Has this happened to anyone else?

[Elysium-M]

The fact is, while you're only focusing on settling a single property, the banks, valuers, solicitors and selling agent are all dealing with multiple deals, with people on those deals chasing them up and demanding priority.

So the best thing to do in these circumstances is to hound everyone who is supposed to play a part. You need to stand out from all the other people demanding their time and attention.

If you bug them enough times, they will sort you out first, even if it's to make you go away! Try it - it works time and again. And I mean at least 1 telephone call in the morning and afternoon of each day, to each person! More often, if your deadline is only days away.

You need to be courteous and professional, obviously. There's nothing that will cause someone to put your deal to one side and say to themselves "stuff him/her" than being rude or angry to them. Remember they're simply doing their job, and are trying to juggle multiple urgent jobs at the same time. Don't make it personal, because you will be the one who suffers for it.

I know I'm a newbie on this forum, but take it from someone who's worked behind the scenes.

Cheers
M

 

[kissfan]

Keep going Nat. It surely must be getting close (can you smell it). The time I had the troubles, even my mortgage broker was on the banks case. As Elysium said, the banks etc are normally looking at multiple applications at the one time. Another thing I found frustrating was when I would ring the bank to ask "how things were going" there was only 1 number to ring on and invariably you would get someone different from the last phone call and they would have to check out comments etc from prior call etc and then I'd have to go through the whole story again, and if I was lucky enough to get a supervisors direct line, most times their answering machine would kick in and you'd never get a return call. Very frustrating when I'm in Sydney and they are in Melbourne (expensive phone bill). Anyway, this was not supposed to bum you out, so hang in there and hopefully in a week or so you will be sitting back and the running around part of this deal will be a fading memory.
All the best
Marty

 

[natmarie73]

thanks guys.

all props have now been valued (finally!) and have come in more or less at estimates by me and purchase price. Finance due today and my poor broker is now rushing it all through the mortgage insurers. Hopefully all will be sorted by close of business!

I guess it wouldn't be as much fun if it all went smoothly every time. Or so I keep telling myself...

What I find frustrating is that people say they will phone back to let me know what is happening and then they don't - what has happened to good old customer service?

Nat

 

[RightValue]

Nat,

You are not alone,

This month I had to settle a block of land IN CASH after receiving a recision notice. The finace people were taking forever and I would have lost the deal and the deposit. I was applying as a back up with another firm (cheaper fees as well...they gave the ok after 10 days, it was a new product, 10 days ago - I provided them with a valuation at application- and I have still not seen the mortgage docs to sign).

Anyhow I had just sold a caravan for $1,000, which I received in $2 coins, I needed that and all the cash I could muster on my credit cards. A Very stressful situation and I developed a nervous tick under my eye for a few days.

I will always allow at least 3 weeks now for finance. Hopefully others can learn from this situation.

cheers,
RightValue

 

[Rolf Latham]

TV

21 days is a good time - great advice.

Problem is that in a warm market vendors dont like that too much so it can be struggle.

One of my Melbourne associates had a deal the other day where the borrower had agreed to a 7 day finance clause for the purchase, little realising that he also need to do refinance on his home b4 getting the deposit bond.

ta

rolf

 

[mitch]

unconditional offers win

In a market that is strong and / or the Vendor has mutiple offers , if yours is unconditional and another is 14 or even 21 days subject to finance (would you like to take your property off the market for 3 weeks for an conditional offer ? ) then l think you may find that an unconditional offer gives you alot of power in the negotating stakes,you may just buy it for less than the conditional offer buyer.


MITCH

 

[hwd007]

Yea the solicitors and banks can be slack. mine didnt talk to eachother for 3 days and as a result my property failed to settle before 30 June this year. This meant I could not prepay my interest and get a nice refund within 8 weeks.

 

[RightValue]

I just want to clarify something.

I never buy property subject to finance, it is usually an unconditional offer, but I do buy on long settlements. And I always put in 20% cash (although rarely more than 5% deposit) as I think that LMI is a waste of money and is another hurdle.

This last time I was planning to build prior to settlement (which was 4 months, I even paid $2k above asking price for the longer settlement period), but was frantic with work and I left my run to get finance approved until too late, 2 weeks before settlement and it didn't happen.

cheers,
RightValue

 

[phm]

Hi there.

We also nearly ran out of time as well. We had put three weeks conditional in our contract, only to discover it took nearly two weeks for the contract to get from our solicitor, to the agents, vendor's solicitor, agent and back. And it's only a distance of about 250km.

Lucky we had a good solicitor's secretary and a very good broker.
While I was involved in every step of the way (due to the "advice of the wise ones") I didn't think of double checking this very first step!

Next time.