Addicted to music Posted January 13 Posted January 13 Im new to this so here me out. Im selling a property ATM and the all the doc are signed for transfer. However come to the date: 6/1/25, the purchaser has requested an extension to the 10/1/25. Last Friday they have sent a request for an additional extension to the 17/1/25. which is this Friday. I've just sent back a reply to informed them that the after the 17/1/25 the property will be back on the market. I know at this time of the year people are on leave and getting finance approval can be difficult. But usually when you do a big purchase involving finance you would investigate the max allowable loan you can afford before you go signing any documents. Am i being too tough here? After all if they cant get finance and keep seeking extensions, I'm also missing out on potential purchases.
Dolphy Posted January 13 Posted January 13 Fair enough, one extension is being nice, a second would be going above and beyond. I have done this in the past, with a note from my solicitor, this is the final extension, and their deposit would be forfeit. This is within your right. Did the purchaser provide a reason? When I bought my current house, I had to extend twice! I was being messed about by CBA, they undervalued the property by $50K, which would force me to buy mortgage insurance (I will never deal with CBA again!). And the seller wasn't ready to move out. I was able to settle at the last minute because my solicitor stuffed me around, it was a comedy of errors. I still have PTSD! Good luck with the sale! 1
Addicted to music Posted January 14 Author Posted January 14 @Dolphy Thanks for replying, hope that everything is fine in you case and all is sorted. From your post I'm grateful that I made the right decision giving them the 1st extension. I'm starting to realized that Banks or any financial Institute can get it very wrong, don't care on legally binding deadlines. They take there time to follow standard protocol that can take a long time to process. Hence the reason why when we went for loans we made sure and got it in writing the amount we can borrow, accounts set up and ready to go, then we go shopping, once signed there is no turning back. it doesn't or shouldn't happen today but you never know, the title to the property can also cause delays. Incorrectly filled forms, and back in the paper trail days the Titles Office was known to lose Titles, it takes days weeks or months to find and eventually a new Title is created if the original was lost. I use to repair copiers at the Titles office here in Melbourne when they were at 456 Lonsdale St. if you every find yourself in that building, the filing system was atrocious, non standard paper work dating back to 1800! Anyone can walk in and literally create a transfer and no one checks the identity for security. Thank goodness its all digitally scanned and now they are checking and cross referencing identification. The reason I mentioned this is that while I was assisting my parents to purchased a property back in the 80s, the filed Title was lost, settlement date was not extended as per requested on our behalf while giving this valid reason, eventually the solicitors stepped in and forced titles to reissue a new title that property and made it in time for settlement. As everyone and the banks know, without a title finance can't be approved. 1
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