A couple of sellers on webuyhousesdirect.com.au have notified us that they have been contacted by people overseas pretending to be interested in their property.

Their contact takes the form of what is known as the 'Nigerian scam'.

They usually offer you a large sum of money to buy your house, and have some story such as they are very ill or have a large inheritance or caught in a civil war etc etc.

Then, they usually state they hold a position of a trusted social standing such as church or hold a governmental position.  Continue reading »

SOUTH-WEST Sydney has been confirmed as Australia's worst area for mortgage pain.

Important note from Eric Tam

Six of the 10 worst postcodes for late repayments of mortgages are in that area, a study by the credit ratings agency Fitch Ratings has found.

The study, due to be published today, examined almost 1 million home loans, with a total value of $168 billion.

It found the worst postcode for late mortgage repayments was Guildford. Six of the top seven were in the south-west, with Cessnock, in the Hunter Valley, the only exception.  Continue reading »

Step by Step Guides

There are different ways to sell your house and I will cover the overview of the traditional way and an alternative way.

Traditional Way:

1. Prepare your house for sale - eg. Tidy up, clean up

2. Shop for real estate agent - eg. Who can offer better rates and services

3. Get the paper work ready - eg. Contract for Sale

4. Sign up contract with real estate agent, this is normally three (3) months

5. Hope for the best that the agent will find you a buyer

6. Buyer found, agree on price and sign the contract  Continue reading »

What happened in the credit markets?

The sub-prime crisis was the result of US mortgage companies providing highly geared loans (loans with high interest) to borrowers with poor credit histories at a time when the US housing market was starting to sour. Lots of those loans are going bad.

The US Federal Reserve had issued an estimate that losses in the sub-prime market would be about $AUS110 billion.  Continue reading »

What happens when the bank takes your home?

We really wish that when you are reading this article, it is for information purposes ONLY. Otherwise, you are in big trouble.

Banks do not really want to take your home, it is a massive expense for them to do so. By the time the bank is ready to take your home, they have spent thousands of dollars on legal fees.

There are stages before the bank will ask you to move out before a mortgagee sale.

Banks will generally send you warning letters and try to work something out with you. At this point, go and talk to the bank.  Continue reading »