Hi all
my husband and I are in the process of buying our first home. We had a call from the real estate agent at 4.45pm last Friday to state that the contract has now moved to 'unconditional' (which we were expecting) and they were looking for verification that there were 'no problems'.
I have been advised verbally by the bank that the loan has been approved – the FHOG paperwork has been submitted to the SRO for approval – but to be honest, I have found the service from the mortgage consultant at the bank and from our solicitor (who was recommended by a close friend) to be very poor as they are hard to contact and have been forgetful over the past month on things they were supposed to tell us. I wouldn't use them again…
Should we be worried? Is there anything specific I should be demanding from my bank or solicitor? I guess I'm a bit spooked after receiving the phone call from the agent.
appreciate any advice
Allison.Just keep on the solicitor's and the bank's back to get things done.
Call them daily if you have to to get updates and give instructions.
You want to get the finance approved and formally signed loan contracts etc done asap.
Don't want to make you worry, but if you are locked into a contract and your finance falls through, you could be in trouble. You should always not go unconditional until you finance is fully approved.
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
I am with Terry.
I am suprised you have relied on the word of some Bank employee that all is ok with the finance.
I recommend clients do not go unconditional until we have the letter of offer and mortgage documents to hand in case there is a last minute hicup.
Suprised the Solicitor didnt ask for something from you Bank before exchanging.
Richard Taylor | Australia's leading private lender
thanks everyone – I feel like a fool!
we went with people who were recommended by trusted friends and it seems like we've copped a lawyer who is having a breakdown and a mortgage consultant with time management issues.
i've fired the lawyer and demanded that the mortgage consultant forward me the contracts.
i've got a conveyancer on the case now who has assured me that she will be able to sort it all out today…
i'm so frustrated as I don't feel like we walked into this blindly – we did everything we thought we were supposed to, but I really feel let down by those who were in positions of authority.
Guess its still my fault though – will know for next time!!
It's all a learning experience. I don't think there is anyone on on this forum who hasn't had more than a few 'learning experiences' in their investing journey. That's the good thing about this board you can ask for help and there will be at least one person who has gone through what you are going through.
At least the next time you will know.
keep pushing the banks. Even once you have written approval, keep pushing them so they are able to settle on time. I have just gone through both a buy and a sell where I had delays that cost me money, in both cases it was delays on behalf of the bank. No one taking responsibility, documents waiting to be signed , blame game (sydney does the discharge, not us type of thing)etc. From now on, 3 weeks out from settlement I shall be asking to have all documents signed as that is the length of delay I experienced in both cases. Total out of pocket $almost $2K for the buy in penalty interest to vendor, $1500 for the sell in extra interest payments when the loan should have already been paid down. OK not sheep stations, but that is over $3K for nothing, make a hell of a Christmas party if I was just going to blow it!!!
Mick
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