Hi
I have been following this forum for a few months now and doing a bit of research. Am looking at my first IP and am cosidering a small renovating job. My question is – can I request a delayed settlement of 4 to 6 weeks and in that time take posession of the property and do the reno's? The object is to avoid mortgage payments while the house is being fixed up.Hi wazzie – and welcome to the forum,
It's not so much a 'delayed settlement' as such, but with your offer you request the settlement period to be put in your contract. THe usual may be 42 or 30 days for example, but you could ask for a 60 day one. Not much use to you if the vendor wants a quicker sale though (unless you are offering a higher price or something else favorable to them) and no good unless you request that as a condition also. Many solicitors will try to convince the vendor it is not a good idea, but you never know unless you ask. You would normally request it as 'early access' If the property is new to the market or the vendor wants a quick sale there is much less chance of success with this of course. If you have a couple of agents who you are comfortable with maybe let them know the gist of what you are after, but again it all depends on how long a period you are talking. A couple of weeks early is a common thing however, and if you are only talking the 4 – 6 weeks this is the usual time for settlement on a property anyway – so you just need the early access condition. Make sure it is 'unconditional ' though BEFORE you spend 1 c on any improvements or rennos.
All the best.Hi Wazzie,
We purchased a house from an elderly couple last year Sep 2009 and the settlement terms was suppose to be 90 days unconditional contract. After 60 days into the contract, the vendor requested through the RE agent if they can rent out their house from us and I thought it was strange, so I got the elderly couple's number from the whitepages, we contracted them direct and from here onwards, we became very good friends. Turns out the couple need time to look for a retirement village home, so we decided to extend the settlement for 9 more months… we thought, this was great! they save money from renting and we save interest because we didin't need to take out a loan yet. Things went pretty well for the past 8 months! Sadly enough, the wife past away recently
and now settlement is next month but the husband was kind enough to offer us the keys to the house prior settlement date because he had cleared most of their stuff, which means we can start do some work on the house now, if we wanted to.This is a very unsual case for us but maybe you should consult the vendor direct first and see if you two can negotiate something out of the book like us… Hope all works well with you.
and now settlement is next month but the husband was kind enough to offer us the keys to the house prior settlement date because he had cleared most of their stuff, which means we can start do some work on the house now, if we wanted to.You must be logged in to reply to this topic. If you don't have an account, you can register here.
