we put an offer in on a house in a coastal town in a great suburb, there is one other offer. i know she has offered more than us, but dont know how much, and hubby doesnt want to offer more than $340k. shes a 21 year old first home owner. so the contract has a high chance of falling over. its a bank sale – the owners lost their house to the bank.
ive offered a higher deposit on the contract – $5000. but im considering taking out the finance clause from the contract to make mine look more favourable. im sure the banks would see our contract as more secure so may choose ours over a first home buyer.
the offer is $340k, rent return $440 p/w.
we have $100k in cash, even tho we are only gonna use 10% of that as the deposit on the loan. and no debt at all.
hubby's job is $70k a year, with out rent only costing us $100 a week.
do u think its safe enough to take out the finance clause???? i wish it was a weekday so i could call richard and ask lol.
opinions and advice?? we are meeting there at 12. thanks!!!!
Hi Karen
I must admit i am not a great lover of cash contracts however as long as confident in your credit history and have carried out search on the property to make sure there is no encumberances and it will value up then i dont see an issue.
I can think of a couple of lenders who based on the information provided would lap it up and a couple of others who would want to go the deal in great depth but as long as you have enough time to settle i wouldnt see an issue.
Remember coming upto Xmas lenders are taking settlement bookings a lot further out so just get your timings right. i,e trying to settle on the 24th December has a good chance of not happening.
Hope this helps.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
thanks richard – unfortunately i ran out of time to come back here and check ur message! so i went to the meeting without viewing here first – bummer.
my husand wasnt comfortable leaving off a finance clause, so we added one, but only made it 14 days. im not sure if all towns are the same but the norm here is 21+ days. and we did the pest/building condition 7 days, cos the guy i use does it in 48 hrs. within 14 days i would know if i found a bank or not.
i did offer a $5000 deposit, i think the other ppl only did $1000
so hopefully itll work out. if not, oh well i tried.
richard, ill contact u on tuesday and get the ball rolling, cos i would love to use u as our mortgage broker. i cant do anything tomorrow cos im out of town away from all our paperwork. if u could message me with what i need to provide u with thatd be fabulous.
the REA said that if the other lady gets the contract and it falls, the bank would most likely contact me and take me up on my offer.
thanks!
Hi Karen
Ok no dramas. You are more than welcome to email me over a weekend but in the meantime i will PM you anyway.
Fingers crossed for you.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Cant get to email away from home sorry. ive got just about everything crossed
the house is perfect for our next investment, hopefully itll work out.Thanks Richard
the house is perfect for our next investment, hopefully itll work out.You must be logged in to reply to this topic. If you don't have an account, you can register here.
