Is it common to include financing clauses (basically allowing you to walk away with no penalties if you cannot secure financing in time) when buying real estate?
I’m not overly worried about it but as a foreigner in Taiwan (with a shit passport) it might take me longer than normal to secure the mortgage, so I’m just trying to cover my bases.
Lmfao. No.
Many real estate agents just want to sell. If you cant get financing on time they will give to the next person.
Signing a promise to purchase is a risk on that deposit that you may need to back out.
Ask me how I know. $20000 gone.
How’d you go about it the second time to get it in time? Any tips?
Basically, the agent worked to try to find a bank at the same time. It is almost always down to ‘the good of their hearts’
But most are just ‘getting into real estate’ to make a quick buck and get out or are ruthless and cold. They’re like a stuck up hot IG thot with 10 guys lined up. If you don’t follow the requirements, they got someone else that will.
Thanks. The agent is the one who contacted the bank? Weird.
I’m considering presale units so the agents will hopefully be more invested.
I told my agent to add this clause but they were sneaky about it. The escrow agent added a clause saying I can back out if no bank agrees but I agree to pay other fees. I later found out other fees included the 300k real agent fee. I thought it was the basic escrow agent fees like 10k. Without this clause I think the 20% down deposit is also at risk.
Make sure to not sign in the last moment until you translate and understand everything, they will want to rush things. I brought a Taiwanese friend to negotiate and translate but he also didn’t understand some things in the paperwork.
No. You are supposed to contact the bank.
But this agent helped try to contact banks or look for guanxi as well.