I hate waiting

So after getting robbed, dad said he would help us buy a house - finally we are earning enough money to pay a mortgage. Anyway, we've been to the mortgage broker, all the papers are in and she said it would be 2-3 days. well, it;'s been 2-3 days and we haven't heard anything. Am soooooo hating this hanging out by the phone waiting (have already emailed once). sigh. we've found a house we want, and are dying to put in an offer, but want to have the finance confirmed first (i feel like we might jinx ourselves).

hate hate hate waiting

I hate waiting for things like this as well. If I was you I would put in the offer subject to finance, if that is your only condition then the house owners will probably jump at your offer - I know, we just sold our house. Good luck

dad just rung...asking me when i needed the VITAL PIECE OF DOCUMENTATION THAT I SENT HIM LAST MONDAY!!!! Could be the reason the broker hasn't rung. am very very annoyed.

But have put in an offer - well kinda- they are selling privately so have sent an email saying we'd like to put in an offer.

Liz, let me know if you need an Agreement for Sale and Purchase as I do conveyancing at my work. Just make it conditional on finance and you're good to go. While you're waiting, go check out the Council records

I would put in an offer subject to finance and a lim report (even if you don't get one its another way out if needed)

And why go thru a broker??? If you contacted a bank direct you would of got better service (in most cases) and quicker. why have a middle man/woman who is getting commission to refer you to a particular bank/lending place. Its not always the best deal as some places (ie: Bnz) do not deal with brokers. Just my opinion anyhow.

And bear in mind the brokers are usually always aligned with a particular lender (or two). They will usually present you with a few of options but will favour one lender and try and lead you in that direction.

Brokers also deal with financial institutions other than banks which you can't approach privately and often have lower interest rates than banks e.g. AMP. I would always use a good broker rather than trying to negotiate a deal myself.

(someone tell if if I'm wrong about not being able to approach the financial institute part though!)

Good luck Lizzle!

Chickaboo - a LIM report is not a way out, especially if you don't get one. There are strict conditions relating to a LIM condition, including giving the vendor the opportunity to fix any problems that arise, and it has to be oreder within a set number of days of the contract being signed. So I definitely wouldn't recommend putting it in as another way out!!!

If you make it conditional on finance you should be okay, just make sure it states the finance is arranged on terms and conditions acceptable to the purchaser. Or, even better, sit down with a lawyer/legal exec and get the proper advice before signing anything

We always put subject to solicitors approval which is the easiest out there is but have been putting subject to finance and builders report as well (dads a builder so included council records etc in his inspection). Hopefully we will be cash buyer soon anyway so one less condition to add

In PN I would certainly recommend mortgage link - I suspect our banks are so used to dealing with brokers such as them that they don't try very hard to negotiate when you turn up on your own. Perhaps if you are the more bargaining type of person, you'd find it easier without the middle man.

PNCC reports are best viewed at the Council itself, just ask heaps of questions about the property and have a look at the building plans on microfiche. I think it cost us $10 to do that part (and the agent even helped organise it!) but a LIM was $300 last I knew. In most cases an RPIE will give all the info you need for half price.

As far as Solicitor's approval goes, the clause is usually worded around the solicitor approving the title. That is very slim and you generally only get off in that way if there is say, a building covenant registered against the title. In certain areas (rural, new areas, etc), it's well worth putting in but in saying that, I have only seen one person try to get out of a contract for that reason!