Hi guys.
Just had an offer on our house and RE wanted to go for 4 weeks for finance approval.I think this is a long time with all the technology available today.I said 14 days and he was a bit annoyed.
What do you think is a suitable timeframe.
Russ.Russ, I get “in principle” approval immediately (but that means nothing). Then I get paper approval within about 24 hours (after I’ve applied for the loan. But that can be subject to the bank doing a valuation on the property the buyer may be purchasing (yours) and valuations on other properties the owner might have. I had to have 2 vals done- one on a property I own, and one on the new property. Took probably 5 working days. But with checks- BPI, and any other checks they may want to do, it is possible they need more time than that. So perhaps the buyer is stalling for time, wanting other checks to be done. Perhaps he or she is selling another property and waiting for finance to come through? I reckon it depends on how complex the buyer’s financial situation is. If they’ve got a bunch of debts and a bunch of assets, they may need to get clearance on stuff.
kay henry
Hi Russ,
Kay has hit the nail on the head.
But have you also considered the need to sell your property – if I remembered correctly you have been trying to sell this for a while so is an extra week or two going to make that much difference.
Maybe meet the buyer half way at 3 weeks.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Kay,
The RE agent said he wanted to write it for 30 days so he didnt have to come back for an extension.I said that people should be able to arrange finance within 14 days.He wasnt happy and neither was I as I dont want to tie the place up as I,m starting to get a bit of interest happening now.
Russ.4 weeks is farily long. the norm is more like 14 days. The biggest delay can soemtimes be getting the valuation done. If tenanted, sometimes the tenants can hold up the valuer. It is better to go longer if you can.
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
Hi Russ
we just had settlement on IP and finance took 16 days and we had pre approval.
If we hadn’t put 28 days for settlement we would’ve looked stupid.
As terry suggests say 3 weeks for finance and settlement 10 days after that?
rgds
CobraRuss just a second thought why don’t you put a 48 hour clause in so if a better offer comes in your current client has 48hours to go unconditional.
That should get them moving
rgds
CobraMortgage Advisor,
If it wasnt for the blatant low offer that this woman put forward I may have been a bit more flexible.I also dislike RE agents so I tend to get my back up when I deal with them.
I know at times this doesnt help my cause.
Thanks to all of you for your input.
I get very annoyed when I look at all the work we have done here and it doesnt seem to make any difference to buyers.We watch all those makeover shows and they say how much it improves value.Well if you knew how much we had done and then people offer you shit for youre place then you would know why I feel the way I do.
RussI also ask for a time frame of 2 days to contact the valuer they can take 2 days to look at the property and a further2 days to get back to the lender, …2 days for the Mortgage Insurer.. 2 days for the office.4 days for the solicitors,
and if the buyer has not gotten all his paper work that can hold you up so ..I ask for 25 days..
some times depending on the bank’s you need this time…….25 days seems a long time but if you get it done sooner thats great if you dont at least you have a breathing space….and not panicing about things that are out of your control.[buz2]Thanks for the feedback once again guys/gals.
I would much rather be out there buying than selling.I find buying interesting as it is a lot of fun seeking out good deals.Selling though has always left a bad taste in my mouth.And whenever I try to analyze the reason it always comes back to the fact that I have been burnt so many times by agents.They say they are representing you the seller but in my eyes they represent one person only and that is themselves.
Russ.[angry2]This always worry’s me..
If you engage a Realestate agent to sell your property…and a Buyer engages the same realestate agent to put an offer in to buy the said property….who is the realestate agent working for?[other than him self]
I think there should be two realestate agents one for the seller and one for the buyer, thus they are both trying to get the best deal for their client..[argue]surely the realestate agent can
not do justice for both .?[withstupid]
on payment to the realestate agents…I guess
they would share the commission. 50/50 or the
buyer engages his agent on a xxx amount bonus if his the buyer gets the property for the amount he offered…..state your opinion and smile[biggrin]
or am I just being a Dope[cigar][buz2]The biggest mistake a vendor can make is to take the real estate agent in his confidence.
Avoid appearing anxious no matter how much of a hurry you are in.
Don’t tell the agent you MUST sell because it will cost you money.
Pisces
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