Take Care When Making Offers
In a hot property market it’s easy to get carried away in the moment and be in a hurry to make cash unconditional offers. Every month or two we get asked to help people out of a tricky situation where they have placed an unconditional offer just based on a verbal “approval” from the bank. It’s absolutely critical that before placing any offer on a property without conditions that you get it in writing that you can do so. That approval in writing also needs to be specific to the property you are looking at. The banks usually check the draft sale and purchase agreement and disclosures in advance of making an offer. As long as that sale and purchase agreement doesn’t change after being checked, you are normally good to bid unconditionally within your budget. Then after the deal is done, the final sale and purchase gets officially signed off.