Bit of an update for the folks playing at home. I don’t think the East Gippsland block is going to be a goer. Reason: I want to buy through vendor finance – an option, said the real estate agent. I asked today what terms the owner would consider. He said a 10-15% deposit and the balance paid within 12 months. Nope. Wasn’t going to happen under that term. The block is listed at $20,000. I reckon I can get it down a bit, on the basis of how long it has been on the market and the trouble it is going to be to get through council because of the BMO. Under a vendor finance arrangement I would be prepared to go 20% deposit and a 3-5 year repayment term – a common configuration according to my research. Doesn’t seem this seller is going to budge. Oh well. I shall email them back and say I shan’t bother proceeding. I would expect a bit more negotiation – he is a sales person after all. However, he seems content to sit on this block a while longer
Onto the next interesting plot of land I go… In fact, I am revisiting a couple in a small village that I considered some time ago. I’ll keep you posted.