Speedy settlement

From: Mike .


Hi

Am interested to hear peoples experiences of quick settlements. How quickly did you exchange contracts after your offer was accepted? After exchange of contracts how quickly did settlement take place?

Any tips to speed up the process? Eg use of sub-prime lender for quick low doc loan establishment. Normal bank lenders can take up to two weeks to process a loan application.

From my experience, stating a settlement period of anything less than a month seems very risky.

Regards, Mike
 
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Reply: 1
From: John T


Hi,

I used a 2 week cash settlement a year ago to convince an overseas seller not to go
to auction. It worked beautifully. The Canadian seller jumped on the fast cash
and I picked the property up for $130,000
under valuation. The agent was desperately recommending to the seller not to take the
offer but the idea of cold hard cash months in advance was too tempting. I found it really differentiated me from other interested parties as well. Hope it helps...It is something I use in conjunction with low offers .

John
 
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Reply: 1.1
From: Mike .


Hi John,

That's a great result. Congratulations. Can you flesh out the story a bit more so we can understand the steps you took from offer to settlement? If the seller was overseas I guess the fax machine must have been busy. How did you manage to get the conveyancing done in just two weeks?
<p>
What exactly is a cash settlement?
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Look forward to your reply.

Regards, Mike
 
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