Contracts signed-subject to Bank Val-
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Our builder has taken over a month to get PCVs out to our bank- once the bank had all the information they needed, they took less than 4 days to get us an answer.
Does anyone know where we stand?
We can walk away from the initial deposit but will challenge the balance of the 3% if we have a leg to stand on. Anyone been in the same boat?
Thanks again guys!
If there were other consultants involved you could be up for 5-10%
We have formally written back to our builder informing them that had we received the full pricing in the contract we would have had an answer back from the bank inside the 5 day cooling off period, and well before the 30 day subject to finance approval clause, and would have had opportunity to pull out.
The fact they took over 5 weeks to get our final figure sorted after initial contract signing means we are outside those periods before the bank even got a figure- let alone were able to order a bank valuation.
They have escalated it to upper management and we hope to get a response sometime this week. If they don’t act in the spirit of what we feel is just, then we will be forced to push it further.
Thanks again for the input.
We have had a similar issue, I wonder if it’s the same builder in the south east of Melb
Hi, we signed our building contract with our builder subject to satisfactory bank valuation by our bank. The bank valuation came in quite a bit lower than we expected- to the point it will push our lend well into LMI territory. We told our builder that we may not be able to proceed, but they will terminate our contract and seek 3% of the contract price from us. We have paid about half of this with deposits over the past few months, and are prepared to walk away from that for work already done, but we thought subject to finance we could back out- kind of like a cooling off period.
Our builder has taken over a month to get PCVs out to our bank- once the bank had all the information they needed, they took less than 4 days to get us an answer.
Does anyone know where we stand?
We can walk away from the initial deposit but will challenge the balance of the 3% if we have a leg to stand on. Anyone been in the same boat?
Thanks again guys!
Our builder has taken over a month to get PCVs out to our bank- once the bank had all the information they needed, they took less than 4 days to get us an answer.
Does anyone know where we stand?
We can walk away from the initial deposit but will challenge the balance of the 3% if we have a leg to stand on. Anyone been in the same boat?
Thanks again guys!
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