Quote:
Originally Posted by sr71
Offer the seller extra, for a delayed settlement. But with access and approval to do a small renovation. Let’s say Bathroom, Kitchen and repaint.
You will have to release the deposit to the seller, and forfeit all money spent if you don’t get the finance. But if you pull it off, you’ll have a property valued higher.
There are a few sellers out there, who have been in your position, and want to give first time buyers a chance. The extra money offered is a win for them, if they are not pressured to sell.
Agents won’t like this sort of deal. So a couple of grand their way, could satisfy them, to delay their commission. And even talk the seller into accepting. Slippery buggers!
If you’re not a tradie, you will need some quotes to back up your plans. No one wants a first time renovator tearing their house apart. No matter how many shows they’ve watched featuring Scotty Cam.
Also rural purchases are zoned B or C by the banks. Not as easy to sell as Zone A city locations. So lending LVR’s vary with different locations.
Good luck with your purchase.
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Umm - don't do any of this. The Bank will not give you one cent of loan money until settlement/purchase of the property ie until you are the legal owner of the property. The best you can do in the short term is try to borrow as much as possible ie keep some of your savings for some of the planned improvements. Then have property revalued (hopefully higher) to enable the Bank to give you some more loan funds for whatever else you want to do.