Where to from here

[WASP]

Where to from here

We had an offer on a property we were selling in Perth on the 19th June, the Finance clause was listed as applicable with the mortgage broker listed as the lender

The offer was accepted at around $299k on the 19th June

The latest time for finance was listed as 4pm and to be 21 days from acceptance of offer

Finance was at 95% (First Home Owner)

The deposit was $1000.00 to be paid within 10 days of acceptance

Settlement was to be 14 days from finance approval

20th June plus 21 days is then the 11th July

We chased up the agent and got an update from last week saying was there was a stumbling block with a personal loan, however that was now sorted, deposit was sorted and valuation was to be done

Yesterday the update upon chasing up again was that there was another issue with the bank; however they believed it could be sorted

 

[Rolf Latham]

Buyer and broker have enough rope here I think

I get the feeling its not going far

95 % lend and Personal loan is usually ( but not always) trouble

ta
rolf

 

[redwing]

Enough rope for what Rolf, to be in contract breach or?

 

[WASP]

It's frustrating

 

[Rolf Latham]

Enough rope for what Rolf, to be in contract breach or?

I think that the buyer has been provided enough options.

unless the current buyer ( tyrekicker possibly?) has offered well above market, or the property is a dog, id be tempted to terminate and chase other contracts, on the assumption the agent has some follow up buyers

ta

rolf

 

[Melbournian]

i would agree with rolf.

not sure where your property is but target mkt is always a factor. even if the property is worth X amount - without decent buyers with a bit of coin it is hard to push.

that's why many of these wealth creating promotions on accumulating properties for the sake of accumulation without the consideration of selling the property is risky. i rather know that i can sell a property in a downturn or rising mkt.