property buying problem?

[brains]

I have a dilemna and would appreciate anyones advice:

I have the opportunity of securing a great deal at the moment (details later) and if i dont move fast i might miss it.

Problem is, I should have been just finalising refinancing today and when i went to talk with the bank they advised me the paperwork had been stuffed up and there will be delays, therefore not being ready for this property.

Does anyone have advice on what i might be able to tell the real estate or vendor or maybe add a clause to the contract to give me more time to fix the refinancing problem and still hold the property?

I know prospective buyers are circling the deal as I type.........

Maybe someone has had this problem and could pass on how they got around it.

TIA

 

[Lotana]

Hi brains,

You may be able to negotiate a small deposit (5%?) and/or delayed settlement (12 weeks?). You can use a credit card or a personal loan to finance a deposit initially, and then refinance it at settlement from the loan.

Hope this helps,

Lotana

 

[ker]

Hi Brains,

What type of property is it and what is the purchase price?

If you are really desperate to secure the deal then why not use a deposit bond? This can be approved within 24 hours!

Or, do have any friends/relatives/investors who would be willing to lend you the money??

I think this is the best way to go. Assuming the refinance doesn't look like it will be a problem and the deal your getting into is a your typical property investment purchase, wouldn't anyone you know be willing to lend you the money with a little bit of incentive??!

Heck, if the deal is really that good then I'm sure you will be willing to make some sacrifices to secure the property, heh?

goodluck,

Darren

 

[robwil]

Hi Brains.

Why put yourself under pressure,sometimes you look back at these problems, and say to yourself, it was meant to be.

To try and get the vendor to accept a proposal you will have to make an attractive offer to them which usually means juggling your figures, and then is it still a great deal?

Sort out your refinance, there is always another"Great" deal.
not much help, but my opinion.

Regards Rob.

 

[Rolf Latham]

Hi Brains

Get Westpac to give you a deposit guarantee.

They are in bed with deposit power and if you have unconditional approval then it shoudlnt be a problem


Ta


ROlf

 

[Serge]

Hey Brains

I too was in your situation once.

I gave them a cheque (10% deposit) with no funds available and i had contract signed the next day.

I got a phone call about five days later about my bouncing cheque, so i replaced it as my finances were in place by then.

Things we do

Good luck



Cheers,
Serge

 

[brains]

Thanks guys, some good strategies......i was a bit concerned about giving the real estate $42k (10% dep.) from my own funds,
i was trying to do the whole deal with the refinancing funds as the refinancing includes a $200k LOC that i was going to use.( i know i can reimburse myself later but was trying to avoid doing it that way)

I might try Rolfs idea of contacting Westpac for a deposit guarantee, tho im not sure if i have an unconditional aprroval as yet, does the completed loan offer suggest this? (i'll call them this morning)

btw...the refinancing is with Westpac so might make it easier.

Thanks again

 

[Rolf Latham]

Hi Brains

You should be able to get some form of bond if you have a loan offer. I do assume this is for the refinances AND the new IP.

You had previously mentioned Westpac in one of your posts, ots therefore logical to proceed down that path.

Ta

rolf