Mission Beach Real Estate – will I get my deposit back?
March 15, 2021
I’ve signed a contract to purchase a property in Mission Beach, now what happens?
Here at Andersons Real Estate, you are in good hands, we’ll take you through these important steps and guide you all the way.
You’ve just signed a contract to buy a Mission Beach property and you need to secure finance. Ideally you have obtained finance pre-approval beforehand, once you’ve found that dream home. Finance approval can take considerable time to get through, so it’s helpful to allow your financier adequate time.
Andersons Real Estate will forward a copy of your contract to your bank, financial adviser or mortgage broker, and shortly thereafter a Far North QLD Property Valuer will be sent out to view the property and make sure it is worth the amount you are paying.
What happens if I don’t get Finance Approval for my new home?
It happens at times, for any number of reasons:
- You may not have enough disposable income
- your situation changes
- you haven’t been in your job long enough
- the valuation may come back less than expected
It is very unfortunate for all concerned but it can happen.
Unless you have access to other funds to buy a home, you will need to terminate the contract. You may need to provide a rejection letter from your bank as proof to the sellers. As long as the termination is lawful the deposit will be refunded to you.
In some instances, you may wish to try another lender in which case you would need to request a finance extension through your solicitor. The seller doesn’t have to agree to an extension but in most cases, they will let you try.
At Andersons Real Estate, we are here to help and guide you through the entire process of buying a property in Mission Beach. Contact us if you would like to discuss any aspect of Real Estate in Mission Beach or beyond.