The Importance of a Finance Condition Clause in a Bank Pre-Approval

Are you buying an apartment? Have you gone to your bank to have a pre-approval? Do you really need a finance condition?

These are the questions that you need to answer when you’re planning to use a bank to finance your purchase. In my years of experience as an apartment agent in Auckland, I come across several apartment buyers that were turned down by their banks. Now, there are several reasons for this unfortunate event.

I enumerated several factors in my newest podcast and these will include the following:

• Why Banks will often disapprove mortgages on buildings where they already lent to too many people
• What you need to list on your finance condition that could prove beneficial to you as the buyer
• Why you need to talk to your bank and arrange a valuation of the property you’re buying

These are just some of the things I will discuss on my podcast, so I urge you to watch it and be an informed buyer. Always remember, don’t let a pre-approval to give you the confidence that you can already go with the sale without the finance condition.

To watch my newest video you can click on this link: Finance Condition in a Bank Pre-Approval