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Beware of banks !!!!

Discussion in 'Real Estate' started by Tropo, 10th Nov, 2005.

  1. Tropo

    Tropo Well-Known Member

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    BEWARE !!!.

    1) One month ago I decided to buy IP.
    My mortgage broker found a good deal and bank gave me in writing loan approval.
    Two weeks ago I applied for this loan ( LOC ) and a week ago I have been informed that the bank decided to give me less than approved.
    So right now I am short of about $ 30K...

    2) Today I got another sweet news....
    The bank lost all my contract papers which were faxed to them 10 days ago .... and informed me that they never received them.

    3) Tomorrow ( Friday the 11-th ) is my last day for the finances to be approved and I am not sure this will happen now. :mad:

    It was my first deal with this bank and THE LAST ONE ....That's for sure....
    You may ask...which bank...You guessed it....The Bank = ( " which bank " ).

    What do you suggest ???? :confused:
    Should I forget about this IP OR is it possible to get the extention to the contract....
    Your advice is very much appreciated... :)

    What are your experiences with banks?.
    :cool:
     
  2. Nigel Ward

    Nigel Ward Team InvestEd

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    Hi Tropo

    How frustrating. :mad:

    One option is always to tell the agent for the vendor exactly what you've told us and request verbally (and then put it in writing) that the date for finance under the contract be extended by say 1-2 weeks.

    They will either say yes, say no or give you a few extra days.

    If they say no, then you can still try to get the finance sorted tomorrow.

    Keep us posted.

    Cheers
    N.
     
  3. Mark Laszczuk

    Mark Laszczuk Well-Known Member

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    Tropo,

    My suggestion to you is: use a broker.

    If you're using a broker already, go to another broker.

    If you really really want this IP, you'll find a way - just trust you can do it!

    Mark
     
  4. Rolf Latham

    Rolf Latham Well-Known Member

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    Hiya

    try the extension would be my view

    Id STICK with my existing broker, although you could fire him for using which bank, which are notorious for certain types of delays - certainly if I was on a tight time frame they would be pretty much at the end of the line.

    Having said all that Im sure there are good reasons as to why he/she stuck you with which bank

    ta
    rolf

    ta

    rolf
     
  5. Tropo

    Tropo Well-Known Member

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    Tropo,

    My suggestion to you is: use a broker.

    If you're using a broker already, go to another broker.

    If you really really want this IP, you'll find a way - just trust you can do it!

    Mark


    Mark,
    Could you check Private Massage box please,
    :cool:
     
  6. Nigel Ward

    Nigel Ward Team InvestEd

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    I'm pretty sure that's NOT on our list of upcoming features ;)
     
  7. Tropo

    Tropo Well-Known Member

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    Massage.....
    hahahahahahahahahaha. :D :D :D :D
    NIGEL,
    You never know!!!!

    :cool:
     
  8. Tropo

    Tropo Well-Known Member

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    Thank you all for your advice.

    At the end my broker has pushed the bank really hard and after faxing them the same documents yesterday again!!!! bank has given me within 65 minutes (they had 60 min notice) the loan without even revaluating the property. :D

    What a frustrating business this is!!!!!

    :cool:


    PS
    Very special thanks to Mark Laszczuk :)
     
  9. Jacque

    Jacque Team InvestEd

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    It sure can be Tropo :) Been there quite a few times myself! It does get easier, however, as you learn not to get overanxious and cover your bases by considering all options for those "what if" scenarios.
    Hope it all continues to go smoothly for you from here on.
     
  10. Mark Laszczuk

    Mark Laszczuk Well-Known Member

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    No Tropo, thank YOU for that very special private massage! hahahahahaha

    Mark
     
  11. Tropo

    Tropo Well-Known Member

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    Hey Mark .....
    Are you ready for the next one ? :D
    :cool:
     
  12. Mark Laszczuk

    Mark Laszczuk Well-Known Member

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    Always ready for a massage mate.

    Mark
     
  13. Tropo

    Tropo Well-Known Member

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    O.K. Guys / Girls,
    I finally bought my first IP in Brisbane last Monday.
    After settlement few glasses of wet stuff in Palazzo Versace made me feel better. :D

    Good news is that the same house as I bought, on the same size block of land, in the 2nd stage ( after New Year ) will cost approx. $ 355-360K ( I payed $ 348 ). :p
    It's not a big difference but I guess that my higher blood pressure in the last few weeks might be gradually compensated. :rolleyes:
    Actually they are selling 8 houses per month so the market is not as bad as some people say.
    :cool:
     
  14. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    Are they selling many to investors or mostly to owner occupiers ?
     
  15. Tropo

    Tropo Well-Known Member

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    No idea !!. :eek:
     
  16. Jacque

    Jacque Team InvestEd

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    I hope it performs well for you Tropo :)
    Bet the Palazzo was a nice place to have a beer afterwards!
     
  17. Tropo

    Tropo Well-Known Member

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    We'll see....Time will tell...The only obstacle now is to get tenant before Christmas...
    If I do not get one - NO more Palazzo wet/cold stuff this year !!. :mad:

    Yep....And guess what ....I do not mind to acquire Palazzo as my next IP. :rolleyes:
    :cool:
     
  18. Tropo

    Tropo Well-Known Member

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    Sim,
    I just made a phone call.
    So - they are selling mostly to owner occupiers (1 or 2 buyers are investors).
    As you see it's not perfect but it's not that bad either... ;)
    :cool:
     
  19. Jacque

    Jacque Team InvestEd

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    Do you have a top PM lined up, Tropo?
    I would recommend looking at the thread I started recently on this very subject if you don't :)
     
  20. Tropo

    Tropo Well-Known Member

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    I engaged one before your thread started so I'll wait and see how it's going for a while.
    THANKS for your good advise !!!!!! :D
    :cool: