Real Estate Rescue

Frequently Asked Questions

I HAVE SOME PROPERTIES LINED UP TO VIEW WITH MY AGENT. WHAT SHOULD I BE LOOKING FOR?

Always approach a property inspection with the tools you need to help you record the relevant details. You may think you will remember the features of a particular property, but after a while, one property blends into another. Read the chapter on “Evaluating the Property” in your manual, and make copies of the interior and exterior property checklist, which will guide you through the things you should be looking for. Don’t be caught short – it is good practice to always have spare inspection checklists and a camera with you (for those times that you may want to seize an opportunity on the fly).

I FOUND A PROPERTY LISTED BY AN AGENT. HOW CAN I FIND OUT IF THE OWNER IS DISTRESSED?

You will find once you get rolling that the agents you have selected to work with will get to know you and what you are looking for, and may present you with properties where they know the seller is in distress and needs to move quickly on the sale. You will of course come across properties with other agents who don’t know you. This is a great chance for you to practice your listening skills. Ask lots of questions, and encourage the agent to talk. You will often find that they can drop clues without realising it. You can then use this knowledge to help put together your offer in a way that will appeal to the seller.

I CAN’T MAKE THE MONTHLY WEBINAR – HOW DO I LISTEN TO IT AFTERWARDS?

My members-only webinars are held live on Facebook (usually the first Wednesday of the month at 1pm but dates can vary). You will be emailed an invitation prior with details of how to register and listen live on our Property Connect – DG Institute Facebook page. I realise that not everyone can make it at this time, and also that you may want to go back and listen again to the content, so all of my webinars are listed on my website (usually within 48 hours of the live webinar). You can access these under the “Past Webinars” button on the Resources tab or alternatively going directly to the page by clicking the following link Past Webinars.

I CAN’T FUND A DEAL MYSELF YET. HOW DO I GO ABOUT FINDING A MONEY PARTNER?

Many RER students have found money partners purely through networking.

There are people out there with money to fund deals but with no time to put in the legwork, so this is a perfect arrangement. Make sure that you’re careful to negotiate all of the points of the deal and specify who is doing what, and what the return will be for each of you. Lack of communication before you start can be fatal. Don’t forget to always put your deal in writing.

Other options to consider are available by clicking to the Funding and Finance button in the sidebar, or by clicking here.

WHY AREN’T MY LETTERS GETTING A RESPONSE?

It is important to put yourself in the shoes of the person who will be receiving the letters – think how you would be thinking and feeling if you were in that situation, and then re-evaluate your letter. Sometimes it can just be a matter of tweaking a phrase or paragraph that may be putting people off. If it is not working, re-draft your letter and try again. Consider a totally different approach – if you have been typing it, consider handwriting it; if you have had a “business” feel to it, change it over to a more personal approach; if your letter was long with lots of details, try something shorter with just a brief explanation that you have seen their home and would like to buy it. It is a matter of trial and error, timing and persistence. If you keep at it, you will eventually get a response, so be creative and don’t give up. And finally, don’t forget that letters are just one source of leads – you should also be pursuing other options (e.g. agents, auctions etc).

I CAN’T FIND A NAME ON THE PROPERTY SEARCH FUNCTION – WHY?

The property search function enables you to find any available properties in VIC or SA that match up with a name off a court list. If you’re unable to find a listing, it will be because of one of the following reasons:

– The data hasn’t been uploaded on the website yet. This information goes up twice a week – on Mondays and Thursdays. If you have sourced something from a court list between times, then the result won’t be available yet.
– The person on the court list did not own the property
– The name was too common, and we were unable to accurately match the records to a property

WHAT DOES “ORS” MEAN IN A COURT LISTING?

The word “ORS” in a court listing (e.g. Joe Bloggs & ORS vs Fred Smith) simply means “others” – i.e. there is more than one person involved on that side of the case.

RP DATA SHOWS “DO NOT CALL” UNDER THE PERSON’S DETAILS – CAN I STILL CONTACT THEM?

It is illegal to call someone who is listed on the “Do Not Call” register; however, there’s nothing to prevent you from contacting them in writing.

I NEED HELP WITH SEARCHING ON RP DATA – WHERE DO I GO?

RP Data have prepared an extensive list of video tutorials that will help you to set yourself up and learn how to use all of the functionality. You can access these tutorials on my website. Select the “Help Documents” button and then click on “RP Data Tutorials” or by clicking here. Each tutorial covers one subject, and is only a few minutes long. If you are still having problems, you can use the live chat feature on the RP Data website.

I HAVE POWER OF ATTORNEY AND THE BANKS ARE NOT GIVING ME ANY INFO. WHAT DO I SAY TO AFCA (previously FOS)?

Go to AFCA, say you are a friend wanting to help, and ask how much is owed on the loan so you can ball them out and make payments for them or come to some arrangement.

LMI is irrelevant – direct phone, fax, and email are a good idea. You will get that if you go to AFCA as they will put a complaints manager on the file and they will be your point of contact.

DO I NEED TO HAVE THE FULL AMOUNT OF CASH AVAILABLE FOR A SHORT SALE, OR CAN I GET A LOAN?

You can get a mortgage. Generally when you get a mortgage, the banks want to see the title in your name.

WOULD YOU KNOW IF SOMEONE HAS PUT A CAVEAT ON A PROPERTY YOU OWN?

You can check what caveats are on your property by doing a title search.

CAN ANYONE PUT A CAVEAT ON MY PROPERTY?

One must have a caveatable interest to register a caveat. For the caveat to work, it must be signed by the owners (or their power of attorney).

CAN YOU WITHDRAW THE TAKE-OVER DEED AT ANY TIME AT YOUR OWN WILL?

It depends on what the take-over deed says. You may stop making payment on the mortgage, you will lose the payments made so far, and the owners will become responsible for the debt from then on.

DOES A SHORT SALE INCLUDE STAMP DUTY?

Generally yes, unless you back it up with a take-over deed with the owners.

SHOULD YOU DO A TITLE SEARCH BEFORE YOU GET POWER OF ATTORNEY OR SIGN THE CONTRACT?

Since the sellers tend to omit important info, it is a good idea to do a title search before you give out any money and/or incur any expenses.

Yes it does cost money to do a title search but it can save time, money and heartache.

Always approach a property inspection with the tools you need to help you record the relevant details. You may think you will remember the features of a particular property, but after a while, one property blends into another. Read the chapter on “Evaluating the Property” in your manual, and make copies of the interior and exterior property checklist, which will guide you through the things you should be looking for. Don’t be caught short – it is good practice to always have spare inspection checklists and a camera with you (for those times that you may want to seize an opportunity on the fly).

You will find once you get rolling that the agents you have selected to work with will get to know you and what you are looking for, and may present you with properties where they know the seller is in distress and needs to move quickly on the sale. You will of course come across properties with other agents who don’t know you. This is a great chance for you to practice your listening skills. Ask lots of questions, and encourage the agent to talk. You will often find that they can drop clues without realising it. You can then use this knowledge to help put together your offer in a way that will appeal to the seller.

My members-only webinars are held live on Facebook (usually the first Wednesday of the month at 1pm but dates can vary). You will be emailed an invitation prior with details of how to register and listen live on our Property Connect – DG Institute Facebook page. I realise that not everyone can make it at this time, and also that you may want to go back and listen again to the content, so all of my webinars are listed on my website (usually within 48 hours of the live webinar). You can access these under the “Past Webinars” button on the Resources tab or alternatively going directly to the page by clicking the following link Past Webinars.

Many RER students have found money partners purely through networking.

There are people out there with money to fund deals but with no time to put in the legwork, so this is a perfect arrangement. Make sure that you’re careful to negotiate all of the points of the deal and specify who is doing what, and what the return will be for each of you. Lack of communication before you start can be fatal. Don’t forget to always put your deal in writing.

Other options to consider are available by clicking to the Funding and Finance button in the sidebar, or by clicking here.

It is important to put yourself in the shoes of the person who will be receiving the letters – think how you would be thinking and feeling if you were in that situation, and then re-evaluate your letter. Sometimes it can just be a matter of tweaking a phrase or paragraph that may be putting people off. If it is not working, re-draft your letter and try again. Consider a totally different approach – if you have been typing it, consider handwriting it; if you have had a “business” feel to it, change it over to a more personal approach; if your letter was long with lots of details, try something shorter with just a brief explanation that you have seen their home and would like to buy it. It is a matter of trial and error, timing and persistence. If you keep at it, you will eventually get a response, so be creative and don’t give up. And finally, don’t forget that letters are just one source of leads – you should also be pursuing other options (e.g. agents, auctions etc).

The property search function enables you to find any available properties in VIC or SA that match up with a name off a court list. If you’re unable to find a listing, it will be because of one of the following reasons:

– The data hasn’t been uploaded on the website yet. This information goes up twice a week – on Mondays and Thursdays. If you have sourced something from a court list between times, then the result won’t be available yet.
– The person on the court list did not own the property
– The name was too common, and we were unable to accurately match the records to a property

The word “ORS” in a court listing (e.g. Joe Bloggs & ORS vs Fred Smith) simply means “others” – i.e. there is more than one person involved on that side of the case.

It is illegal to call someone who is listed on the “Do Not Call” register; however, there’s nothing to prevent you from contacting them in writing.

RP Data have prepared an extensive list of video tutorials that will help you to set yourself up and learn how to use all of the functionality. You can access these tutorials on my website. Select the “Help Documents” button and then click on “RP Data Tutorials” or by clicking here. Each tutorial covers one subject, and is only a few minutes long. If you are still having problems, you can use the live chat feature on the RP Data website.

Go to AFCA, say you are a friend wanting to help, and ask how much is owed on the loan so you can ball them out and make payments for them or come to some arrangement.

LMI is irrelevant – direct phone, fax, and email are a good idea. You will get that if you go to AFCA as they will put a complaints manager on the file and they will be your point of contact.

You can get a mortgage. Generally when you get a mortgage, the banks want to see the title in your name.

You can check what caveats are on your property by doing a title search.

One must have a caveatable interest to register a caveat. For the caveat to work, it must be signed by the owners (or their power of attorney).

It depends on what the take-over deed says. You may stop making payment on the mortgage, you will lose the payments made so far, and the owners will become responsible for the debt from then on.

Generally yes, unless you back it up with a take-over deed with the owners.

Since the sellers tend to omit important info, it is a good idea to do a title search before you give out any money and/or incur any expenses.

Yes it does cost money to do a title search but it can save time, money and heartache.