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Off ther plan property investment mistake!

Discussion in 'Real Estate' started by glennt, 13th Jan, 2011.

  1. glennt

    glennt Member

    24th Jul, 2009
    I was wondering what people think of this. I invested in a property two and a half years ago on an investment property off the plan ($540k). Yes I was a sucker, no stamp duty and a rental guaranty for two years. Judging by the drawing and photos I thought great, just a $2000 initial bond and wait until settlement. Plenty of time to save and let the market rise.

    After two and a half years the property settled, developers paid the stamp duty as agreed in the contract, but when it came to the rental guarantee.. they are planning to go bankrupt. We can't win because it will take more money to take them to court. Now the banks still require their monthly interest paid and theres a number of apartments wanting to be rented. The banks have under priced the property, and we agreed on a price, not knowing, that was over inflated at the time.

    Now I have to sell at the risk of hoping to get the price that I need so to pay the bank loan off and get my 20% bond back. Who's to blame myself and the realestate agent who sucked me in. I still can't find anything about the developers. Everone was in on it from the agents, finance company, strata managers, settlement agents. They all make their commissions and move on to the next scam.

    So folks be aware.