Signed contract, no news from agent

A week ago we signed a contract after having our offer accepted. The property was a mortgagee sale and we were told that the contract had to be posted off to the bank to be signed and it should be back within 24-48hrs... a week later and we still haven't heard back. We did contact the agent through email and she said that they are still waiting for the contract to be returned.

So I'm starting to feel like we are being stuffed around and that they agent may be trying to field higher offers using our signed offer.

Meanwhile we are in a bind as I didn't put any time limit in place (only thought of it after we signed...) So are they able to string us along indefinitely? Or can I tell them that if they don't get a signed contract back to me ASAP they can stick the deal? And then back out of the contract?
 
It went to auction a week before we put an offer in. Apparently no one turned up to the auction. I'm down in Tassie... the property game is a little different down here compared to the mainland.
 
Mortgagee sales sometimes do take lots of time for paperwork. The bank could have got some company to get that sold and then that company hired a real estate agent. When 2-4 parties are involved it MAY take some time to get the paperwork back.
 
It went to auction a week before we put an offer in. Apparently no one turned up to the auction. I'm down in Tassie... the property game is a little different down here compared to the mainland.

Get a friend to anonymously enquire about the property and you should find out if the agent is still trying to sell it.
 
Not uncommon that it takes up to a week for the banks solicitors to sign the contract. I've had similar issues with various state office of housing departments where they're selling old commission housing.

The frustrating part is they then expect to enforce the 30 day settlement period, even though they've just wasted 25% of that time.
 
Feel for you. I would think you could call the agent and ask if the offer has been presented and what the outcome was?

If it hasn't been presented or still with the owner I would think you could state in writing that the offer will expire by the COB if we do not receive a response?

As PT said it may take some time given it is a mortgagee sale.
 
Hi guys, thanks for your input.
Sean M we probably are being a little paranoid, but it?s still rather annoying when we were told that our offer was accepted and congratulations etc and that we?d get the contract back within 24 hours and then to be still waiting a week later. As it?s going to be our PPOR every week is costing us as we are currently in a rental.

PT Bear wouldn?t the clock on the contract start ticking from when the other party signed? i.e if the bank signs the contract tomorrow the 30 day settlement period begins from then?
 
PT Bear wouldn?t the clock on the contract start ticking from when the other party signed? i.e if the bank signs the contract tomorrow the 30 day settlement period begins from then?

You'd think it would wouldn't you. :(

Unfortunately it never seems to work this way and the purchasers solicitors never seem to be interested in pulling up the other party. The real estate agents always seem to deliberately write up the contract to favor the vendors.

Despite this, we still usually manage to get everything done, but it always comes down to a last minute rush.
 
We just heard back from the agent, they said it's just the bank being slow, there's no problems and they will let as know as soon as it arrives. We will see...
 
We just heard back from the agent, they said it's just the bank being slow, there's no problems and they will let as know as soon as it arrives. We will see...

Same thing happened to me on my last 2. On the last one, settled 3 weeks ago. I received no response for over a week re: contract. :rolleyes:

First, I extended the 60 day settlement, then they did - as they missed something in the docs. The bank stuffed up the forms, but made it all in time & all ended well. I thought 60 days would have been enough.
 
Get your solicitor to ring up the vendor solicitor to see what is happening. Don't count on this contract as binding until you have in your hands the signed counterpart.
 
Thanks guys for your input. We received the contract back today. Our solicitor had been hassling them also as to where the contract was and apparently it was just the bank taking their own time to do things. :rolleyes:
 
Thanks guys for your input. We received the contract back today. Our solicitor had been hassling them also as to where the contract was and apparently it was just the bank taking their own time to do things. :rolleyes:

Nice one, Nothing worse than waiting for a contract to come back with no sunset clause.
 
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