Making an offer
#1
Making an offer
Hi Folks,
When you make an offer on a property, I understand it has to be made in writing. The general advice is that offers should always be made subject to finance and satisfactory reports, but when exactly do you say this? Should these 'subject tos' be placed in the written offer, or do they need to be written into the contract before any offer is made?
I'm more than a little confused now... Any suggestions?
S
When you make an offer on a property, I understand it has to be made in writing. The general advice is that offers should always be made subject to finance and satisfactory reports, but when exactly do you say this? Should these 'subject tos' be placed in the written offer, or do they need to be written into the contract before any offer is made?
I'm more than a little confused now... Any suggestions?
S
#2
Re: Making an offer
Hi Folks,
When you make an offer on a property, I understand it has to be made in writing. The general advice is that offers should always be made subject to finance and satisfactory reports, but when exactly do you say this? Should these 'subject tos' be placed in the written offer, or do they need to be written into the contract before any offer is made?
I'm more than a little confused now... Any suggestions?
S
When you make an offer on a property, I understand it has to be made in writing. The general advice is that offers should always be made subject to finance and satisfactory reports, but when exactly do you say this? Should these 'subject tos' be placed in the written offer, or do they need to be written into the contract before any offer is made?
I'm more than a little confused now... Any suggestions?
S
#5
Re: Making an offer
You don't normally have 'subject-to' conditions like that in the contract. You can certainly make conditions part of your offer - but they should all be sorted out by the time you sign the contract.
You would usually have the inspections (building and pest) completed AND your finances sorted out before you sign the contract. You usually get a week or so to do all this after your offer has been accepted, but before you sign the contract.
If lots of conditions were standard in contracts you'd get the same situation here that you get in the UK - ie. people pulling out of sales at the last minute for the slightest reason. That rarely happens here because contracts here are signed so quickly.
You would usually have the inspections (building and pest) completed AND your finances sorted out before you sign the contract. You usually get a week or so to do all this after your offer has been accepted, but before you sign the contract.
If lots of conditions were standard in contracts you'd get the same situation here that you get in the UK - ie. people pulling out of sales at the last minute for the slightest reason. That rarely happens here because contracts here are signed so quickly.
#7
Re: Making an offer
S
#8
Re: Making an offer
I think I was struggling with a catch 22 situation - The mortgage company want details of the house, where and how much it is, but I don't know that as I havn't made an offer, as I don't have a mortgage because the mortgage company want details of the house and how much it is etc etc...
S
S
Failing that, say to the people who are selling that you will buy subject to getting finance. You can usually get about a week to arrange it, with possible extentions if you have any trouble.
When we bought ours, we had 48 hours 'cooling' off period, and had to get a survey done before that time expired. Finance, took us four weeks to sort out but luckily the people selling were fine with the delay.
#9
Re: Making an offer
Tell them that you haven't actually found anything yet, and just want pre-approval so that you know how much you can have, and so that you can look at buying at auction too.
Failing that, say to the people who are selling that you will buy subject to getting finance. You can usually get about a week to arrange it, with possible extentions if you have any trouble.
When we bought ours, we had 48 hours 'cooling' off period, and had to get a survey done before that time expired. Finance, took us four weeks to sort out but luckily the people selling were fine with the delay.
Failing that, say to the people who are selling that you will buy subject to getting finance. You can usually get about a week to arrange it, with possible extentions if you have any trouble.
When we bought ours, we had 48 hours 'cooling' off period, and had to get a survey done before that time expired. Finance, took us four weeks to sort out but luckily the people selling were fine with the delay.
S
#10
Re: Making an offer
Definitely. It's all very confusing isn't it.
Have you thought about speaking to a mortgage broker, might make life easier for you. Plus they will be able to tell you what sort of chance you have got.
#11
Re: Making an offer
S
#14
Banned
Joined: Jul 2006
Location: here there,fluck knows where?
Posts: 7,444
Re: Making an offer
sorry to hijack,,,
how would you cover yourself if you wanted to pull out,
say ,if you found a better property?
sorry
ast
how would you cover yourself if you wanted to pull out,
say ,if you found a better property?
sorry
ast
#15
Re: Making an offer
S