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It pays to keep in touch!

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  • It pays to keep in touch!

    This amazed me even with the current climate and a lot of poor attitude towards debt. Had an enquiry Monday from a daughter to buy her mother out of a house. 50% loan to value all seemed good....until I contacted the existing Bank to be told that the property had been on the market for 18 months and that 'family members' were occupying and not letting people through. This included the Valuer who gave an RV of $125,000 a few months ago. His comments included 'not able to see inside due to closed curtains and dogs! The Bank said that despite all attempts at communication, nothing had been heard from the borrower in over 12 months. Bank was in possession. I was then told there was an unconditional offer on the property.......$5,000!!! This settled yesterday.
    www.ilender.co.nz
    Financial Paramedics

  • #2
    Wow now that is what you call a deal. I suppose the property may just be a shell or as good as - but for $5K you'd be pretty confident you'd picked up a good deal even with a complete refit.

    cheers,

    Donna
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    • #3
      For $5k it would be a good deal if the house was on fire!
      You can find me at: Energise Web Design

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      • #4
        Okay, you've got to tell use which City!! I thought I was doing great getting 60% below RV.
        Patience is a virtue.

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        • #5
          Essence, how did you manage to get 60% below RV?
          You can find me at: Energise Web Design

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          • #6
            LOLZ 4% of RV is pretty good on the surface ....... but where is this?????? $125 wouldn't buy an empty section in a lot of places in the country. Let alone a section with a decent house on it.

            I'm guessing Murupara

            Cheers
            Spaceman

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            • #7
              Can't say where for obvious reasons but I did toy with a higher offer! Location rural, stunning mountain views and house pretty rough, neigbours not friendly to outsiders so would be an ongoing problem. I guess my point is it took the family nearly 18 months to contact some-one (me) and I had 48 hours to try to sort something out, not possible and the Bank settled for peanuts.
              www.ilender.co.nz
              Financial Paramedics

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              • #8
                For $5k it would be a good deal if the house was on fire!
                Sounds like it might have been worth more if the house WAS on fire.

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                • #9
                  Originally posted by drelly View Post
                  Essence, how did you manage to get 60% below RV?
                  By reading the situation behind the deal, not being too prompt with my offer, being amicable, reasonable but firm and waving a cash offer in front of the vendors.

                  Other factors involved, giving the vendors what they wanted (their terms).

                  I wasn't in a hurry, and I met all their conditions.

                  Easy really.

                  They just wanted to walk away. It sounds naff, but at the end of the day, I helped them meet their exit criteria. They set that criteria - not me.
                  Patience is a virtue.

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                  • #10
                    Sounds interesting... come on... tell the story!
                    You can find me at: Energise Web Design

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                    • #11
                      Originally posted by brokerman View Post
                      Can't say where for obvious reasons but I did toy with a higher offer! Location rural, stunning mountain views..
                      Hmmmmm,...Taumarunui way maybe?
                      Premium Villa Holidays in Turkey

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                      • #12
                        Hi rev
                        No views of the mountains from Taumarunui.
                        Sounds more like the Taranaki area.
                        "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

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                        • #13
                          Can't tell you more than I have I'm afraid.
                          www.ilender.co.nz
                          Financial Paramedics

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                          • #14
                            Originally posted by brokerman View Post
                            .... neigbours not friendly to outsiders ...

                            You can find it by finding a town of 500 with only six surnames in the phone book.


                            SB

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                            • #15
                              How big was the section?

                              Cheers
                              Aaron

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