hi guys, I am new to property matters.

currently I am letting go my DSL house through an agent. Would like to check with you guys on these.

Lets say I have signed Letter of Cnnfirmation for Sales. However, buyer wanted to get loan approves, I agree to give up to a month for her to get the loan. However, I was told by my peers that getting loan approve is not that complicated as long you provided bank all the necessary documents.

As days goes by, agent requested me to get my property's snp for bank valuation or loan purpose. my question is if I am not planning to use her anymore (if the buyer's loan reject), can she "do" anything with the documents I provided her?

Also, is it compulsory for us to give our property-soon-to-sold snp to agent? and how long usually mortgage loan takes to approve by bank?

thank you for your upcoming input. have a nice days guys.

Be sure the confirmation of sales validity that is not more than a month, and subjected to approval of buyer loan, aka if the buyer fails to secure a loan, then the confirmation of sales become invalid.

Normally, loan approval processing won't be more than a month, whereby whether the loan is approved or not already known.

Confirmation of sales /= SnP.

Normally, banks do ask for confirmation of sales or 1% deposit receipt etc documents, to show buyer legitimate interest on the property.

just to add my 2 sen - loan approval only takes 1 to 2 weeks..

its quite ok to give a copy of the snp - just the first 3 or 4 pages + schedule (if any) and the signing page..if you are worried get the agent to acknowledge receipt of the copies of snp you are giving to her.

This post has been edited by nookie188: Apr 7 2016, 09:19 AM

Thank you.

Thats why I have been wondering why so slow, agent keep saying bank need this and that till today almost end of the date but still saying waiting bank approval. Its like being fool by agent.

never mind ..since you have agreed to one month just leave it..some buyers do need more time esp if borderline cases .

Hi

I'm actually a mortgage specialist

Regards to the matter.

Loan application normally take about 3 - 4 days to get approval.

SNP / Title of the property is required as the bank will need to charge the property in the event the loan is approved.

For bank valuation, SNP is not require as it's a verbal valuation, unless your property is hard to detect, they will request the property title.

She can't do anything with the document as it's just your title bearing your name and detail.

Feel free to let me know if you need any more guides

Its a leasehold. Thats why she said taking such long period and requires different documents. Also, she said my property is a low cost property which is not.

Sigh. Not sure about it also

No such thing

You're dealing with someone inexperienced

Thats why I am doubt of what she had told me. Anyhow, buyer's loan not approve. So going to find another buyer, I hope she refund the deposit to buyer since loan approve.

Anyway, Sale of Confirmation letter usually limits up to 14 working days or 14 days included weekend?

Depends on if it's stated working days or just 14 days which will include the weekends