Just got off the phone to my brother & his wife in need of some late night advice please. They are in contact with their real estate agent, settlement agent and waiting to hear back from their solicitor, hopefully ASAP tomorrow. Scenario :
- WA property
- Offered & accepted $390K, clauses written by real estate agent before sourcing finance
- $2K deposit
- They weren't sure on which bank they were going through at that stage so r/e agent said it didn't matter and wrote WBC
- WBC didn't approve initial request for finance. They didn't make an 'official' application after being advised this as didn't want it noted on their record
- Went to CBA, they wouldn't give finance either. Got this in writing.
- Advised agent sorry, no finance, can't go through with it
Vendors r/e agent not returning calls. Brother advised (can't remember who from) to contact REBA if they don't respond tomorrow. Vendors settlement agent dealing with bro's settlement agent & advised they're "going to get lawyers involved" if they don't get written advice from WBC confirming finance not approved.
- Are they stalling just on $2K deposit return?
- Yes I know they should have got finance approval first, but do you think they can be held to the sale or lose the deposit?
- No, I haven't got the finance clause available here
Thanks for any advice.
Cheers
- WA property
- Offered & accepted $390K, clauses written by real estate agent before sourcing finance
- $2K deposit
- They weren't sure on which bank they were going through at that stage so r/e agent said it didn't matter and wrote WBC
- WBC didn't approve initial request for finance. They didn't make an 'official' application after being advised this as didn't want it noted on their record
- Went to CBA, they wouldn't give finance either. Got this in writing.
- Advised agent sorry, no finance, can't go through with it
Vendors r/e agent not returning calls. Brother advised (can't remember who from) to contact REBA if they don't respond tomorrow. Vendors settlement agent dealing with bro's settlement agent & advised they're "going to get lawyers involved" if they don't get written advice from WBC confirming finance not approved.
- Are they stalling just on $2K deposit return?
- Yes I know they should have got finance approval first, but do you think they can be held to the sale or lose the deposit?
- No, I haven't got the finance clause available here
Thanks for any advice.
Cheers