Howdy,
I suspect the answer will be "as long as it takes" but looking at real estate listings there are some properties that are listed as under contract for months and months on end.
Clearly this is anti-competitive and should be regulated further - if you can't get the finance in time then sorry it should be "Adios Amigo!"
If anyone should have knowledge on the subject then please let me know.
Thanks
Presumably because OP believes that would somehow be to the benefit of a fourth, fifth or sixth party!
There are many reasons why a property might have an extended settlement date: subject to rezoning, subject to purchaser's sale of his/her own property, etc.
I agree with Azza. In my opinion, there is far too much government regulation of private treaties as it stands.
As for finance, it is clearly in the seller's interest, in most cases, to allow a purchaser further time to obtain finance, rather than having the property reenter the market, with the attendant risks. A bird in the hand…
Thanks guys, sorry wasn't thinking clearly, as frustrated at always being the fourth, fifth or sixth party.
Don't let it get to you, Mate. The RE agents can smell an anxious potential buyer at 50 paces and they'll take advantage of it if they can.
Get your finances in order so you're well prepared; get off the internet and put in the miles, on foot if possible; talk to everybody you can, buyers, sellers and agents, but don't necessarily believe any of what you hear; ignore newspaper/web articles designed to panic potential buyers. With hard-won personal knowledge comes confidence, then you're in position to be decisive when an opportunity presents itself.
I suspect also that the RE agents leave these properties up even if they've been settled because there is a chance that they can direct enquiries to other properties, also potential sellers may look favourably on the agent if they have multiple properties 'under contract' in the area already.
There is a checkbox on realestate.com.au that hides properties already under contract.
I'm sure you're right - it's free advertising for the agent. They do the same thing in their shop windows, both to show how successful they are so as to attract future sellers and also to frighten buyers into a "buy now or miss out" frame of mind.
How is it anti-competitive? A seller and buyer both agree to specific terms and conditions. e.g. 30/60/90 days settlement. Whatever they want as long as they both agree. On your comment about regulation, why do you believe an agreement between two parties should be regulated by a third party?