Last year I made a colossal mistake. I bought a house on an unconditional offer (I needed to find a place in a rush after having sold my home).
The trouble started when I wasn't able to use my existing credit for the purchase because the house is zoned as commercial (consisting of a comfortable, older 3 BRM house and a 60 m2 shopfront in a block of shops in SE Melbourne).
Finally I found a subprime lender who helped me complete the deal with a 12 month loan. Obviously at a much higher interest rate and with the added burden of having to re-apply annually (and pay another hefty application fee). I tried to refinance before the period expires but it looks like the credit crunch has gotten even worse, I didn't even get a reply from the broker (he may have gone out of business in the wake of the subprime scandals?)
So I asked for an extension of my existing arrangement which they granted, probably because of my perfect payment record.
But at the same time I put the property on the market and by now I was hoping to sell it. Unfortunately of all the people who have inspected and liked it, none was able to come up with a sound offer due to their own difficulties with banks.
So once again I might ask for an extension of my loan but I thought I might mention the property here, in case it would suit someone. I might also give refinancing another go if my son gets the good job he's being interviewed for in a couple of days as that would put us in a better position.
I hope I didn't break any forum rules with this post, but if I did, the moderators would surely step in.
I hate having to sell as I really like this house. Especially on a hot day like this, when the double brick walls are going to keep us nice and cool I would be happy to stay on as a tenant or offer it in vacant possession, depending on the price.
If anyone is interested in my property, I can send you a link, and all other information. And if anyone wishes me good luck or can offer advice in sorting out my problem, that will be also appreciated.
The trouble started when I wasn't able to use my existing credit for the purchase because the house is zoned as commercial (consisting of a comfortable, older 3 BRM house and a 60 m2 shopfront in a block of shops in SE Melbourne).
Finally I found a subprime lender who helped me complete the deal with a 12 month loan. Obviously at a much higher interest rate and with the added burden of having to re-apply annually (and pay another hefty application fee). I tried to refinance before the period expires but it looks like the credit crunch has gotten even worse, I didn't even get a reply from the broker (he may have gone out of business in the wake of the subprime scandals?)
So I asked for an extension of my existing arrangement which they granted, probably because of my perfect payment record.
But at the same time I put the property on the market and by now I was hoping to sell it. Unfortunately of all the people who have inspected and liked it, none was able to come up with a sound offer due to their own difficulties with banks.
So once again I might ask for an extension of my loan but I thought I might mention the property here, in case it would suit someone. I might also give refinancing another go if my son gets the good job he's being interviewed for in a couple of days as that would put us in a better position.
I hope I didn't break any forum rules with this post, but if I did, the moderators would surely step in.
I hate having to sell as I really like this house. Especially on a hot day like this, when the double brick walls are going to keep us nice and cool I would be happy to stay on as a tenant or offer it in vacant possession, depending on the price.
If anyone is interested in my property, I can send you a link, and all other information. And if anyone wishes me good luck or can offer advice in sorting out my problem, that will be also appreciated.