What are my chances?

Rockstar

Rockstar

We have a buyer for our house. Price and conditions agreed upon. Both parties want to settle before Xmas (21st Dec). She has a MB who received the front page of the contract late today. We have mortgage free title. She only has to borrow around half of the 375k purchase price. We are renting back off her at 350/wk with 6mth lease agreement. She owns her home without mortgage. Don't know what her income is like.

Any chance we can pull it off? :)
 
Friend just done one in NSW through NAB which settles next Monday (10/12) and exchange was on 19/11 so only 21 days so anything is possible but you will need to havethe buyer willing to push for settlement as you don't control their finance approval and funding.
 
It's possible to get to settlement in less than 3 weeks, but there's a very high probability that you're setting yourself up for disappointment.
 
Not sure what lender. She wants to settle early because she is heading OS for 3 mths and we want to settle before Dec 31 to avoid 1700 bucks in land tax. Might just put a special condition in to cover ourself in case of delays.
 
Update.

Finance is approved subject to val. Val done and submitted today.

Found out bank is CBA. Purchaser has signed and returned contract and we will exchange tomorrow. Our solicitor is ready to settle before Xmas if they can manage a miracle with CBA. :D

At least we have an unconditional contract and, at worst, settlement will be in January and we will have to pay some extra land tax.
 
The other side will need to get their broker to escalate the file once it's received. Otherwise it will probably get held up in certifications for a while - and if there is anything missing in the returned docs, the wait will be longer.

Congrats on the exchange though - it least the most important part has been achieved.

Cheers

Jamie
 
Rockstar said:
Update.

Finance is approved subject to val. Val done and submitted today.

Found out bank is CBA. Purchaser has signed and returned contract and we will exchange tomorrow. Our solicitor is ready to settle before Xmas if they can manage a miracle with CBA. :D

At least we have an unconditional contract and, at worst, settlement will be in January and we will have to pay some extra land tax.
Click to expand...

If the broker is GOLD or diamond with CBA its as good as done of your buyer does her job properly and the broker chases hard.

if the broker doesnt use CBA much ..........then cross fingers and pray

ta

rolf
 
A few years back we signed contracts on the 9th of Dec and would have been settled in the days before Christmas, except we had to wait for a subdivision to be finalised.
 
Rolf Latham said:
If the broker is GOLD or diamond with CBA its as good as done if your buyer does her job properly and the broker chases hard.
Click to expand...

Buyer is about to leave the country mid next week so is pushing hard to receive and sign mortgage docs as long as CBA can pump them out quickly. Agent says broker has been really efficient so we shall see what happens. :)
 
Rockstar said:
Buyer is about to leave the country mid next week so is pushing hard to receive and sign mortgage docs as long as CBA can pump them out quickly. Agent says broker has been really efficient so we shall see what happens. :)
Click to expand...

A decent volume broker can print the mortgage docs for CBA in their office, so should be quick then


ta
rolf
 
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