ok, so we signed the lease and moved in 3 weeks ago, in one week we will have been here a month, the only reason we moved here is our last house was sold to a developer who needed it vacant for a fast demolish.
here we are all settled and happy it was over with, and THIS place has gone on the market!!! all i can think is oh no, not again!! not only are we facing the possibility of having to move, as well as inspections, but the agent is realy pushy. the sign has just gone up today, so its kinda sunk in. we are of course hoping that the new owners want a rental property, but know that it is very slim. the agent has not even mentioned that the propperty is tenented, i thought they were obliged to have that in there add by law??
any way, this is what the add has, tell me what you think our chanses are of a buy to rent owner would be? thanks!!
Huge potential for developers and investors. It offers the complete package at an affordable price.
Come and see inside this family home which consists of:
- 3 Bedrooms with ceiling fans
- 1 Bathroom with shower and bathtub
- Amazing kitchen with s/s appliances
- Meals area and separate lounge
- Double carport
- Very large backyard and outdoor undercover area
- Heating and ceiling fans
- Laundry with cupboard space
It has convenience to all amenities close by, including Hallam train station, easy freeway access, Fountain Gate Shopping Centre, Hampton Park Shopping Centre, schools and Dandenong Hospital. Let's not forget the amazing value of 672m2(approximately) block with subdivision potential (STCA) Be quick!
I dont know what the laws are there but here in QLD they have to advertise that it has tenants in it on a fixed term lease agreement. I would be ringing your tenancy authority whoever that is.
That completely sucks! I would be fuming if they had planned to put it on the market and not told you because all those open houses and open for inspections that you will probably have to do. It is so wrong that they can get away with that.
As far as the possibility of selling it to investors - they would probably be a lot better if they were advertising that it was tenated until whenever it is that your lease expires.
For your own information, in Queensland (and I imagine it wouldn't be that much different everywhere else) - if you have a term agreement (6 months or whatever you signed), they can't just kick you out. They have to wait until the end of your tenancy or possibly negotiate something with you. Just like you can't up and leave half way through, they can't kick you out either. They have to give you 2 weeks notice before the end of your agreement if they want you to vacate (may be more in other states).
If you are on a periodic agreement (no fixed term), they have to give you 60 days notice if they want you to vacate. So if your fixed term lease expires and you don't sign a new one or give you 2 weeks to vacate, it automatically switches to a periodic agreement and they have to give you 60 days in writing.
As far as renting out to you when there seems to have been a clear intention to sell but not informing you as such, contact your tenancy authority and ask them if it is okay for them to do it. I know it usually is if they decide during your tenancy to sell but if it was their intention beforehand and they didn't tell you, I wonder what your entitlements are.
Grrr to the agent. It is wrong that they do this to people. What happened to 'peaceful enjoyment of the property' as one of the terms of your agreement!
that is the big suck, i signed a 12 month lease not even a month ago! so it isnt up untill next september. i was in a 12 month lease that was not up untill december at the last place, and i had to be out within 30 days of settlement, no ifs or buts. my rental agent has informed me they had no idea, as they managed my last property they said they wouldnt knowingly put me back in the same situation.
what p's me off the most is the selling agent is on the other side of the city, a good hour and half drive, so he expects he can just tell people to "rock up" if they want to look as he feels he can. he showed up at 8 the other night, after i had told him only hours befor, i could not have appointments that late at night and that short notice with my kids being so young.
i realy dont want to be a difficult tennant, but if this agent thinks he can walk all over the place when he wants, hes got another thing coming!
This happened to us with two different houses. I know how you feel.
As far as I am aware, the new owner must either
a) wait out your lease, or
b) give you notice once they buy...in WA I think it is 2 months notice to vacate, which is a press, but possible.
Here in WA you would contact REIWA (Real Estate Institute of WA) about the situation...we did and they were very helpful.
Over there you would contact the Real Estate Institute of Victoria... http://www.reiva.com.au
Explain your situation and they will give you all the facts and what the current and new owners can and cannot do.
It was a nightmare when we were going through it, I can only give you my best wishes and hope that it isn't for you. Contact REIVA as your first step...they are there to help tennants, amoung other things.
Oh and they (the selling agent) must give you 48 hours notice that someone is coming to look at the property. I remember having to ask REIWA about this too, as our ass of an agent was sending people over with NO notice at all to look through the house when I has literally got out of hospital with Palmer the day before!
As I said, contact REIVA to confirm and ask all the rules becuase it may be slighly different to WA. While you are living on a property that someone else owns, you are renting it and have rights to privacy.
Trying to remember though - in Vic do you have to have notice of any open houses or property inspections? I'm pretty sure you do. Contact the RTBA, they'd be able to help you.
They cannot kick you out until your lease expires.
As to whether it will be a good buy for an investor, I know one of the most important (and probably the first) thing I ever consider is the rental yeild. How much is the rental income in comparision to the purchase price. If it is a fab location with prospects of high capital gains, 5% rental yeild will possibly suffice (if the investor doesn't mind negative gearing - but I wouldn't even look twice at anything under that.
If you want to figure out the rental yeild:
[(weekly rent x 52) / purchase price ] x 100 = yeild %
If the yeild is low I doubt an investor would even take a second glance at it.
thank you all for your help, i rant the place for victorian tennants, she was outraged!! and has emailed me forms and all sorts of things to help me deal with him. already he has breeched the guidelines at least 4 times, all within 5 days of the house going up! UNBELIVABLE!! the lady was lovly, he can not show up, unless it is to give me written notice of a upcomming inspection, 2 to 7 day time frame only. if he shows up after 6 with or with out an appointment, i have every right to call the police for a trespaser, if he refuses to leave, i can also put a form in stating my right to privacey has been breached (WOW wish i knew that at the other place!!) and yes, you are all right! even if they give me 60 days notice, if i dont agree i can dispute it.thank you! i am now well informed of my rights, just called df, and happy to say he now has a diffrent attitude other then "burn it down" (his response to most things, men!)
cant belive i never thought to call them in the first place!! once again thanks ladys!
Reply With Quote
Registered User
need advice!! what are your thoughts?
Bookmarks