Hi,
I am from WA, Mandurah. We have an investment unit that we are selling. It was on the market for 3 weeks and we accepted an offer.
The contract gave the buyer 4 weeks for finance approval and 4 weeks settlement. We were a bit unhappy at this lenght of time, but assured buyer is sound but finance can take longer (Buyer is a familytrust, and borrowing 100%).
Contracts signed: 11 March.
Extension given until 20th April as finance still not approved. Banks taking longer and valuations need to be done. Was advised that our valuation on our property had been done and all ok, but waiting on valuation of 2 other of his properties ... ????)
Have now been advised they want a further extension. This will be 6 weeks for finance. As our unit is sitting unoccupied, still mortgaged it is costing us a lot of money to sit empty. (We didn't renew tenancy agreement as we wanted it sold without tenant) we are upset that we have waited patiently for this buyer and he still is not organised.
Was advised by our agent that we have to give the buyer 10 days notice if we don't want to proceed with contract. No-where in our contract can I see that, just that we have to give written notice.
We have no comeback financially from the buyer for these delays.
We have advised that he has until 24th April and that's it, the last and final extension. Have asked agent to remarket the property.
Are we being fair?? Thank you for taking the time to read this.
I am from WA, Mandurah. We have an investment unit that we are selling. It was on the market for 3 weeks and we accepted an offer.
The contract gave the buyer 4 weeks for finance approval and 4 weeks settlement. We were a bit unhappy at this lenght of time, but assured buyer is sound but finance can take longer (Buyer is a familytrust, and borrowing 100%).
Contracts signed: 11 March.
Extension given until 20th April as finance still not approved. Banks taking longer and valuations need to be done. Was advised that our valuation on our property had been done and all ok, but waiting on valuation of 2 other of his properties ... ????)
Have now been advised they want a further extension. This will be 6 weeks for finance. As our unit is sitting unoccupied, still mortgaged it is costing us a lot of money to sit empty. (We didn't renew tenancy agreement as we wanted it sold without tenant) we are upset that we have waited patiently for this buyer and he still is not organised.
Was advised by our agent that we have to give the buyer 10 days notice if we don't want to proceed with contract. No-where in our contract can I see that, just that we have to give written notice.
We have no comeback financially from the buyer for these delays.
We have advised that he has until 24th April and that's it, the last and final extension. Have asked agent to remarket the property.
Are we being fair?? Thank you for taking the time to read this.