View Full Version : The first sign that things aren't progressing well

Greg W
03-06-2006, 01:25:12
...for a settlement on tuesday. :(

Basically, I have entered into a contract to purchase a 3 bedroom villa, which is due to settle on Tuesday June 6th (aka from tuesday I own it - or more correctly the bank owns it).

Called the Real Estate on Thursday morning to organise the final inspection of the property, which I am supposed to do 3-4 days prior to settlement.

First up, the real estate agent says he thinks they've moved out, so it should all be easy to arrange, he just has to line it up with the owner. So, this morning he calls back. Owner hasn't returned his calls. He calls them again, at the villa, and one of the kids answers. Seems they're still living there. So he leaves a message with the kid to get the mother to call the real estate ASAP.

So, looking a little dodgy at the moment for a Tuesday settlement. I have a feeling that what my solicitor suggested is going to happen. They asked for a 10 week settlement (standard is 6 weeks) in the contract, which I agreed to. Then about 4 weeks ago they asked for a 2 week extension, which I denied as it didn't suit me in the slightest, esp as I had already given notice to my real estate.

So, the solicitor tells me that I'm perfectly within my rights to say no, but that if they're not ready to settle on the 6th that all we can do is issue them with a breach notice, which they have 14 days to respond to. Which could very well be what they're going to do.

Or they have a removalist organised for tomorrow, monday or possibly tuesday, and I'm just being paranoid.

03-06-2006, 09:25:00

03-06-2006, 22:30:35
Hmm... perhaps a burning cross left on the lawn might give them a hint?

04-06-2006, 09:45:02
Why don't you bypass the solicitors alltogether and contact the other party direct and ask them what their plan is? Either way you'll know whats happening and can plan accordingly

Greg W
04-06-2006, 10:34:23
Erm, I don't think you're allowed to do that? I'll know more tomorrow when the Real Estate calls me back (hopefully).

04-06-2006, 10:56:53
oh, ok- well i don't know if this will help but, why don't you ask the solicitor if he can arrange for you to go round and "take some measurements" and you can see whether they have packed up,if they are home all the better and if the convo turns to moving dates.....very handy! - (and don't forget to take a measuring tape and actully measure windows and such!)

Greg W
04-06-2006, 12:26:04
Yeah, I'll be having conversations with the Real Estate and the Solicitor tomorrow regardless of what else happens, and I do need to see just what size truck will be easy to get into the complex (and I mean that, it's not just an excuse), so I'll get some better idea tomorrow.

As is, settlement is only tuesday, so it's not like I'll have to wait for ages to know what's going on.

Greg W
06-06-2006, 03:33:27
Oh well, seems that she managed to move out in time, albeit just. Settlement should be occurring in the next 45 mins or so. Then I'll just have a massive mortgage to deal with. \o/

Qaj the Fuzzy Love Worm
06-06-2006, 03:59:13

Skanky Burns
06-06-2006, 06:49:54

06-06-2006, 07:39:03
Originally posted by Greg W
due to settle on Tuesday June 6th (aka from tuesday I own it - or more correctly the bank owns it).

on 6/6/06???
maybe a darker power than the bank will own it...


06-06-2006, 08:21:30
Originally posted by Greg W
Oh well, seems that she managed to move out in time, albeit just. Settlement should be occurring in the next 45 mins or so. Then I'll just have a massive mortgage to deal with. \o/

:beer: : poor:

06-06-2006, 17:39:16
Good luck master of the castle.

The Norks
06-06-2006, 18:27:13
well done you!! post pictures of the bachelor pad!!

Sir Penguin
06-06-2006, 18:39:58
Too bad, you could have charged her rent.


06-06-2006, 18:41:48
congrats! this must be so exicting!

06-06-2006, 21:01:47
:beer: Congrats!

06-06-2006, 23:52:10

Greg W
07-06-2006, 01:02:58
Thanks all. :beer:

Yeah, it is exciting. Also a little scary, I must say. While I have had a mortgage before, I've never had one this big, and never on my own.

Hmm, I read that pensioners eat dog food because they can't afford much more. I wonder what the good brands are. :D

Greg W
07-06-2006, 02:00:29
Just reading my bank balances online, looks like it must have settled:Total debits: $251,391.94 DR
Total credits: $1,449.05 CR
Net position for accounts: $249,942.89 DR

Summary position: $249,942.89 DR

Qaj the Fuzzy Love Worm
07-06-2006, 02:24:55

And :beer:

Only, what, 29 years 364 days left to pay off on it?

Either that or you really went crazy on the sexchat hotlines.

Greg W
07-06-2006, 03:06:59
Christ, I hope it doesn't take me that long to pay off. :(

07-06-2006, 06:44:05
whatz, a variable duration mortgage?

Greg W
07-06-2006, 09:59:37
Down Under, you can always pay it off early. The banks reserve the right to charge you fees if you do so, but I have never heard of a case of it happening.

07-06-2006, 10:03:16
yaaaaay for a $250000 over draft. w00t.

07-06-2006, 10:12:33
Ah, of course.
I did a little investigation recently, and most here include a pay-off clause of 1% of the outstanding capital (and consider that for the first years you begin paying mostly interests, the capital takes some year to begin going down significantly)

I'll have to sign some mortgage, probably within the year, for ~160k.
I'll have to go for 25 years (as it's very unlikely they let you sign one extending past your retirement age), and I think I'll be struggling to keep up with the monthly payment.
that's why, although knowing there's the early pay-off option, I wasn't considering being able to afford it in the wildest hopes.... :cute: :o

Greg W
07-06-2006, 10:29:13
I'm hoping that I'll meet some rich chick who'll pay it off for me. :cute:

07-06-2006, 13:44:46
You mean to say you let a bank con you into a standard mortgage.....
There are so many better options, including a 'line of credit' that can reduce your interest by up to 50%..

Greg W
08-06-2006, 00:54:23
No, it's not just a standard mortgage. There's a Line of Credit as well, not to mention the wqealth package, etc.

08-06-2006, 01:07:16
Just for a minute, the way you were mentioning paying off early, I thought you'd been caught by a finance manager.
I just arranged 350K for my daughter, and one of them tried a standard mortgage on, till I laughed at him.... :D:

Greg W
08-06-2006, 03:06:58
Mind you, a line of credit is only good if you're good at watching what you spend. If you're not, you'll never pay anything off. And I am great at watching what I spend. :cute:

08-06-2006, 07:33:22
I watch what I spend to. I watch it turn into shiny things.