Sign up with GoogleSo I'm looking at upscaling slightly and selling my existing home to buy a new one. I have some questions on how this works and hope some forumites can help me understand this here.
In order to buy the new home, I'd need to sell the existing one. I've given notice to the bank about intending to cancel my bond, and I also got 'pre-approved' by a bond originator, which is fine, but which I also dont think gives me any guarentees.
So lets say I find a place. I put in an offer to purchase it subject to the sale of my existing place, and that offer is accepted. I then put my place on the market, as I'm relatively sure it will sell pretty quickly, and then I get an offer from someone to purchase it. Great.
My worry is, once the property is sold, and I then go and apply for my bond to purchase the new place, if that application is declined, am I totally screwed? I know there are various clauses that you can attach to offers to buy or sell.Have I got a step in this process wrong? How do i prevent this scenario from unfolding?
In order to buy the new home, I'd need to sell the existing one. I've given notice to the bank about intending to cancel my bond, and I also got 'pre-approved' by a bond originator, which is fine, but which I also dont think gives me any guarentees.
So lets say I find a place. I put in an offer to purchase it subject to the sale of my existing place, and that offer is accepted. I then put my place on the market, as I'm relatively sure it will sell pretty quickly, and then I get an offer from someone to purchase it. Great.
My worry is, once the property is sold, and I then go and apply for my bond to purchase the new place, if that application is declined, am I totally screwed? I know there are various clauses that you can attach to offers to buy or sell.Have I got a step in this process wrong? How do i prevent this scenario from unfolding?
