Aaron WhybrowGeneral Manager, Strategic Mortgage Broker

Do You Negotiation Well?

Name: Do You Negotiation Well?
Uploaded: 2018-11-29T06:22:07Z
Channel: Aaron Whybrow
Description: A short YouTube monologue by Aaron Whybrow offering a practical tip on negotiation during home borrowing and settlement. He explains that three parties…

29 Nov 2018

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A short YouTube monologue by Aaron Whybrow offering a practical tip on negotiation during home borrowing and settlement. He explains that three parties matter—the applicant, the property (its quality), and the bank—and describes how mismatches trigger negotiations that often require brokers and conveyancers to obtain extensions and coordinate all parties.

Hey there, it's Aaron. Just a little tip on negotiation. Recently I've gone through a bit of negotiation, especially when it comes close to settlement. Did you know that it's actually three people involved in borrowing for a home? One is you, the applicant. Two is the property and what the quality is of the property. And number three is the bank. Now, the bank's going to check both you out, bank's going to check you out and it's going to check out the property. And if one of them doesn't match, we're going to have to negotiate and be able to address what's needed to happen. The problem is when we need to address things, it doesn't happen overnight. It takes a day. Typically, most of the time when these things happen, me as the broker and the conveyancer will need to jump in, get extensions and speak with all parties involved to be able to get to the right solution. And especially when it comes to selling a property and buying another one, or if you are bridging finance or if you are able to hold both properties, this procedure still comes into place. Negotiation is a triangle between the bank, you and the property. Thanks for listening.