Real Estate Agent Being Forceful

The real estate agent is considering my offer for a house(NSW), but is insisting that I sign a contract straight away. I told him that I need formal approval before I can do that. I already have pre approval.

I don't want to sign a contract if I haven't even got pest/building inspection done. Don't we get cooling off period where we arrange finance and pest inspections before signing anyway?

It looks like I will be missing out on the house, because I'm unwilling to sign the contract straight away. What should I do?

Should I get clauses added into the contract by my solicitor first (subject to pest/building and finance) and then say that I'm happy to sign??

I won't be bullied into signing straight away.
 
Hi mwac,

No problem,sign the contract if it's a good deal?

Put in subject to pest/building and finance approval.

On the assumption of pre-approval,i presume your not using a broker?

Ps.I could be wrong re:NSW contracts.
 
Hi mwac,

On the assumption of pre-approval,i presume your not using a broker?

Ps.I could be wrong re:NSW contracts.

Thanks for the advice Spades.

I'm not using a broker.

If the agent agrees with those conditions, I assume I get the agent to email the contract off to my solicitor to add the conditions?
 
Agent is considering your offer.....

So ask agent has vendor accepted your offer please ?

Meanwhile talk to your soli about the next move. Don't be pushed.
 
Thanks for the advice Spades.

I'm not using a broker.

If the agent agrees with those conditions, I assume I get the agent to email the contract off to my solicitor to add the conditions?

Tip:See a broker,don't use some numpty's at the bank,they have nfi.

Plenty of good brokers on SS and will get you a better deal and advise on your situ.

Brokers on SS are investors as well,so it's to your benefit imo anyway.

Good luck :)
 
Yeah only brokers know the banks products and policy, they always get it right :rolleyes:

Thanks for your feedback CBA employee.

Brady you maybe 1 of a few who have an idea.

That said i've had numpty's from the bank who have nfi and try the cross-coll trick and how about a massive CC with crap fees etc etc...I could go on.

At the end of the day,bankers are putting forward there own product's,how does that make it pro-active for the investor when there's a range of products via brokers that favors the investor not the bank?
 
The real estate agent is considering my offer for a house(NSW), but is insisting that I sign a contract straight away. I told him that I need formal approval before I can do that. I already have pre approval.

I don't want to sign a contract if I haven't even got pest/building inspection done. Don't we get cooling off period where we arrange finance and pest inspections before signing anyway?

It looks like I will be missing out on the house, because I'm unwilling to sign the contract straight away. What should I do?

Should I get clauses added into the contract by my solicitor first (subject to pest/building and finance) and then say that I'm happy to sign??

I won't be bullied into signing straight away.

It will come down to supply and demand . I've seen a couple of sales where there was very high competition with multiple buyers .

Agents has said words to the effect " Everyone , Give us a signed contract , unconditional , and the owner will consider which offer to accept from these offers , if you're not prepared to sign an unconditional offer , we' won't consider you "

Cliff
 
It will come down to supply and demand . I've seen a couple of sales where there was very high competition with multiple buyers .

Agents has said words to the effect " Everyone , Give us a signed contract , unconditional , and the owner will consider which offer to accept from these offers , if you're not prepared to sign an unconditional offer , we' won't consider you "

Cliff

Yup see change,

unconditional,short settlement,a fair offer is more appealing imo for the vendor.
 
Good luck to the buyers who go unconditonal and find severe problems woth the property post building inspection

Depending on the type of property , if your used to looking at properties , it's pretty easy to see whether there is a problem with a property or not .

We still have always got building inspections , but to date we've never had a building inspection pick up something we've missed . In our new PPOR both us and the building inspector missed the fact that there was a well hidden area on the roof that was covered by a tarp to stop leaks ...

Well , we could go back and take action against him for missing that ( don't know whether it would be successful ) but we're going to replace that part of the roof anyway so it doesn't really effect us .

Cliff
 
Thanks for your feedback CBA employee.

Brady you maybe 1 of a few who have an idea.

That said i've had numpty's from the bank who have nfi and try the cross-coll trick and how about a massive CC with crap fees etc etc...I could go on.

At the end of the day,bankers are putting forward there own product's,how does that make it pro-active for the investor when there's a range of products via brokers that favors the investor not the bank?

Happen in both areas. Of all the bankers I know only about 2 actually have an idea. Besides SS would say the same for brokers. SS has some great brokers, but it's not because they're brokers it's because of the actual person. Person who is looking after your finance needs to be good at what they do and can be trusted, be it banker or broker.

Pretty much every single home loan customers credit card fee is waived, so nfi what you're on about.

It's the same product.

80% of clients who use brokers to finance loans through CBA are existing CBA customers.


Regarding unconditional I've only offer subject to finance once and even still was really unconditional as didn't exchange contract til after B&P was complete and valuation done. Most of the the time if you have finance in place pending state can offer unconditional and get val and& B&P inspection done during the cooling off/ before exchange
 
Does this proves that 80% of bank customers do not trust the bank (employees) and go for the broker?

I'm sure that would be a portion of it, along with many other different reasons why. I would like to say that major reason is because thats the best for the client.

None the less pretty huge stat.
 
And i'll add there knowledge as they invest too and a range of lenders.

Btw Brady don't take it personally ok :)

The knowledge was what I was implying. Most of the brokers on the forum would be great bankers as well, few of them were prior to becoming brokers.

Again nfi what you're on about again, taking what personally? The 80%?
 
The real estate agent is considering my offer for a house(NSW), but is insisting that I sign a contract straight away. I told him that I need formal approval before I can do that. I already have pre approval.

I don't want to sign a contract if I haven't even got pest/building inspection done. Don't we get cooling off period where we arrange finance and pest inspections before signing anyway?

It looks like I will be missing out on the house, because I'm unwilling to sign the contract straight away. What should I do?

Should I get clauses added into the contract by my solicitor first (subject to pest/building and finance) and then say that I'm happy to sign??

I won't be bullied into signing straight away.

Its often a good tool for the REA to get the deal completed if they have a contract in hand. They will put the heat on the vendor to countersign and accept. Its a true offer if its in contract form. I have always made a offer in writing on the real contract rather than doing it verbal. It shows I'm serious. Hasn't failed me yet.

Just make sure you carefully word the conditions :
- Subject to Finance with Westpac Banking Corporation Ltd (rather than any lender)
- Subject to P&B that is satisfactory to the purchasers.
- Subject to Westpac valuation at $X

Of course in NSW you have the usual cooling off but it comes at a cost. You want zero cost I assume?? Can be hard to get it all done in that time.

However I do generally avoid offers until a P&B is completed. Its what tells me what I'm buying. The scope for negotiation is more open IMO when you have a report. Making a offer then wanted to drop price due to P&B is a waste of effort and overly complex. Easier to offer $x - $25K due to the following needing to be addressed then list them. My one contract without P&B was a new build. Hence no worry.
 
The real estate agent is considering my offer for a house(NSW), but is insisting that I sign a contract straight away. I told him that I need formal approval before I can do that. I already have pre approval.

I don't want to sign a contract if I haven't even got pest/building inspection done. Don't we get cooling off period where we arrange finance and pest inspections before signing anyway?

It looks like I will be missing out on the house, because I'm unwilling to sign the contract straight away. What should I do?

Should I get clauses added into the contract by my solicitor first (subject to pest/building and finance) and then say that I'm happy to sign??

I won't be bullied into signing straight away.

What formal approval are you waiting on?

To me it seems like he is wanting your offer in writing so he can take your offer to the vendor and/or has another offer and is going to take both offers to the vendor to consider.

If you don't put an offer in and there is another offer when he goes to the vendor it would be like well there was another person who was interested but didn't put in an offer.

You can always put in STF, STB&P on your offer and if accepted you can always pull out if this was the formal approval.

You will never know 100% if you will get finance until you go to the bank with a signed contract with which house and amount you are looking at borrowing.
 
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