Paid Deposit for Land. Lost My Job. Settlement in Jan 2019

Hello,

Been reading and observering a lot here but a first time poster. I hope I am posting in the right forum.

Will try and keep it short even though I really need some life saving advice. I had put $44k deposit for a block of land south east of Melbourne in one of the very talked about estates in Melbourne. It was supposed to title in June July 2019. I lost my job early Nov 2018 and still searching.

Now my conveyancer contacted me advising that the developer is titling the land in Jan 2019. I am in no position to settle the land as no bank will approve my loan without a job. I can't nominate anybody because of the no nomination clause in the contract. Plus with the current property market scenarios I am not too sure if buying this was the biggest mistake I made in May 2018. As per my research I bought at the peak.

I am really really stressed as I can't afford to lose $44k(3 years worth of saving). Do I have to cover any other cost on top of losing my deposit?

I want to hear from the property/finance gurus. What are my options? Really looking for some constructive advice.

Much appreciated,

 

You can sell the land, even without a so called nomination clause. You could even nominate someone.

Look at my tip on this too:

10 Strategies to help you buy a property when you cannot service 10 Strategies to help you buy a property when you cannot service