Hi Everyone,
I bought a property sometime last December 2007 settlement by June 2008 for $145K with $5K rebate if I settle on time. My problem occured when my serviceability is not up to the loan amount, I spoke to the agent that I can't continue with the deal, but he told me that the land i was buying is now worht $153K and i checked the price on their phase 3 development and it is really the truth. I already made a propfit of $8k + $5k rebate = $13k.
He told me that if I surrender the property I will lose the capital growth. Can I sell it to someone else at $153k? If I can how do I go about it? Will i lose the rebate if I sell it to someone else?
Please advice.
Thanks.
How many banks did you apply for the loan with ?
Banks differ in their calculations of serviceability
Also find the loan amount you can service from the lenders because you may be able to take out a small loan from another source
(family, friend, ect) to make up the short fall.Have you got someone who can go guarantor for your income to prop up your serviceability. this way you can secure the property.
regards,
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