My brain is soooo scrambled – I don’t know where to start[wacko]????
Anyway I’ll give it a go!!
Firstly, I got a buyer for my property,”great you say” not likely !!! – building and pest when off with no dramas – but finance – thats another story – after two extensions – I’m over it – they said they had pre approval – yet it has taken nearly four weeks to get a valuation done – ” which still isn’t hasn’t happened & it is suppose to go unconditional for a third time this monday – don’t like my chances do you? – What erks me even more is the extra costs I have incurred, by granting the extensions – is there any way I can try an recoup some of these costs if the sale falls through ? and do I get to keep the small deposit that they have put down?
I said to my partner – ” Ive had enough and I’ll drop the price by 25k if I have too – this is probably one of the most traumatising experiences I’ve had to go through !!!! I don’t know how people do it, when they keep buying and selling??? They must have nerves of steel !!!!
Any suggestions would be greatly appreciated
Thanks for the advice[smiling]
The costs that I have incurred are:
Loss of rent and extra legal bills if it falls over (which is highly likely)[thumbsdownanim.
In regards to rent – my tenant was staying on right up until a couple days before (the original settlement date – which was supposed to be this Tuesday comming) but the purchaser only asked on Monday just gone, to push settlement date back a month – which leaves the place untenanted for at least a month – but if this falls over, it will be longer -until it’s sold again and the way the market is – who knows how long that could be???
And all that time I could of kept my tenant.[thumbsdownanim
GinamarreebrahmsParticipant@brahmsJoin Date: 2004Post Count: 485
not very promising is it? is the property in a metro area? is the property in qld? i see your in qld, this forum can get conflicting info due to differing state proceedures
you’ll be able to settle in 7 working days in qld so long as their finance doesn’t include a refinance of another lender.
i hope this doesn’t go belly up for you, but i too have concerns with the purchasers finance if it is taking this long – we are having very few timing issues in qld these days with most finance conditional 30 day contracts meeting settlement with days to spare (unlike 6 months ago)
If you don’t ask, the answer is no!!ToolchickMember@toolchickJoin Date: 2004Post Count: 1
I’m a lot new to this game too, but in NZ our sale and purchase contracts have conditions which penalise the purchasor or vendor when the contract is not completed as is written. So if they do keep delaying it can end up costing them not you.
I love this idea of being able to talk these things through with like minded people[medieval]
k mcleodyackMember@yackJoin Date: 2003Post Count: 1,206
I know what you mean by nerves of steel. I have just gone through the process of selling a property. It was subject to finance but finance was approved in a week so it worked out okay for me.
The worse part for me was what price should I really accept. And the tricks of the agent. Trying to get you to pay for advertising. They even wanted money to put a sign up.RugbyfanMember@rugbyfanJoin Date: 2003Post Count: 683And the tricks of the agent. Trying to get you to pay for advertising. They even wanted money to put a sign up.
That’s pretty standard around here Yack. Money for advertsing and money for a big sign with a photo.
“Life is not a journey to the grave with the intention of arriving safely in a handsome and well preserved body, but better to skid in sideways, thoroughly used, totally worn out and loudly proclaiming . …… Hell, what a trip !!”melbearMember@melbearJoin Date: 2003Post Count: 2,429
The big sign that advertises the agency big time!!
GM, maybe you should say you will only extend further if they will pay you your lost rent etc. Otherwise (and maybe do this anyway) re advertise it for sale…
MelyackMember@yackJoin Date: 2003Post Count: 1,206
The property is now sold. He wants to put a sold sticker on the sign. He reckons thats the best form of advertising.
I then said I will charge you for advertising.
Now not I am going to deduct $10 a day from the advertising he charged me.
How do you reckon he will react?RugbyfanMember@rugbyfanJoin Date: 2003Post Count: 683
Smart move yack – upstairs for thinking!
“Life is not a journey to the grave with the intention of arriving safely in a handsome and well preserved body, but better to skid in sideways, thoroughly used, totally worn out and loudly proclaiming . …… Hell, what a trip !!”AUSPROPParticipant@auspropJoin Date: 2003Post Count: 953
these problems are fairly standard – I bought a place on 3 months settlement and the bank still couldn’t get its act together in time, now I will have to look like the baddy and ask for an extension. a place i sold on 31/3/04 that was suppose to settle 31/5/04 is still dragging on – various excuses from all sides but the contract is unconditional and I hope to settle next Tuesday. As for valuations in 48 hours – well that’s their sales pitch. The reality is it takes them that long to channell your emails to the right person, then they have to talk to you, get the details together, get out in the field, do their report, organise payment, get the report to you. I know it is theoretically possible but in practice?
If the guy is still asking for finance extensions he obviously hasn’t been turned down and the banks do genuinely drag their feet. I would say the deal would still have a fair chance and settling with this buyer will still be a lot quicker than going back to the market with it and starting from scratch.
As my colleague keeps telling me – a house isn’t Sold until it settles!
Extensive list of ‘Off The Plan’ property available for sale in Perth.
John – 0419 198 856