I am sure I have read about this thing being pulled off (for different reasons).
Situation:
- Have found a place for someone to acquire through their SMSF
- SMSF is in the process of setup and may not be complete prior to auction
Idea:
- Request longer settlement
- Have clause written up, enabling buyer to sign contract at auction under personal name but transfer name of purchaser (to SMSF) upon settlement
Question:
- Anyone had the experience of doing this or something similar?
In my limited knowledge, it seems the only solution enabling the buyer to to bid at auction (or offer prior).
I believe I have read about this on at least one or two occasions. One example was a bloke who found a place under value, offered with such a clause (and a longer settlement), then went searching for a new buyer at market value, which he found. He essentially switched purchasers on settlement and netted a tidy profit.
I?m not asking for the same reasons but if it?s been done, I have hope it can be repeated.
Situation:
- Have found a place for someone to acquire through their SMSF
- SMSF is in the process of setup and may not be complete prior to auction
Idea:
- Request longer settlement
- Have clause written up, enabling buyer to sign contract at auction under personal name but transfer name of purchaser (to SMSF) upon settlement
Question:
- Anyone had the experience of doing this or something similar?
In my limited knowledge, it seems the only solution enabling the buyer to to bid at auction (or offer prior).
I believe I have read about this on at least one or two occasions. One example was a bloke who found a place under value, offered with such a clause (and a longer settlement), then went searching for a new buyer at market value, which he found. He essentially switched purchasers on settlement and netted a tidy profit.
I?m not asking for the same reasons but if it?s been done, I have hope it can be repeated.