Hi
We’ve been looking for our third investment property (apartment) in the outer Melbourne CBD and finally found one that we are happy with and called the agent yesterday to make an offer.
Although finance has been pre-approved we wanted to make the offer subject to finance just to be sure that if there were any problems with the funding, we’d be able to cancel the offer.
However the REA said that he was only prepared to accept an unconditional offer and drew our attention to the contract which says that the cooling off period is three days unless we’d received legal advice on the contract in which case there is no cooling off period.
We already have a couple of investment properties bought three years ago and remember that we had no problems inserting clauses ‘subject to finance’ and ‘subject to building and pest inspection’ and now wondering whether the market has changed so much that unconditional offers are the norm or whether it’s this particular REA?
We are confident that this is the apartment for us but we’ve been thrown a bit by the REA and concerned that there is something dodgy about the deal. We’ve decided to get someone to look over the contract this week and order a strata report but obviously risk losing the property because of the delay.
Are unconditional offers only usual in Melbourne now or should we just bite the bullet and go ahead with an unconditional offer?
Any advice gratefully received.
Thank you
RL
We’ve been looking for our third investment property (apartment) in the outer Melbourne CBD and finally found one that we are happy with and called the agent yesterday to make an offer.
Although finance has been pre-approved we wanted to make the offer subject to finance just to be sure that if there were any problems with the funding, we’d be able to cancel the offer.
However the REA said that he was only prepared to accept an unconditional offer and drew our attention to the contract which says that the cooling off period is three days unless we’d received legal advice on the contract in which case there is no cooling off period.
We already have a couple of investment properties bought three years ago and remember that we had no problems inserting clauses ‘subject to finance’ and ‘subject to building and pest inspection’ and now wondering whether the market has changed so much that unconditional offers are the norm or whether it’s this particular REA?
We are confident that this is the apartment for us but we’ve been thrown a bit by the REA and concerned that there is something dodgy about the deal. We’ve decided to get someone to look over the contract this week and order a strata report but obviously risk losing the property because of the delay.
Are unconditional offers only usual in Melbourne now or should we just bite the bullet and go ahead with an unconditional offer?
Any advice gratefully received.
Thank you
RL