if the market didnt dip anymore you should be able to get it with a val that adds up and that if the market did pickup then you would be "better off" and easier to get finance??.. as long as you done your Due diligence and didnt overpay massively
 
On the topic of OTP BMan the best thing to do is find one of these distressed developers who can't sell and buy them for 50c on the dollar. You might see a profit then.

You will find it easier to finance and the valuation at contract price if you find the distressed deals. Because joining the rest of the suckers and overpaying for something to settle in a year or two will see you end up in the same position as them...
 
Ive been looking at some otp's in small developments and believe there maybe some reasonable buying if you can crunch them and they want to unload the last of them.
Negatives Are they will be the worst in the block and you'd want to be 100% on the developer that he's not a small time guy that's likely to fold when you go back for the inevitable issue list. Still worth a look if you can get WAY under previous sales
 
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