Hi all
I signed a contract for one of our recent purchases five weeks ago - the property came on the market one evening, and I put a deposit the following day, and signed the contract a few days later.
The agent had advised at the time that the property is a potential mortgagee in possession. The vendor's bank wanted to arrange for their own valuation.
There has been no progress. Last I heard was the bank was going to make a call re whether they want to sell or hold on to the property, or auction it. Since then, the vendor's solicitor has not returned any of my solicitor's phone calls over the last week.
I am not holding my breath, and have started looking for potential purchases. I haven't asked for my 0.25% back, as, if the bank comes back, I think I have secured the place at a good price - even if I have to negotiate a bit - I am happy to pay a little more.
Has anyone previously experienced it?
Apparently the vendor owes $100K on top of the sale price - leads me to believe they cross collateralised their properties.
Thanks!
I signed a contract for one of our recent purchases five weeks ago - the property came on the market one evening, and I put a deposit the following day, and signed the contract a few days later.
The agent had advised at the time that the property is a potential mortgagee in possession. The vendor's bank wanted to arrange for their own valuation.
There has been no progress. Last I heard was the bank was going to make a call re whether they want to sell or hold on to the property, or auction it. Since then, the vendor's solicitor has not returned any of my solicitor's phone calls over the last week.
I am not holding my breath, and have started looking for potential purchases. I haven't asked for my 0.25% back, as, if the bank comes back, I think I have secured the place at a good price - even if I have to negotiate a bit - I am happy to pay a little more.
Has anyone previously experienced it?
Apparently the vendor owes $100K on top of the sale price - leads me to believe they cross collateralised their properties.
Thanks!