Replay Ep23: Josh Hommelhoff - The Pros and Cons of Short and Long Settlements

The settlement of a property can make or break the buying and selling process. For some, it could mean bridging finance, for others, it might mean renting something for the short term. No matter what, it can cost if it all goes wrong. Settlement terms are always one of the deciding factors that could mean that the property is sold to you, or maybe someone else. We have Josh Hommelhoff from Ray White Carnegie to give us the know how on what's the good, the bad and the ugly in terms of property settlements.

1. What is a settlement?

2. What is the average length of a settlement?

3. What do we need to achieve in a settlement?

4. What are the pros and cons of a short settlement?

a) how quickly can a settlement occur, knowing how much needs to be done to get the settlement through?

b) why would buyers or sellers choose a short settlement?

c) do you have any examples of a short settlement?

5. What are the pros and cons of a long settlement?

a) can long settlements have additional terms, like more deposit or more repayments?

b) can long term settlements be for years, not months?

c) why would buyers choose a long settlement?

d) do you have any examples of a long settlement?

6. Should we ensure that the seller's terms suit your terms, as the buyer, before giving your offer/bid, especially at auction?

a) what happens if you are the final bidder and you then want to negotiate different settlement terms?

7. How can we ensure that the property settles properly on the right day?

8. How common is it that the settlement date is changed from that that was orginally on the contract?

 

CONTACT:

Josh Hommelhoff - Ray White Carnegie  

Ray White Carnegie
77 Koornang Road, Carnegie

(03) 9571 6777

https://raywhitecarnegie.com.au

 

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