Browse Forums Building A New House 1 Mar 16, 2009 3:09 pm I posted this in another thread too, but thought there may be more immediate answers here....thanks!
My brother and I have decided to build a home with Dennis Family Homes. We have been in contact with their financial people who have been terrific and have helped us apply for a loan and are packaging the loan as a 'house and land' loan. We have gone through Colonial/CBA and have been granted pre-approval. We have paid our $7,000+ deposit on the land. The land does not settle until July. We have had our initial DFH consultation and have paid our $500 deposit. DFH cannot conduct a soil test on the land until late May-early June, so realistically, a total purchase price cannot be reached until this is done, therefore we won't know the exact loan amount until this has been done. We are currently being contacted by the lawyers of the land owners through our conveyencer requesting to know that we have a full loan approval. They have contacted us twice now - we have contacted our finance man and he can't understand why they need to know now as we have a pre-approval and evidence that the bank will support us, and that technically as we can't soil test until so much later, it is really them who are holding up the process of getting to contract. We are first home buyers, new to this obviously and are feeling a but run around by all of this stuff.... Re: land help required!! 2Mar 16, 2009 4:01 pm I'm not sure what state you're in, but generally, unless your land contract was "subject to finance" or stipulated some special condition requiring you to prove you have unconditional loan approval, they vendor has no right to demand such evidence.
I'm presuming contracts for the land have been exchanged, in which case neither of you can pull out without penalty. So the vendor really shouldn't be concerned about your ability to get unconditional approval, particularly when settlement is months away. If for some reason you couldn't get the finance, you'd have to rescind and forfeit your deposit to the vendor. If you're really concerned, I'd get your conveyancer to respond to the vendor's solicitor in writing, stating that you have pre-approval and that your unconditional approval depends on A, B & C which will be happening on or about XYZ date. They can't ask you for more than that (unless your contract provides otherwise). In any event, your conveyancer should be advising you on this matter - that's what you're paying them for - to advise you on your rights and obligations. Building a Wisdom Homes Impression 33 MkII http://lilypadintheponds.blogspot.com/ We have the keys! Tiling in progress... Re: land help required!! 3Mar 16, 2009 4:49 pm Thanks for that - I can't understand why they are being so insistent - we have been on time with all payments and quick to respond in regards to questions or information requests - it just seems a little unreasonable. I forgot to mention that this land is in a stage 8 of a development so surely we are not the only ones to have this type of loan... Re: land help required!! 4Mar 17, 2009 1:06 am beanie Thanks for that - I can't understand why they are being so insistent - we have been on time with all payments and quick to respond in regards to questions or information requests - it just seems a little unreasonable. I forgot to mention that this land is in a stage 8 of a development so surely we are not the only ones to have this type of loan... I can only guess that they are probably anxious for you to have formal approval. Solicitors are pretty frustrated at the moment with delayed approvals and settlements due to the incredibly bad delays at the major banks caused by under-staffing and high demand. They are probably also anxious on the valuation issue; they may have lost some sales due to low valuations. I know foam has been around since the 90's and CSR started manufacturing Hebel in 1989, so it's definitely possible 5 5457 Minimum overhang into gutter must be 50mm, turn down tool should not split the sheet. it seems wrong tool for the profile was used, the flashing cannot slope back. Rib… 2 2131 1 2992 |