Anyone lost their deposit or paid big penalties due to finance issues?

The first 3 weeks when I asked , kids (23) were told haven't heard anything back yet, at the 4 weeks they were told needed valuation, but would cost 990 and would take 2 weeks to get in to house because of public trustee rules as house was damaged. I personally think he had 42 days, he had preapproval , sat on his hands and then left it too late to do anything. Lesson being if you don't have cash don't buy at auction.Also Use a broker like on here that has a track record. Son stands to lose about 20 grand.

 

For Qld... Thats serious. I have one settling soon. Hope there is no issue.

 

If you don't have cash don't buy at auction. If the property is damaged or has pests pre approvals mean nothing.

 

The first time I did my own finance, back in 2003ish I decided to buy a bargain of a country house. $56k renting for $100 pw. Cashflow was all the rage for me at the time, and this one had it in spades.

Except the valuer said the property was only 49sqms and had fire damage (even though the vendor was living in at the time). In the end I was a couple of months late. The vendor waived penalties. I had to settle with a lender that took the cos at 80% lvr, maxed out my credit card to settle and fix the place up. still have the place, never been empty last val $175.