Couple buys their dream home at auction with pre-approval secured at the '11th hour' by a Loan Market broker
Buyer’s Robert and Sarah were pre-approved for $620,000. Their dream home, in their dream location came up for auction. There was emotional attachment to the property given it was two doors down from the house where Sarah grew up, a home her parents still live in.
Due to circumstances, the marketing campaign to sell the property was only 11 days from the first open to the in-room auction.
Agents, Chris Watson and Tania du Plessis expected the property to sell for between $680,000 and $700,000 which was too much for Robert and Sarah based on their existing pre-approval. Given this Chris and Tania insisted the couple speak with their Loan Market Broker, Ben Taylor.
The Monday after the first open, 8 days before the auction, Ben spoke with Robert. During the conversation key information was captured to enable him to do some preliminary calculations to determine if it was possible for the clients to purchase the home. It was decided there was a chance providing they could provide the supporting documentation within 24 hours and they were prepared to go to the lender recommended by Ben, who would accept their circumstances and would be able to turnaround the deal within the tight timeframe. The clients were happy with the advice in this regard.
Deal submitted Tuesday, 7 days before the auction.
Ben understood the importance of getting the deal done, having spoken to the clients and understanding their emotional attachment to the property. He was also aware of the likelihood of them being successful at auction having spoken to Chris and Tania about the reserve price and the interest in the property.
Ben knew they were in with a big chance to buy if they could get the pre-approval, enabling them to bid confidently.
After the deal was submitted Ben maintained constant communication with the clients keeping them informed as to the status of their application.
Saturday, 4 days before the auction, the lender requested more information. Ben contacted the clients to collect the additional details in preparation for submission first thing Monday morning.
After submission, Ben called the assessor to explain the urgency of the situation and the tight timelines. It was important the assessor didn’t think this was just another last minute application. They needed to know it was a very short campaign and the clients and he had acted as quickly as possible. It’s this sort of information that makes a difference in these circumstances and it’s where our Ray White Sales team and Loan Market Brokers have the edge over the opposition.
On Monday afternoon, 27 hours before auction, the pre-approval was granted to enable the clients to confidently bid at auction.
Come auction night the client’s purchased the property for $741,000. $61,000 over reserve! Happy Vendor, happy Agent, happy Broker and most importantly very happy buyers.