Australian Pre-Purchase Pest and Building Inspections Directory - Inspection Angel
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| Non Traditional Sales |
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These days houses are being treated like commodities. The average length of time a person holds a house before moving on is approaching 5 years, about the life of a kitchen or the life of your car. In yesteryear the average was more like 25 years, a good part of a persons lifetime. Today the usual way to buy a new holden is to walk into the show room, check out the model & features, haggle a bit about the price, whack down $5k deposit & take a lease on the rest, after 3,4 or 5 years we trade it on a new model roll the lease over with probably a few K cash adjustment either way & we are off in the new model for the next 5 years, with a new monthly lease payment. You’d be lucky to find 10% of buyers writing a check for the full value of purchase. Houses have become pretty much the same deal. We walk up to the salesman or vendor, check out the model & features, check for any defects or get an expert in to look for us. If we don’t like the model we go check the next likely model up the street. When decision is made as to which model suits our needs we generally hand over 10% deposit, go pick up some finance for the balance after deducting cash in hand from the sale of the previous model & bob’s your uncle your living in your new model in about 42 days. Now returning to our car salesman, what do you think will determine how many cars he sells? All other factors being equal, the terms of sale will. Does he require a 10k deposit & 18% interest or can he offer a 3K deposit & 12% interest? The number of eligible buyers will triple with the 3k deposit. With a house sale the bank has a lot of control over the terms of sale. The Agent has none. His control factor is quite often negative to a deal overall. He may bring some buyers to the table (+) & he may put in some good words about the property(+) however his commission(-) & vendor conditioning to accept a lower price(-) added holding costs(-) etc can easily wipe 10% off your cash wad left in hand. Now as 80% of prospective buyers come either from a site “For Sale” sign or Internet marketing the question arises is an agent a wise investment for me? The other Trick that a Vendor Self Sell has is the vendor can significantly alter the terms of sale. He can drop that 10k deposit to 3k & get 3 times the potential buyers. This approach generally achieves a sale price much closer to the vendors expectation as the final price is of much less importance to the purchaser as his focus is much more on the fact of getting a foothold in the home ownership market. The Reality Of: Pretty much as the theory predicts. You don’t have to keep hanging on burning your profits in holding costs & being brow beaten down 10 – 20% of your asking price. You will have to leave some money in the deal to cover the deposit gap for a couple of years secured against your property, but if that is treated as profit & nest egg then you are going to end up with more cash in the pocket from your property sale at the end of the day. Set your own terms to suit you and see how it affects the number of buyers knocking at your door. Terms of Sale Pick the term that suits you: Has this property got serious issues that I want done with as quick as possible Do I need most of my cash out of this property sale for the purchase of another property Am I down sizing & going to use the additional cash as a income stream from another investment I need to back trade I can’t afford the mortgage any more I need to cut my expenditure down Do I just want some cash out now for a holiday I don’t need any cash I just want a great weekly cash flow {If you are after some cash or an income stream you can use a bank ...they are convenient & they can conveniently blow your deposit for you in a hedge fund} Depending on your situation you may wish to: Vendor finance 100% your property & take a 1st mortgage position eg a 500K house would give you $3500/mth cash flow for the next 25yrs Leave 30% in the property to achieve a quick sale take a second mortgage position & say mark up 5%* over market the purchase price Lease your property as a RTO [rent to own] do a lease with purchase option & achieve a weekly cash flow of nearly twice your traditional rent Click here to search for an RTO consultant near you *The actual % figure here will depend whether your property is in a rising/falling market location & maturity term.
Non–Traditional Buying If you find you have been locked out of the home ownership market then this method of purchase might just allow you to get in. Deposit minimums & credit worthiness is considered by the vendor doing the financing & are not subject to the restrictive practices of the traditional lender & the vendor doesn’t have to fork out for mortgage insurance & pay the rent on the shop front so there can be some savings all round. Maybe like some other non-traditional buyers you are just fed up with banks...the way they rip you with their fee’s, advertise 100% home loans which you can’t get, fail to deliver at settlement & there’s that always one more bit of paper if they don’t want to give anymore loans out this month. So if you feel the need to stick it to ‘em then give a vendor ago. He is much more likely to be a human.
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