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Oh my gosh, what a life saver!!!!! Thankyou thankyou thankyou :)

"Joint form of General conditions for the sale of land' - Yes that is the devil!

My partner and I put an offer in on a house.

The offer was accepted subject to finance approval.

We have til the 3.1.06 to get finance approval.

We have already got finance approval BUT after doing our research it looks like we got jipped and are paying way too much for this house. We want out!

How can we get out of this? Is it simple? Like a cooling off period or something?

If it's complicated, i thought of this:

The bank would only lend us the money if the house is worth what we are paying for it.

We think it's been overvalued and I thought maybe if we get it valued by a different real estate agent, and the property comes under the purchase price, the bank will have to reject our loan, therefore we are declined finance, getting out of the contract. But that's gonna cost $400.

Much appreciate your help!

I'm a Ex-real estate agent. You can only get out by going to court now. If the bank has given you finance approval then they have deemed the house worth that value. Plus, no such thing as overvalued property if you have already offered that amount.

As with anything to do with contracts, try to find some clause in there which he has not fulfilled and argue the point. Try to sort it out before getting too close to the settlement date cause if it goes over, you'll get hit with extra penalties too.

Did you place a deposit?

Second option is to call their bluff and tell em you wanna pull out. The other party might not wanna court battle and agree to retract the contract.



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