House: under contract!
We’re under contract! After a nervous wait where one half of the vendor party took forever to sign, for who knows what reason, we’re officially under contract. Tomorrow I have to drop off some paperwork with the conveyancer and start calling around for the two pre-purchase inspections. We have to wait for the “executed” contract to get finished up before the mortgage application can begin in earnest, but what we have is enough to begin the valuation process with our prospective lender.
So there are now 4 different outcomes that could prevent us from buying the house: mortgage application failure, building inspection major fault, pest inspection major fault, and finally the bank refusing to pay out on the settlement date. The last one’s not unheard of, but should be unlikely in this case because of a reasonably short settlement date and it’s not a new build, so the valuation of the property shouldn’t change much. At this stage the primary concern is the initial finance approval, which we have 21 days from the signing date to back out if it can’t get organized by then.
But things are looking pretty good as of right now, so fingers crossed!