Hi All,
My contract went unconditional in QLD and the settlement was supposed to be on 07-Feb and just on the day of settlement seller applied for a week's extension. I gave the extension and now again just one day before the settlement seller is asking for one more week's extension. I spoke to seller and asked what is going on and the reason given is weird. Seller's bank is not discharging mortgage because it thinks we (buyer and selller) are doing some kind of dodgy deal to save tax. seller's Bank thinks house is worth $520,000 and the price I am paying for the house is $415,000 is too low". Bank has done the valuation and it came back in 500ks and they want to do another valuation. Have you guys had any drama like this and what is your advise in this case. The property is in Gladstone where the prices have gone down considerably. Had it been 2011-2012 the house could have been sold in the range $of 500-520k but not now.
.
