Purchased at auction.. bank won't finance now. How to cancel?

Discussion in 'The Buying & Selling Process' started by dublin_101, 20th Jan, 2016.

Join Australia's most dynamic and respected property investment community
Page 9 of 9
  1. Wall Street

    Wall Street Well-Known Member

    Joined:
    22nd Oct, 2015
    Posts:
    133
    Location:
    Melbourne
    Wow - I just read this...

    All this animosity makes baby Jesus cry!

    But seriously, any luck in raising funds?
     
    Wall Street, 22nd Feb, 2016
    #161
    Perthguy likes this.
  2. Johnny Cashflow

    Johnny Cashflow Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    919
    Location:
    SA
    OP has gone quiet. Could be a bad sign!
     
    Johnny Cashflow, 22nd Feb, 2016
    #162
  3. mini2

    mini2 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    435
    Location:
    NSW
    Forum 101: if you keep hearing/seeing things you don't want to hear/see, don't bother going back to that forum :p
     
    mini2, 23rd Feb, 2016
    #163
    wylie, Bentley, dabbler and 1 other person like this.
  4. Watson1

    Watson1 Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    197
    Location:
    Melbourne
    Not sure where you purchased, but saw you had required a loan at 90% plus lenders mortgage insurance.

    Pretty sure ANZ accept Contract of Sale in most instances if the loan is capped at 90% ( Purchase price <$750k) which means 88% base plus cap.

    Finding an additional 2% is much better than a 100k short valuations...
     
    Watson1, 23rd Feb, 2016
    #164
  5. mini2

    mini2 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    435
    Location:
    NSW
    There's also this misconception that if you're pre-approved for say, $500k, a lot of people automatically assumed the bank WILL lend them that amount minus the appropriate deposit. Or slight variation of it, the bank (and its valuers) will accept contract price or the auction outcome.
     
    mini2, 24th Feb, 2016
    #165
  6. Shazi

    Shazi Active Member

    Joined:
    4th Jan, 2016
    Posts:
    35
    Location:
    QLD
    how did this work out for you hoping ok
     
    Shazi, 11th Mar, 2016
    #166
  7. D.T.

    D.T. Specialist Property Manager Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    9,190
    Location:
    Adelaide and Gold Coast
    Imgur GIF
     
    D.T., 12th Mar, 2016
    #167
    Johnny Cashflow and 158 like this.
  8. RumpledElf

    RumpledElf Well-Known Member

    Joined:
    21st Jan, 2016
    Posts:
    141
    Location:
    Sydney
    I just had something similar (can't remember what I posted earlier in this thread) and I got approval this week after 6 weeks of pain.

    I had the valuation come in 20% lower than my offer/purchase price. Nobody could believe the valuation came in that low but the valuer refused to budge when the valuation was disputed. So what happened in the end was I had to give 10% of the purchase price to the agent as a deposit, 10% of the valuation to the bank for a 90% lend with LMI, and I had to make up the 20% shortfall from the purchase price in cash. The difference between me and the OP is I bought something a lot cheaper and could actually get the extra cash and I didn't buy at an auction so that 10% deposit got handed over after I got the loan approved by the bank.
     
    RumpledElf, 12th Mar, 2016
    #168
  9. josh676

    josh676 Member

    Joined:
    25th Oct, 2015
    Posts:
    13
    Location:
    Perth
    What I find funny here is your veiled threats about Karma etc, are you considering burning the house or the RE business down? It seems to be what you're suggesting.

    I'd happily keep whatever rolls out of a deal that falls through like yours has, unconditional is unconditional...
     
    josh676, 12th Mar, 2016
    #169
  10. TMNT

    TMNT Well-Known Member

    Joined:
    23rd Jul, 2015
    Posts:
    5,572
    Location:
    Melbourne
    what happened to op?
     
    TMNT, 13th Mar, 2016
    #170
  11. catsteve

    catsteve Active Member

    Joined:
    22nd Jun, 2015
    Posts:
    41
    Location:
    Perth, WA
    please let this thread die. he hasn't been here for months
     
    catsteve, 13th Mar, 2016
    #171
    Whitecat likes this.
  12. clint05

    clint05 Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    66
    Location:
    Brisbane
    If you read the writing on a Qld licence plate. It says we're the smart state. Possibly because very few of us are stupid enough to buy at auction??
     
    clint05, 13th Mar, 2016
    #172
    wylie and Whitecat like this.
  13. Johnny Cashflow

    Johnny Cashflow Well-Known Member

    Joined:
    29th Jun, 2015
    Posts:
    919
    Location:
    SA
    He's gotta be around some where he was a member on ss since 2010.

    I'm guessing that it didn't work out and he lost his 50k deposit !

    Not good at all :(
     
    Johnny Cashflow, 15th Mar, 2016
    #173
Page 9 of 9