Hi I am wondering if anyone can advise me. I am wanting to sell my old ppr (now an investment property) in order to buy a ppr in a different state. (Unfortunately I have been unable to get a loan without selling.) I have been trying to buy this house for a long time, so this is my last ditch effort! The properties are similar in price, so essentially it will be a security swap. The owners of the property I want to buy, are selling privately, but are about to list the property with an agent in a week or so. I won?t be able to afford the new agent listed price, so I have this week to come up with a solution. We have agreed on a price, but they want a definite sale, within 3 months as a previous contract fell through. The house is not advertised anywhere at the moment.
The owners won?t accept a ?subject to sale? contract without advertising it, in case my house doesn?t sell. And, as I am only selling in order to buy this particular house, I wouldn?t want to be competing with other buyers or the stress of a 48 hour clause. I am nervous about signing an unconditional contract, in case my house doesn?t sell within 3 months. I think it will sell reasonably quickly, (agents have quoted me 2-4 weeks in the current market), but I worry that the tenants, who really love the house, could be difficult.
My solution is I have a friend who has offered to be a co-borrower, so I am wondering, could I have my friend essentially ?buy? the property with my name also on the mortgage and title and when the investment property sells, move that loan across and get my friend off the title and mortgage? Or I have thought I could sign an unconditional contract, market my house, and if it doesn?t sell in 2 months, buy it with my friend as co-borrower and then wait for my house to sell and have her name taken off the title and mortgage. This woman is a good friend and she has helped me before. If this scenario is feasible, how could I set this up so I don?t have to pay stamp duty twice and reduce any fees? I am with ANZ. Sorry a bit long winded and complicated ? hope it makes sense. Thanks so much to anyone who replies.
The owners won?t accept a ?subject to sale? contract without advertising it, in case my house doesn?t sell. And, as I am only selling in order to buy this particular house, I wouldn?t want to be competing with other buyers or the stress of a 48 hour clause. I am nervous about signing an unconditional contract, in case my house doesn?t sell within 3 months. I think it will sell reasonably quickly, (agents have quoted me 2-4 weeks in the current market), but I worry that the tenants, who really love the house, could be difficult.
My solution is I have a friend who has offered to be a co-borrower, so I am wondering, could I have my friend essentially ?buy? the property with my name also on the mortgage and title and when the investment property sells, move that loan across and get my friend off the title and mortgage? Or I have thought I could sign an unconditional contract, market my house, and if it doesn?t sell in 2 months, buy it with my friend as co-borrower and then wait for my house to sell and have her name taken off the title and mortgage. This woman is a good friend and she has helped me before. If this scenario is feasible, how could I set this up so I don?t have to pay stamp duty twice and reduce any fees? I am with ANZ. Sorry a bit long winded and complicated ? hope it makes sense. Thanks so much to anyone who replies.