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.
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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,
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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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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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Originally posted by drelly View PostEssence, how did you manage to get 60% below RV?
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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