Hey everyone,
I had an offer accepted on a house and finance approval is due in 4 days
My lender has told me finance approval will come in about 14 days, 1 week later then 1st thought
What do I do?
Thanks
Stall
Don't go unconditional without finance or you could get into big trouble. Just ask for an extension.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Approval in 14 days is pretty good at the moment.
Approval in 7 days is out of the question.
As Terry mentioned just apply for an extension.
Richard Taylor | Australia's leading private lender
Is there any costs to extend?
A reasonable vendor would allow you an extension because of the Christmas break. Just get your conveyancer to tell the vendor that there have been delays with the bank. Your conveyancer should be aware of this because there will have been delays with everyone.
The vendor would be silly to refuse an extension. It will have been off the market since you signed the contract so he/she would have to put it back on the market and run the risk that it will take a long time to get another offer.
CHeers
K
And no, there shouldn't be any costs to extend.
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