RER Elite Mentoring Graduate
Through a take over deal Mary was able to help an elderly couple from a mortgagee situation with the bank nearly repossessing there home. Mary was able to work with the couple and help take the pain and stress away to create a WINWIN outcome.
The couple did not expect to walk away from this deal with any equity however ended up with a payment of $60,000.
These cost include the purchase price, stamp duty, holdings, renovations and the relevant adjustments including the selling costs.
|Mortgage to bank (capitalising arrears):||$190,000|
|Payment to owner:||$60,000|
|Bills, rates and Other Payments:||$20,000|
|Cost of Purchase:||$270,000|
|Total Net Profit||$100,000|
Before and after photos from the renovations
Living room before
Living room after
Top 3 Learnings From This Deal:
- Acting quickly and decisively
- Being proactive
- Listen to the home owner objective