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 buyerAvoid it by having a longer settlement. I have a cash buyer so we did a settlement of just under 3 weeks. Everything is fine EXCEPT the bank needed to value our other properties first because they are crossed, and with 2 weeks notice the crazy department shuffle in the bank only managed to send out a valuer the day before yesterday. Settlement is today.
This is now bringing up more issues as I have cancelled my electronic collection of the rent, the buyer hasn't set one up yet and the next rent payment is next Thursday so I'm kind of prodding the buyer to visit the tenants and get them to sign all the forms to pay *him* instead of me, since the rent is 2 weeks in advance and the conveyancer will sort any overlap out.
The bank could have been a bit more proactive and valued our properties when we subdivided earlier this year. So now they have on file a block of land worth $0 and a house worth $90k (both wildly incorrect figures) securing a loan of $80k, which they are now having a big whinge about as they have our LVR down as 68% and those figures put our LVR well above that. A desktop valuation on the block of land alone could have avoided this.