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should I stay or should I go?.. buyer misses deadline due to bank delay

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  1. #11

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    @shri this is a good question that I hadnt considered..

    lets put it another way - I havent signed anything to contrary yet ?

    Last edited by scrambler; 24-02-2016 at 02:48 PM.

  2. #12

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    Quote Originally Posted by scrambler:
    @shri this is a good question that I hadnt considered..

    lets put it another way - I havent signed anything to contrary yet ?
    I don't know how things work. Just saying ... if there is a way to screw you over, the banks and lawyers will know how to do it.

    Make sure you have a firm opinion from the solicitor that you're paying that your interests are protected. Also, I assume the 10% is in escrow in their client account, not the sellers lawyer's client account?
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  3. #13

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    Quote Originally Posted by big_panda:
    It sounds like you want the house sold and not have to bother about it, so I would grant an extension for the 12 days and let them sort out their finances. I would charge the interest in the meantime, coz you're doing them a big favour by not immediately forfeiting the deposit.
    i guess I dont have a killer instinct. its only a thousand dollars all said an done - not worth creating bad blood...

    i mean if it really isnt her fault the bank delayed on her?

    any one with experience of this?
    shri likes this.

  4. #14

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    Quote Originally Posted by shri:
    I don't know how things work. Just saying ... if there is a way to screw you over, the banks and lawyers will know how to do it.

    Make sure you have a firm opinion from the solicitor that you're paying that your interests are protected. Also, I assume the 10% is in escrow in their client account, not the sellers lawyer's client account?
    the 10% was in my account - i say was cos I just bought a bunch of stuff with the cash!
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  5. #15

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    Quote Originally Posted by scrambler:
    the 10% was in my account - i say was cos I just bought a bunch of stuff with the cash!
    Then better make sure that there is no claim from the other party that could cause you to have to sell that stuff. If you do, keep in mind that we do have classifieds on here to sell your stuff.
    wtbhotia, Rob2020 and jrkob like this.

  6. #16

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    Quote Originally Posted by scrambler:
    i guess I dont have a killer instinct. its only a thousand dollars all said an done - not worth creating bad blood...

    i mean if it really isnt her fault the bank delayed on her?

    any one with experience of this?
    In that case, just instruct your lawyer to grant a 12 calendar day extension, following which you reserve your rights to forfeit the entire deposit if completion is not finalized. Also remember that if the buyer doesnt complete, they need to pay both agent's fees, so they will be out of pocket a whole lot. You are doing the buyer a huge favour here.
    shri, scrambler and jimbo like this.

  7. #17

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    house sale system in HK seems really arse about tit?

    surely it shoudl be secure a mortgage of x amount.. find property - try to negotiate below X amount... get a surveyor in... etc

    I have to move out before signing - vacant posession? ridiculous!!!!!!


  8. #18

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    Henderson Land tried to screw me years ago when I bought my apartment of the plan from them. Had to pay 5% on signing, another 5% within 5 days, I assumed 5 business days but it actually included the weekend. In short, my money was in Australia and being transferred across from an Australian bank that are pretty slow and laid back about the whole thing, Henderson were a bunch of motherfuckers telling me if they don't get their 5% by 5pm on this day they are keeping my original deposit and reselling it. Completely no reasoning from their side whatsoever, I think they enjoyed being dicks in fact. I ended up having to borrow $400k from a colleague for a couple of days or I was screwed.

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  9. #19

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    Yeah I think the new developers dates are nuts. I mean where is the time to gather funds. You need to be ready before you look.

    Regarding the 12 days and interest, skip the interest and grant the 12 days. If anything, I would increase the deposit and make sure you still get it if they can't make the new deadline. 10% is a hefty amount anyway.


  10. #20

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    now just got a call... bank wants to come inspect

    ok fair enough - but effs sake its very late in the day?

    so I can walk away with these peoples saving becos of general bank incompetence?