Q. Are you real estate agents?
A. No, not in the traditional sense. We are professional property investors who offer solutions to property problems. However in order to do business legally we are required to operate under a real estate license. As such we are registered sub-agents for a licensed national vendor finance agency.
Q. Do you charge any upfront fees?
A. No upfront costs come out of your pocket
Q. How do you get paid?
A. We agree with you on value for your property. By setting more favourable terms and making it more accessible to potential buyers in the market we add a small premium over & above your agreed price.
Q. Why should I sell my home with you rather than list it with a real estate agent?
A. We can sell your property for the price you deserve and will not discount, or charge you fees. An agent will negotiate with buyers on price and charge you advertising costs and commission from your asking price.
Q. What type of properties do you sell?
A. We prefer to sell homes in good saleable condition but can sell any type of property in any area or state in Australia.
Q. How long will it take to contact me after submitting an enquiry?
A. We aim to review and respond to all requests within 24 hours
Q. Who uses your service?
A. Anyone looking to sell or buy a home or investment property
Q. What information do you require to sell my house?
A. We need the same information a real estate agent would need to sell your property, but we also require information about your existing loans, if any in order to structure the terms of sale.
Q. If I have my property listed with an agent can you still sell my house?
A. Yes, we can sell your house regardless of how many agents you may have listing it.
Q. How do you advertise and sell houses?
A. We list properties online and may use signs on the properties, newspaper ads, obviously word of mouth and our increasing group of potential buyers waiting to get into their own home.
Q. What happens if the buyer stops making repayments?
A. As with any Contract of Sale and any normal loan with a bank, the buyer has a legal obligation to make the repayments. Late repayments incur a penalty, whilst continued non payment after a certain period result in the Contract of Sale being terminated, and any funds paid being forfeited by the purchaser.
Q. How much Capital Gains Tax do i have to pay?
A. If you are selling your own home that you live in then you are most likely exempt from Capital Gains Tax. However if it is an investment it is something that is different for each and every property transaction. Best to discuss with your accountant to find out exactly how this will affect your situation.
Q. Who is responsible for the repairs & maintenance once the property is sold?
A. Upon signing the Contract of Sale and moving in, the purchaser takes over all responsibility for repairs and maintenance on the property.
Q. How much deposit do we need to get started?
A. The more you have the better as it comes off the price of the house, and may lower your repayments. Usually a minimum of $10,000 is required but depends on the value of the property.
Q. Is this legal?
A. Yes, we use legally binding systems in Australia that date back over a century.
Q. Do we receive full title at Contract of Sale stage?
A. Depends on the sale strategy of the home you are interested in buying. Best to contact us directly for the home you are interested in for specific information.
Q. Can I consult a solicitor before I sign?
A. Yes, of course! In fact we encourage all buyers do so.
Q. How do we know if the sellers mortgage repayments are being made on our behalf?
A. Our managing agent sets up the payment system so that all loans and costs are taken care of from your repayments.
Q. What happens after settlement period?
A. If there is an agreed term or settlement period, we help guide you through the refinancing process into a traditional bank loan at the end of the term, factoring in how much has been paid off the home already. If there is a settlement, at this stage you claim full title and ownership over the home.
Q. What happens if I dont or cant make repayments?
A. You need to let us know immediately if you are having issues or can no longer make repayments. In the first instance we will try to work out a mutually beneficial outcome which is acceptable to all parties, however if it continues, penalties may be incurred and absolute worst case the Contract of Sale may be terminated.
Q. What happens if we cant refinance with a bank at the end of settlement period?
A. As part of our application & qualification process we obtain a clear view of your financial position and the likelihood of refinancing into a traditional bank loan when the time comes. We have experienced mortgage brokers available to assist in obtaining the best possible finance for you. However it is your responsibility to maintain a clean credit history, maintain job stability and be able to cover the cost of stamp duty and other legal costs so that refinancing should be relatively straight forward. Of course if something unforeseen happens, we provide a 12 month extension and we will work with you to ensure a desirable outcome is achieved for all parties.
Q. What happens if the bank valuation comes in less than the purchase price after agreed settlement period?
A. We set the purchase price and terms in such a way that gives you the best opportunity for the bank valuation to come in above the purchase price at the time of settlement. If a number of bank valuations come in below then we can simply grant an extension or renegotiate the terms of the deal.
Q. When do i pay stamp duty?
A. Varies from state to state, and can change. At the moment in Victoria, stamp duty is paid at settlement. Best to contact your relevant state governing body for more info.
Q. Can i get the First Home Owners Grant buying a home this way?
A. Yes if the house is a new construction, but no if it is an existing property. In most states including Victoria, NSW & Qld, the FHOG is now only applicable for new house constructions and not existing properties.
Q. How can i keep up to date with new properties as they become available?
A. We publish all new properties on many different sites as well as this one, if you visit and like us on facebook any live updates will come through to you as they occur. Alternatively Contact Us with details and as suitable homes become available we will get in touch with you.
Q. Do you have any other properties available other than those listed on your site?
A. All of our properties for sale are listed on this site, however if we dont have something suitable for you please feel free to have a look at www.buywithoutabank.com.au for further listings across Australia.