G’day forum.
It has only just occured to me now that my wife and I are in the situation. What happens when getting finance takes longer than the time frame or date specified on the offer?. I have just done a search of the site and my property investing books and found no info on this point. Any help would be appreciated.
Cheers.[confused2]Work smarter, not harder!.
This happens sometimes. Ask the vendors 9thru your solicitor)to extend the period. If they don’t, walk away from the deal. it owuld be too risky to go unconditional on a purchase without full approval.
Terryw
Discover Home Loans
North Sydney
[email protected]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
[biggrin]
Good question sweetie. I didn’t think to ask on the forum. At least one of us is switched on….[blink]Luv ya. Speak soon.
Scremin.Terry is correct. Your solicitor asks their solicitor for an extension.
I also will ring the estate agent as a courtesy and explain what’s happening, particularly if it’s looking positive but I just don’t have a final answer. That way they can contact the vendor, and if the vendor understands that it’s just a minor hiccup, they are more like to agree.
Understand, though, that once you get into the territory of extensions, a lot of people get nervous, and it can be very stressful!Keep smiling
Felicity
This is what happened to my brother and his mortgage broker.
He kept getting extensions and the bank (but I suspect broker) kept taking time for final approval.
The broker kept saying – i have not heard from the bank etc etc. until a week before settlement he signed the final papers and got stooged on high exit fees. He was probably told but you cannot go to another broker or bank with settlement only a week or two away.
Maybe the mistake was not getting a signed letter saying you can borrow $X.
This broker was one that I read about in the paper that offer their staff expensive overseas trips etc.
So be careful. I still believe he was stooged.
Cheers Yack.
I’m going to the bank today to sort out bits and pieces. Not gonna leave until I get what I want!!!!
Will let you know what happens.
Scremin.[confused2]Success is 1% inspiration and 99% perspiration.
Hi,
My friend had the same problem – so she asked the vendor for a small extension & they freaked out, vendors do get a bit nervous when it comes to this, which I suppose you can understand a little -especially if they have had dramas before.
These sort of stories make me realise how lucky I have been, I just got two home
loans and had unconditional approval within three days !!!! [thumbsupanim] – I think I’ll be sticking with my lender & broker – [specool]Anyway, I hope it all works out for you!!!!
and tell the bank to pull their finger out !!Cheers
Ginamarree[biggrin]These sort of stories make me realise how lucky I have been, I just got two home
loans and had unconditional approval within three days !!!! – I think I’ll be sticking with my lender & broker –Gina, wait til you’re looking for your fourth of fifth IPs loans then you’ll find out what others had to put up with!
Hi
“Gina, wait til you’re looking for your fourth of fifth IPs loans then you’ll find out what others had to put up with!“
High Flyer – I said I “just got finance for two places ” – I didn’t say that they were the only two places I had.
Ginamarree[biggrin]
Cheers
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