DF got a call from our conveyencers today saying that they will show up for settlement tomorrow but the buyers bank hasnt finalised everything yet and they arent confident that settlement will go ahead.
Just wondering what happens now, we cant really afford to be paying the mortgage on the old place and on this one aswell.
they said a new settlement date would be arranged for a weeks time, but still, thats another week we're paying for a house that isnt ment to be ours anymore IYKWIM?
This happened to us as well with our old place, once the settlement went through (around 6 weeks later ) the buyers bank had to pay us extra money because of the stuff around with the settlement. I can't remember the name for it but you should get reimbursed for it. May not cover your total costs but it's better than nothing I guess.
This happened with one of our houses as well, we ended up letting them move in and charged them rent that was equal to our repayments. But if they aren't confident it will go through thats a worry.
thanks girls, i should have been a bit more clear, it will go through but they arent confident it will be tomorrow.
would offer to let them rent it out but its an investor thats bought it so not really an option.
2pm tomorrow we'll know for sure, keeping everything crossed it goes through
There is a way you can have the deposit released to you if you are having hardship because of this. It's usually released to enable you to put a deposit on a new house. It's a section 27. Legally if the sale falls through and it's unconditional (ie if they had an opt out clause if finance wasn't approved which has now passed) then you keep the deposit anyway. Ask you conveyancer about it!
Good luck and I hope there is an 11th hour breakthrough and it all works out!
Last edited by ~Raven~; November 11th, 2010 at 06:09 PM.
Thanks girls! if i had of known selling a house was such a drawn out process i never would have bought!
bit worried, they needed 2 week long extentions to get approved for finance, so its not a huge suprise that the bank isnt ready i just really hope we only need to reshedule once!
Raven, interesting point, will speak to the them tomorrow about it
We rescheduled for a week later then another... Then another... Until it was 6 weeks. It was all the buyers bank and they weren't phased at all. Talk to your conveyancer about compensation because the bank has in fact broken the contract. We also let them move in and charged rent and after 6 weeks were about $6k better off. Good luck it is very stressful. We had 2 houses plus a rental we were living in while reno'ing
The purchaser would be up for a monetary penalty. Not sure how it is worked out, but make sure your conveyancer is onto it for you. You will probably get it in your settlement proceeds. HTH
Hi there - you should have a clause in your contract that deals with penalty interest. Talk to your conveyancer/lawyer and they should be able to explain what penalties you will be paid.
That's great. Fwiw it couldnjust be their bank. Our lost our paperwork so took 8 weeks to approve our finance when it was all preapproved and less than 50% of the max they'd lend us.
What I was going to say for others, is that sometimes your bank will let you stop mortgage repayments when you have a signed contract until settlement when you're going to be able to have the mortgage released
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Settlement being postponed
) the buyers bank had to pay us extra money because of the stuff around with the settlement. I can't remember the name for it but you should get reimbursed for it. May not cover your total costs but it's better than nothing I guess.
it's the last thing you need.
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