Yes you can. Some customers approach me with the same predicament, where I would help them getting better rates. However, keep in mind that typically there is a 90 + 30 days from the date of signing of the S&P to the full disbursement of the remaining purchase price, so if you delay too much, your bank, loan-agreement lawyer, and other parties may not make it in time for the full disbursement.

Then you would get to pay the daily-rest penalty

A note though, depending on the type of the house and the loans that you would be getting like a government loan, or if the property is encumbered with a government loan, it is possible that the 90 + 30 days deadline to start only:

- upon approval by the government loan processing office (because they are so slow)
- upon consent by the state for transfer of rights (for leasehold property)

You need a lawyer who is experienced in the conveyancing industry to make sure that they are protecting your interests.

There are ways to get out of that. A person could apply from multiple banks, 1 would be approved (with horrible terms and conditions), while the other 2 gets rejected. And they use the rejection letter from the other 2 to prove that their loans have been rejected and refuse to proceed with the purchase.

This post has been edited by wild_card_my: Jul 1 2015, 11:36 PM

This is correct I agree with your points.

Btw are you like 19 years old...? based on your nickname. Thats very young. Youth is good.

Thats why some agents insist on getting as many rejection letters as possible.