Thursday, 12 June 2008

You can have it as an option…

Goodness two posts in two days, verbal diarrhoea!

So, as I said yesterday the Guru and I are looking to buy a place and at the moment we are looking at a newly built place just over the river – so new in fact that it won’t be built until next March. What got me is this.

Last night, as I said, after writing blog type stuff I filled out all the forms necessary to apply for the place and the associated finance that is part of the deal. No problem there, but because it hasn’t been built yet there is also a whole load of add on options you can choose, and pay for, for the particular apartment you are buying; so, for example, you can choose better/more kitchen appliances and bathroom stuff and, well, lots of other stuff as well. The problem is that, for some reason, even though the place won’t be finished for about 10 months, the deadline for option choosing is this Saturday.

Now, as a foreigner it is much more difficult to obtain the necessary credit to buy property – it is possible but takes time. We submitted all the paperwork today, the decision from the bank won’t be made until next week at the earliest but if we want options on the apartment that isn’t ours yet we have to make them on Saturday. That in itself is silly enough, but get this.

On Saturday we’ll hand over a deposit and make our option choices. The following week the bank will make their decision, if they say yes then all well and good. However if they say no then the apartment people will smile, say sorry and then give the deposit back and then give us an invoice for the cost of the options we have chosen as the ‘contract’ for the mortgage is completely different and separate from the ‘contract’ for the apartment itself…

So, how confident are we that we’ll get the finance? Well, seeing as it took us 4 banks (which in Japan is pretty much all of them) to get a mortgage for the place we didn’t buy before, not very, although the sole mortgage provider for the new place is the bank that approved our loan for the old place (but as they are different branches I am sure it will be, in grand Japanese tradition, ‘case by case’). What to do…?

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