hi all ,
i have bought my first home but iam delayed in getting unconditional approval from the bank. some of the reasons for the delay are 1) the banks are too overburdened with applications 2) the agent stuffed up our names on the contract and had to re-do the contracts. 3) the agent delayed access to the property for valuation.(valuation completed yesterday)
the house is already listed as sold ?????? and i havent even payed the deposit . we have had 2 extensions on the finance clause and deposit clause both of which run out today. havent heard anything from the bank and my mortgage broker is doing everything she could but its taking too long.
has this happened to anyone. what are the chances of a third extension( the vendors seem nice people) i have written to the realestate agents director but recieved no response. would any one please advice on what can i do in this situation. we dont want to loose the house.
should i consider writing to the vendors ?
is this normal/am i overreacting? please advice
thanks
harryG'day Harry,
same problem here mate. Unconditional approval on a loan from bankwest has taken 6 weeks now. After 4 weeks of hearing nothing from them, they came back and asked for more information (off-the-plan purchase). There's been no end of frustration and my 4th request for an extension runs out on Monday.
If I were you, I'd go right ahead and ask for a further extension, vendors should understand the the current rush for finance post oct 30, has lead to a massive backlog for the banks.
Although real estate agents are allowed to fill in the details on a contract you should get your solciitor to do that. Never trust an agent is my policy.
You will need to get an extension. whatever you do don't exchange contracts in case the finance is knocked back – or you could lose your deposit and be sued.
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
hi terry,
i realised that i should never trust a estate agent. i was trying to be pretty careful but the agent somehow manipulated us into writing the contract and made mistakes?? well its a lesson learnt for me. any ways good news is i just recieved the approval and iam a bit relieved."You will need to get an extension. whatever you do don't exchange contracts in case the finance is knocked back – or you could lose your deposit and be sued."
whats the meaning of exchanging the contracts? am i missing something here? coz the original signed contract is with the agent and we just have copies?
i would be grateful if u could explain this?
thanks
harryDifferent states have different procedures. If the other party has your contract just make sure you put it writing that your offer is still subject to finance. You should be using a solicitor for all this otherwise you may get locked into the contract.
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
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