Just bought something in SA...now what?

Discussion in 'The Buying/Selling Process' started by mini2, 17th Jun, 2015.

  1. mini2

    mini2 Member

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    Called BPI, they aren't available till next Tuesday but the clock has started ticking.

    Any other B&P recommendations?

    Back to the documentation side, I've signed/initialed the contract and Form 1, now what? Send it over to the conveyancer?

    Didn't know someone else will accept my slightly lowball offer.
     
    D.T. likes this.
  2. D.T.

    D.T. Property Lookerafterer

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    Good on you.

    Unusual for BPI to be unavailable they inspected all of mine and everyone I know's.

    So you have purchase contract back from REA that is signed by vendor? If so forward it to finance broker and conveyancer and the fun begins.

    Form 1 should specify certain pages to sign only, both REA and Conveyancer will want this.
     
  3. mini2

    mini2 Member

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    Just checked with Scott at 1836, well I've got plenty of time to get the B&P done so back to calling BPI...

    Well the fun begins, there's also a clause in there the vendor has a shortfall between the price and mortgage and if they can't get the $$$$ sorted then see ya.
     
  4. D.T.

    D.T. Property Lookerafterer

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    Eek. That could be really fun :)
     
  5. Scott No Mates

    Scott No Mates ...and people wonder why?

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    That's called having yo7ur cake and eating it. Unconditional from you but they have an out.

    Have the conveyancer confirm the shortfall so you know if they're gonna walk.
     
  6. mini2

    mini2 Member

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    Checking the shortfall now, if it's substantial then I'll walk. I said to the agent I don't want to throw money into B&P and engaging a conveyancer if the likelihood of this going ahead is slim.

    Would've been nice if this was disclosed up front not until I see the contract...
     
  7. D.T.

    D.T. Property Lookerafterer

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    Ask them to show ability to complete. They'd expect the same of you.
     
  8. mini2

    mini2 Member

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    Unwilling to show their ability to complete hmm and the figure is $40k.

    This bloke must've bought it using equity from somewhere and IO for all these years....

    What a headache.
     
  9. Corey Batt

    Corey Batt Finance Broker

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    Hold the contract until such a time as he can complete - 0 holding costs investment. ;)