On a technicality, I may be back to square one on a place to live. Because my employment contract has a clause that allows my company to terminate the contract within the first 3 months of employment, the bank will not give me a loan until August 1.
I’ve been working for the same company for nearly 4 years. Is it at all likely that they’re going move me all the way over here, then terminate my contract? Probably not, but the only way around this issue is to get a letter from my company saying that they won’t terminate the contract during the probation period. Seems like it shouldn’t be an issue, but Legal may have another opinion.
So, let’s just say I can’t get the letter. Worst case scenario is the seller is sick of my American shenanigans, makes me pay the 1% breach of contract penalty, and decides to sell to someone else. Best case scenario is another 2 1/2 months of living like a gypsy with my belongings stashed all over town. I can’t even begin to entertain the nightmare of putting my shipping container in storage for all this time.
Sometimes, I just have to wonder if it’s a sign…
Smilingsurfer says
Considering everything that you have endured up to this point, there must be a way to solve this Mortgage problem.
By the way, is a 20% down payment customary in DK?
Do you have agents negotiating on your behalf?
Good luck, and don’t forget to breathe :)
DragonflyC says
So sorry to hear about this craziness!
Will the guy who owns the house let you rent it for three months?
–Cari
Sage says
Banks will only grant mortgages for 80% of the purchase price, but from what I understand, most people don’t have the 20%. DK doesn’t have PMI, so the majority of people take a bank loan for the other 20%.
Unfortunately, prepayment penalties are standard here. I’m debt averse, so I’m taking a bank loan instead of a mortgage, that way I’ll be able to pay it off whenever I want. It’s also the cheapest way to finance.
We have seller agents here, but not buyer agents. So in addition to not having anyone advocating for me during the negotiation process, I had to call the listing agent for each property I wanted to see.
I’m looking into alternatives like renting the place, but I’d totally understand if the seller is sick of dealing with me. I feel like the worst buyer ever!!!
~ Sage
Smilingsurfer says
I hope that you can work things out, it would be great to rent the place before your loan goes through.
Weird that there are no Agents to represent the Buyer. Not even Loan Agents?
Looks like you have done the research and chosen the right loan type for your situation.
Best of luck to you :)
Barbarahp says
Oh no Sage! After everything, this?
I will keep my fingers crossed that your employer will give you the letter, why wouldn’t they? I dont’ get that.