Mortagee sale - auction

[Later]

My husband and I presented a written offer to the vendors agent two days ago on a Mortgagee Sale property that is due to go to auction, with the hope of securing it before it goes under the hammer.

We have a finance clause on our offer and the agent appears to be using this as an excuse to not submit our offer saying that it needs to be a cash offer. He has now been asked twice verbally and once in writing to submit it.

Along with telling my husband that he wanted to wait until he had spoken with him before submitting the offer (perhaps he thought he was coerced into signing it ) he claims that in 10 years he has never seen a pre-auction mortgagee sale accepted with a finance clause.

Any other forumites been successful in this situation?

 

[thatbum]

I have to say I've never heard of something like that either. Banks really like to have the contracts unconditional.

So much so that I "won" my last property by offering an unconditional contract, beating out other offers who were $20k more than mine but subject to finance.

 

[andrew_de_a]

Highly unlikely a conditional offer will be accepted pre auction.

 

[Rolf Latham]

We have a finance clause on our offer and the agent appears to be using this as an excuse to not submit our offer saying that it needs to be a cash offer. He has now been asked twice verbally and once in writing to submit it.

unlikely to be an excuse but a specific instruction from the mortgagee.

Take it to auction, OR unconditional contract before

A conditional contract is very rarely accepted where the conditional period overlaps with the original auction date.

ta
rolf

 

[Aaron_C]

Yeah for mortgagee sales you can pretty much forget any conditional offer as it will always be rejected.

 

[vaughan]

My husband and I presented a written offer to the vendors agent two days ago on a Mortgagee Sale property that is due to go to auction, with the hope of securing it before it goes under the hammer.

We have a finance clause on our offer and the agent appears to be using this as an excuse to not submit our offer saying that it needs to be a cash offer. He has now been asked twice verbally and once in writing to submit it.

So they cancel the auction, exchange with you, then 4 weeks later you pull out of the sale because you couldn't get the finance... what's in it for the vendor?