as a mortgage broker, I have had cases where a client did not qualify with any lender. We informed the other party of this and they still expected us to waste our time, the buyer's time and a lender's time applying to a lender just to get a decline letter. We refused and fortunately they eventually backed down. Was still frustrating and stressful for the potential buyer. This is one good reason why speaking to a broker or lender first to know your borrowing power is important.
Great info, thanks. Out of interest, if we have a buyer terminate on building and pest, how long can the seller's solicitor take to confirm whether or not the initial deposit can be released to the buyers? Are we obligated as the agent to do anything if this exceeds 5 business days without any confirmation (despite polite requests by us to the seller's solicitor to request confirmation)?
Hi ReMax team! Unfortunately, there is no specific statutory timeframe for the seller's solicitor to confirm the release of the deposit. Continued delays without response can be frustrating. As the agent, your role is to facilitate communication - and advise your client to seek legal advice if necessary. So I suggest if the seller's solicitors does not respond to you, the buyer's solicitors should attempt to send a letter to try to expediate the process. Beyond this, they would need to threaten/begin the process for legal action for the release of the funds. I hope this helps...
@@empirelegal Thank you so much - really appreciate the advice so at least we know where we stand with this for our sake, as well as the Buyer's. Loving the video content. :)
@@REMAXNOW-s7g Our pleasure - if anyone in your team ever have any blog topics/feedback/suggestions - please email me - george@empirelegal.com.au. Always happy to help however we can (and of course with any buyers/sellers that need QLD conveyancing help). Thanks team!
as a mortgage broker, I have had cases where a client did not qualify with any lender. We informed the other party of this and they still expected us to waste our time, the buyer's time and a lender's time applying to a lender just to get a decline letter. We refused and fortunately they eventually backed down. Was still frustrating and stressful for the potential buyer. This is one good reason why speaking to a broker or lender first to know your borrowing power is important.
100%!
Great info, thanks. Out of interest, if we have a buyer terminate on building and pest, how long can the seller's solicitor take to confirm whether or not the initial deposit can be released to the buyers? Are we obligated as the agent to do anything if this exceeds 5 business days without any confirmation (despite polite requests by us to the seller's solicitor to request confirmation)?
Hi ReMax team! Unfortunately, there is no specific statutory timeframe for the seller's solicitor to confirm the release of the deposit. Continued delays without response can be frustrating. As the agent, your role is to facilitate communication - and advise your client to seek legal advice if necessary. So I suggest if the seller's solicitors does not respond to you, the buyer's solicitors should attempt to send a letter to try to expediate the process. Beyond this, they would need to threaten/begin the process for legal action for the release of the funds. I hope this helps...
@@empirelegal Thank you so much - really appreciate the advice so at least we know where we stand with this for our sake, as well as the Buyer's. Loving the video content. :)
@@REMAXNOW-s7g Our pleasure - if anyone in your team ever have any blog topics/feedback/suggestions - please email me - george@empirelegal.com.au. Always happy to help however we can (and of course with any buyers/sellers that need QLD conveyancing help). Thanks team!