vendor finance-ee having a whinge

keys are on the way back by courier as we speak. should get them tomorrow.

looked at depth into doing a small development, but council is very anti-development in that area so will allow nothing more than 1 dwelling per property, even under strata title.

the only option would be the knock down and rebuild, but the resale value on that would only allow as much profit as if it just sold as is - so seeing real estate agent next week (when school goes back) to discuss putting on the market.

i am more than sure the bank will be happy that i pay out my fixed 5.2% mortgage without fees!

anyhow, more money for the townhouse bank account ...
 
yes - and we are both very happy.

keys are in my possession, paperwork from solicitor being sent to remove her liability and meeting estate agent on tuesday to get property onto market.
 
lizzie said:
keys are on the way back by courier as we speak. should get them tomorrow.

looked at depth into doing a small development, but council is very anti-development in that area so will allow nothing more than 1 dwelling per property, even under strata title.

the only option would be the knock down and rebuild, but the resale value on that would only allow as much profit as if it just sold as is - so seeing real estate agent next week (when school goes back) to discuss putting on the market.

i am more than sure the bank will be happy that i pay out my fixed 5.2% mortgage without fees!

anyhow, more money for the townhouse bank account ...
Click to expand...

Does your council have any SUD in the planning scheme.

I know Brisbane City Council changed there plans about 4 years ago I think, which enabled the previously 'subdividably challenged' blocks a way of putting other dwellings on the plot.

Might be worth investigating?

Cheers,

F
 
one day on the market - SOLD

for $5k more than i expected, so happy. won't break the champers until contracts exchanged early next week.
 
kathryn d said:
Because it sold so fast, do you worry now you may have priced too low?
Click to expand...

no - did a lot of research into what the market would bear, priced slightly over expecting to drop - but only had to drop to $5k higher than what i realistically thought i'd get.

wanted a quick sale as is vacant and i have another use for the money, so didn't want to hang around for months.

the property threw us around $400/mth as a vendor finance and made a cg of around 50%over 7 years so we're happy.

as a rental, it would take a fair bit of doing up (builder bought it), and would be neg geared after reno. i want the cash for our townhouse fund, and our new business venture seeding money.
 
Last edited:
exchanged unconditional yesterday - first looker and several grand over what i expected to get.

makes lizzie a happy chappy.

now - about that new (2nd hand) car .... :D
 
Well done lizzie,

Congratulations on taking action and refusing to tolerate a bad situation any longer.

Your decisiveness and commitment have brought about this result, so congratulations. Must be a relief and you must feel pretty good right now :)
 
That's why we only now grant options to other investors or buy from investors. Small people remain small for a reason.

I feel for you Lizzie I have seen this happen many times. We were once managing a property under vendor finance for one of our clients and I attended a court hearing on their behalf where the tenant was demanding all the vendor finance fees PLUS rent back (they won BTW).

After the hearing the tenant/buyer went into a lift and was desperately trying to close the doors before I got there. I pushed my way in and he was trying to look everywhere but at me (whimp)

I said to him, I need to just ask you one question. There is about $40,000 of equity in this property because you took an option out on it before the housing boom. You have a valuable contract in your hand, why would you not exercise the option and purchase the property.

His reply...... "I just don't feel like it"

LOL you can lead a horse.... Poor thing to be stuck in his mind.
 
Xenia said:
That's why we only now grant options to other investors or buy from investors. Small people remain small for a reason.

I feel for you Lizzie I have seen this happen many times. We were once managing a property under vendor finance for one of our clients and I attended a court hearing on their behalf where the tenant was demanding all the vendor finance fees PLUS rent back (they won BTW).

After the hearing the tenant/buyer went into a lift and was desperately trying to close the doors before I got there. I pushed my way in and he was trying to look everywhere but at me (whimp)

I said to him, I need to just ask you one question. There is about $40,000 of equity in this property because you took an option out on it before the housing boom. You have a valuable contract in your hand, why would you not exercise the option and purchase the property.

His reply...... "I just don't feel like it"

LOL you can lead a horse.... Poor thing to be stuck in his mind.
Click to expand...


Xenia,
On what basis were the Vendor Finance fees and rent returned to him?
This makes it sounds like he lived there rent free?
 
Hi Kathryn,

They could not find anything wrong with the contracts so he won the case by being a single owner vs a trust and corporate trustee that owned the property. The courts took a sympathetic view of a big rich company taking advantage of little people.

He had all rent money and option consideration returned to him so in effect he had a 2 year rent free period. That was years ago, he is still "little"

The company directors lost around $90K in the transaction but although they lost, they had moved on and are still rich.

Funny how society keeps people small by endorsing their inhering lack or responsibility.
 
Xenia said:
Hi Kathryn,

They could not find anything wrong with the contracts so he won the case by being a single owner vs a trust and corporate trustee that owned the property. The courts took a sympathetic view of a big rich company taking advantage of little people. .
Click to expand...

This I doubt. Judges aren't in habit of making these sorts of findings absent a breach of something.

What was the actual reason given? I'm sure those engaged in vendor finance on this site could benefit from knowing.
 
I also think there is more to this story.

We are in the process of taking our tenants who were doing a Rent to Own to court. They trashed the place and left us with 15K repairs.
 
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