Here are the top 3 reasons why finance falls over (although seldom through us)
- Clients talk to their family and friends and decide against the home, they then do not meet finance conditions. This happens quite a bit more than you would think. How often have you had a finance fall over only to find out months later that the client bought some other home. We have had the odd request from a client asking if they can make an offer on another property while they have one under contract.
- “She’ll be alright mate” An indication from a banker or broker of what might be possible is not a formal approval. Not being clear from the onset can lead to a client making poor purchasing decisions. Getting an approval in writing is best.
- Some banks are now asking for a valuation even with a decent deposit. This can throw up a curve ball at the last minute. At times s getting another bank involved with a new set of conditions can strain the finance deadline.
Dealing with a good broker is key – with us you get upfront honest feedback.
Hamish Patel – mortgage broker. Mobile: 021 625 693, hamish@monline.co.nz
