NSW Buying Pre-auction with no cooling off

Discussion in 'The Buying & Selling Process' started by Vijay1, 8th Sep, 2020.

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  1. Vijay1

    Vijay1 Member

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    Solicitor advises against buying a house without a cooling off - especially me being FHB.

    If Occupancy certs, Home Insurance are all good, ok to take a gamble ?

    3 year old house.
     
  2. Buynow

    Buynow Well-Known Member

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    Unconditional finance in place with a sufficient buffer in case valuation is lower than expected?
     
    Stoffo likes this.
  3. Scott No Mates

    Scott No Mates Well-Known Member

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    Is the builder still trading?
     
  4. Vijay1

    Vijay1 Member

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    Banker says verbally it will be ok as similar proportion homes sold recently for the price range we are looking for in 900s range. But Banker won't be able to value as the final price is unknown until pre-auc contracts exchanged, but the vendor says contracts can be exchanged only with no cooling off.. like catch 22..
     
  5. Vijay1

    Vijay1 Member

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    yes
     
  6. Buynow

    Buynow Well-Known Member

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    Auction may be cancelled then you can get a cooling off period.
     
  7. Propertunity

    Propertunity Well-Known Member

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    your soli is looking after your best interests with that advice BUT sometimes it is not helpful when trying to buy a house in busy market conditions. Bear in mind this is the same soli that you need to sign a 66W waiving your cooling off rights.

    It’s probably best to have the conversation now with your soli if that is your planned course of action.
     
  8. Archaon

    Archaon Well-Known Member

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    Have you been full credit pre-approved?
     
  9. The Y-man

    The Y-man Moderator Staff Member

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    = "bank didn't say anything"

    Just have a plan B if finance falls through.

    The Y-man
     
  10. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    LVR ?

    ta
    rolf
     

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