cash buyer or none cash buyer isn't the problem? i had the loan approved and the money is there ready for settlement, but the owner just won't settle because he haven't found the house he wanted! the owner puts his house on auction and probably didnt think it will be sold, which it did! and now he's having problem finding a house to buy, instead of settle the house on time, he delayed the settlement while he's looking for a house to buy! isn't it ridiculous, if he planned to sale the house should not he either look for a house earlier or plan to rent a place when his house is sold, u dont sell the house and start looking for another one while people is waiting for the settlement, that just creats hell lots of trouble for the buyer
help. vendor won't settle on settlement day . can i not buy the house?
- Thread starter fuboy63
- Start date
Just saying, sometimes the vendor would love to settle on time and can't. Its gone 4pm and noone has phoned yet so I assume my own settlement day isn't being honoured.
You've actually hit the nail on the head as to why we haven't put our current house on the market yet - no idea when our new house is going to arrive, no idea how long the old house will take to sell, so we'll just stay put and rent it out at our leisure instead.
Why don't you just charge the vendor rent until he finds a new house?
You've actually hit the nail on the head as to why we haven't put our current house on the market yet - no idea when our new house is going to arrive, no idea how long the old house will take to sell, so we'll just stay put and rent it out at our leisure instead.
Why don't you just charge the vendor rent until he finds a new house?
er... i can't rent the house to him if the settlement doesnt take place? plus i don't think the vendor's willing to pay the rent? as long as the settlement's not taken place the house is still theirs, can't c any chance they will rent. even if he does want to rent, it will only be 1 or 2 month time, cos my wife is coming from oversea and she's pregnan, i want everything to be settle and ready for her when she comes.
Is the vendor AWARE you're nesting for a pregnant wife? If not, damn well make sure he is. Pull the sympathy card 
Don't mean squat! One place we bought, our soli didn't advise us for over a week that we settled!! (Mind you, we also complained to the ombudsman that he kept our deposit and didn't include it in the settlement statement!!
) He was hopeless. Seemed every time I phoned him he was down at the shopping centre... literally, I could hear the background noise!!
Get in line Rob....ours is 8-1/2 months and still counting...
At least yours settled - whatever the definition of that is....
You did get notification, although incorrect?
Firstly, fuboy63 I really hope the vendor finds a house soon and its a 30 day settlement so he gets a move on.
Secondly I am glad I read this thread because it would have seemed to be commonsense that there would be some repercussions in place legally for this situation to be avoided. I'm glad i found out here rather than while in the process of purchasing a property that's for sure. It reinforces my stand on never buying at auction but only by private treaty, at least that way you can have some opportunity to be able to get some conditions possibly put in place to insure settlement happens at the specified time. A relative recently sold his ppor and the buyers only paid a $1500 deposit up until settlement. Risky yes but a deposit was paid to secure the property and my relo had already moved interstate so really just wanted the place sold. They got the price they wanted so were happy to settle. Now if they started playing funny buggers and settlement was delayed $1500 isn't that much so as the buyer I would have little hesitation in walking away. You could be sure the selling agent is going to charge the vendor for selling the property right. I mean the property sold so services must be paid for. This would surely hurt the vendor as they would have to go through the whole process again and pay the agent again.
Now the last place I bought I had to wait for some funds to be released before I could pay the deposit. I offered the agent $1000 but he said a 10% deposit would show that I was keen and insure that I didn't walk away. Fair enough. I believe it would be worth asking that it go both ways though and the vendor provide some insurance that settlement will happen on the date specified and if required they push the date back at that point in time to 90 days if they need to get things sorted before they can settle. If that can not be agreed to then a $1000 deposit only or as the buyer you walk away. There are plenty of houses out there for sale. If you're not emotionally attached which you shouldn't be then what do you care.
If the vendor is serious they will see no risk or inconvenience in agreeing. I think fuboy63's vendor knew he was not going to settle when the place sold so he was being quite deceitful from the beginning.
Thanks Empty Pockets for highlighting the reality of the situation.
Good luck fuboy63.
Secondly I am glad I read this thread because it would have seemed to be commonsense that there would be some repercussions in place legally for this situation to be avoided. I'm glad i found out here rather than while in the process of purchasing a property that's for sure. It reinforces my stand on never buying at auction but only by private treaty, at least that way you can have some opportunity to be able to get some conditions possibly put in place to insure settlement happens at the specified time. A relative recently sold his ppor and the buyers only paid a $1500 deposit up until settlement. Risky yes but a deposit was paid to secure the property and my relo had already moved interstate so really just wanted the place sold. They got the price they wanted so were happy to settle. Now if they started playing funny buggers and settlement was delayed $1500 isn't that much so as the buyer I would have little hesitation in walking away. You could be sure the selling agent is going to charge the vendor for selling the property right. I mean the property sold so services must be paid for. This would surely hurt the vendor as they would have to go through the whole process again and pay the agent again.
Now the last place I bought I had to wait for some funds to be released before I could pay the deposit. I offered the agent $1000 but he said a 10% deposit would show that I was keen and insure that I didn't walk away. Fair enough. I believe it would be worth asking that it go both ways though and the vendor provide some insurance that settlement will happen on the date specified and if required they push the date back at that point in time to 90 days if they need to get things sorted before they can settle. If that can not be agreed to then a $1000 deposit only or as the buyer you walk away. There are plenty of houses out there for sale. If you're not emotionally attached which you shouldn't be then what do you care.
If the vendor is serious they will see no risk or inconvenience in agreeing. I think fuboy63's vendor knew he was not going to settle when the place sold so he was being quite deceitful from the beginning.
Thanks Empty Pockets for highlighting the reality of the situation.
Good luck fuboy63.
Commonsense & contracts don't mix.
All states have a different process. You'll have buckleys chance of getting anything added to a NSW contract particularly financial penalities. If you're lucky they'll agree to remove some of their special clauses, but only because they didn't need them anyway.
thx, the normal settlement period is about 6 or 7 weeks , from memory it's 42 days, but my settlement time has already been extended to 10 weeks,
when he asks to extend it till today, but during the week i was told by my solicitor that he wont settle and wanted another 2 weeks of extension. that about 3months till the settlement. man i really hope that he gets his mind together for the settlement, it's a nightmare.
i've never get the chance to talk to the vendor, everything is dealt by both of our solicitors, and i get informed by my solicitor what's going on.
err... $1000 deposit it's very unlikely to happen? when i bought the house the REA is like urging me for the 10% deposit... even followed me home to get a cheque for it(it was a saturday banks are not open). they are like bandits robing money outta of ya ASAP and get you locked in the contract....
if they allow deposit as little as a few thousand bucks in my situation now i won't even hesitate to walk away and throw the money at them.... truth is they've thought about these kind of situations and won't let this happen, that's y they try to get the money of ya so quickly and lock ya in the contract so you cant just walk away,, i know some ppl having 5% deposit for it but i think that's the bottom line? if you get it going with a few Ks i'll say u're a damn lucky man
I'm the vendor on a house that is supposed to settle tomorrow and probably won't - the problem being my bank. Two different people within the bank have said sure, tomorrow, but we'll just take $50,000 off you for a bit, and another has said it can't settle until the end of the month, so I don't know who to believe at the moment. My conveyancer is confused too
the month is probably excessive and the tommorow is fairy floss.
Not much help I know ..........get higher in the foodchain maybe ?
ta
rolf
Is the vendor AWARE you're nesting for a pregnant wife? If not, damn well make sure he is. Pull the sympathy card
i don't know if the sympathy card will work, i didnt get the chance to talk to the vendor, everything is dealt btwn both of our solicitors, so ya it's a good suggestion i might give it a try, thank you
Probably a NSW thing....at least that's what I found in my last deal.
Current deal is coming up for settlement. I requested via my representative for the Vendor to send an attornment notice to the Tenants today notifying them of the sale next week. Vendor's solicitor said get stuffed....protecting Vendor blah blah blah risk risk risk.
I went above his head and called the Principal of the Vendor, he said no worries - go for ya life. Got done in 30 minutes.
As Rolf says, sollys are deal breakers, not deal makers. Don't waste your time talking to the monkey. Go straight to the organ grinder.
Tomorrow (now yesterday) was fairy floss
I think the one I've been talking to (as opposed to the regular settlement team) is actually higher in the foodchain. She's called me direct a few times and has been trying to chase down the valuer. I'm kind of expecting early next week, which is before the next rent is due.
I at least have a private sale going on, although my conveyancer is lovely and happily passes messages on, and the buyer doesn't mind a few days delay, so while we missed settlement day noone is particularly miffed. Your solicitor isn't much chop if he can't pass messages on. You should have the vendor's details around somewhere to talk to them? Heck, you know where he LIVES, pay a visit, and bring photos of the wife looking pregnant.
Edit: come to think of it, I think I pulled the pregnant sympathy card myself with my own sale. I wasn't pregnant when I did the inspection but I was still rather fat and had a teeny little babe in arms, and the buyer knew I need the sale money to buy a bigger house for bubs. Now I'm mostly a size 10 and have a stonking great fat baby who grabs at stuff I can't quiiiiiiite pull it off anymore
Another reason why I don't buy at auction. I can't tell you how many times I've heard of the agent driving the buyer to the bank to get the 10% deposit.
Something else I just found out today is that if you walk away and forgo your deposit you can't claim it as a capital loss according to the ATO even though the vendor has to declare the deposit from his end as a capital gain!
My conveyancer took a deposit of 5% a few days after the contract was signed. I was allowed to choose any old number I wanted (even $1000), but 5% sounded good so I went with that. I don't think there's actually any rules about the size of a deposit, but I could be wrong.
Hi
Here is a link if you want to lodge a Caveat, if you intend to push for specific performance http://www.lpma.nsw.gov.au/land_titles/dealing_forms/manual_dealing_forms. (Caveat form is too big to attach on this forum)
Attached is also a notice of termination and and a notice to complete, depending on which way you want to go. I am not too sure that you can walk now as a court may determine that you have not done everything in your power. However after serving a notice to complete (you must be ready, willing and able to complete at the time of the service) which allows them a further 14 days to complete, you can serve them with a notice to terminate.
If you are using a conveyancer at the moment then going to a solictor might be a good idea.
All above is not giving advice just some info, see a lawyer.
Rpi
Here is a link if you want to lodge a Caveat, if you intend to push for specific performance http://www.lpma.nsw.gov.au/land_titles/dealing_forms/manual_dealing_forms. (Caveat form is too big to attach on this forum)
Attached is also a notice of termination and and a notice to complete, depending on which way you want to go. I am not too sure that you can walk now as a court may determine that you have not done everything in your power. However after serving a notice to complete (you must be ready, willing and able to complete at the time of the service) which allows them a further 14 days to complete, you can serve them with a notice to terminate.
If you are using a conveyancer at the moment then going to a solictor might be a good idea.
All above is not giving advice just some info, see a lawyer.
Rpi
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