Timing buying the ex out

Aaron Whybrow explains how to time buying out an ex-partner from shared property. Get loan approval early, even if conditional. Know that your settlement agreement sets a refinance deadline, and tell your ex immediately if the bank is slow so you can ask for an extension.
Buying the X out. One of the things you need is to know the borrowing power. That's video one. Video two is about the property settlement agreements. And now this is about the timing. Hey, it's Aaron from Diagnostics and Finance. One of the items that we need to do really, really quickly from the get go. When something's happening and you want to buy out your ex, you need to jump into a broker or bank to be able to get the loan approved asap. Even if it's going to be conditional for a little period of time to wait for the property settlement agreement to come through. One of the things that are usually in the property settlement agreement is a timeline to be able to get the refinance done. And sometimes if you go over that timer, you need to get a little bit creative with the negotiation with legal teams to be able to get it through. If the bank is a little bit slower or it's a bit more complicated than most, which is usually why the bank is a little bit slower. It doesn't mean it's negative, it just means it's a little bit slower, we can then get all the right. If they are slower then we can communicate where we're up to. Not that dissimilar to when we're buying a home. If you are needing an extension on things, demonstration of that the valuation is done that you're conditionally approved and there's only a minor piece of paperwork to go. Most logical people will take that under account. Hopefully you don't get into this situation that you have to go over the timer of property settlement agreements. But if you do, it's always good to be up front and get all the right information. For example the valuation, conditional approval and what is left to get done. Hopefully everything goes through smoothly and hopefully you don't have this experience at all. But if you do, you need to get a right broker on your side so that you can get things done in a timely manner. Alright, bye for now.
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