Quote:
Originally Posted by Yellow_Festiva
Don't be so vague about your offer conditions.
Subject to your satisfaction of the building inspection. If someone wants to be clever with your wording you are simply stating that you will buy after the inspection.
Subject to the finance approval from the new lender.
Sure you have finance sorted (does that mean you are fully self funded or you have approval from a lender), but what if you agree on a price well below the lenders valuation? (assuming you are borrowing against the new purchase). They may not bridge the gap and either you foot the difference or pull out.
Careful with building inspections - they are 3 pages of reports and 12 pages of legalese advising you to only use it as a rough indication and to get individual expert inspections for all the specific aspects of the property.
Good luck  |
"but what if you agree on a price well ABOVE the lenders valuation? (assuming you are borrowing against the new purchase). They may not bridge the gap and either you foot the difference or pull out."
Should have said above.
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