first home buyers can take my already paid deposit for 576 block of land in 3338 vic

[Peter_Tersteeg]

Presumably when you purchased the property you had access to sufficient funds to complete the purchase and you qualified for finance, but the value of the property has now dropped. The problem is that you don't have sufficient finds for your deposit and closing costs.

If this is the case, have you approached your lender to see if there's any way they could help with a personal loan or similar? It doesn't work for everyone, but it might be an avenue to settle.

 

[smy7484]

AyshAysh

Back to your original question, with respect, the fair solution for any interested buyer to take over your position is to pay for the current market price, not the original purchase price you agreed with the developer.

 

[ayshaysh]

A good property lawyer is needed in Manor lakes werribee

Please recommend some one who gives good advice does not see the client as ...........It will be appreciated. Please share your personal recommendations .

 

[jackbak]

First of all - give the guy a break about his English, we've all made spelling errors on here...

ayshaysh - you serioulsy need to get sme professional advice. Go see a lawyer to understand your rights & obligations and maybe even a broker to see if there is any other way of raising extra funds (if that's what you want to do).

Good luck

 

[JWR]

I thought the land was in Melton not Werribee?

 

[oneguy]

I think the FHBs are vulnearable to this sort of error because some REA encourage them not to do DD first. For example: in a letter of acceptaqnce from REA I received not so long ago, they included a page containing 'important info for purchasers" and at the bottom it has "SUMMARY OF STEPS WHEN PURCHASING AS FOLLOWS" (in capital letters)-so it is strongly emphasized.

1. Agreement of purchase price
2.Payment of deposit to agent
3. Sign contract for sale for agent
4. Exchange of contracts affected by agent
5. immediately organised pest inspection and building inspection reports required
6. Immediately apply for finance if required
7. Contact your solicitor
8. Outstanding balance of deposit paid to agent (prior to expiration of 'coolong off' period)

If I was a FHB, I would think that these are the right steps to take (and in that order)-specially if it iw written on a coloured, glossy, and classy looking print?

But as non-FHBs, I will change the above order by placing #5,6,7 after #1, and never give deposit to agent without the 'nod' from my solicitor.

I didn't know most of you experienced guys do the order as #1 then #5,6,7 then #2. Good to know. One thing though, I'm in NSW if it's state specific, but by doing that wouldn't you be vulnerable to gazumping, and losing not only the house but $$$ from the various inspections?

Will try to look up the mentioned post from Propertunity now and see what is mentioned there.

 

[Aaron_C]

In Victoria since most sales are via auction you would actually organise finance first before you do any negotiations as you get no cooling off period.