Update on Home Purchase Situation

Recent Developments

It’s not looking particularly optimistic at the moment. It seems that the seller’s agent is attempting to secure a 両手取引 (dual agency), which complicates the situation further. This means they are trying to represent both the seller and potential buyers, which can lead to conflicts of interest and might not be in our favor.

Application Progress

Our agent has submitted our application along with the pre-approval details for the mortgage. The house is hosting an "open house" throughout the weekend, and thankfully it is unlikely to be canceled since attendees are pre-registered. Fingers are crossed that everything works out! Our agent mentioned that the seller’s agent appears very eager to find a buyer personally, which could allow them to receive both sides of the commission. It’s hard to fathom why sellers in Japan often opt not to use exclusive agents in such scenarios!

Potential Signing: We might be signing the deal for our new house today, and I can’t help but feel the adrenaline racing through me.
Mortgage Pre-approval: We successfully passed the pre-approval stage with SMBC for the full amount over a 35-year term, which is a crucial step in this process.
Next Steps: Following the submission of our offer, we will need to schedule a face-to-face meeting with the bank— or perhaps it could also be done via Zoom?

What to Expect from the Bank Meeting

What should we anticipate during the upcoming bank meeting? Will the bank representatives provide a comprehensive overview of the various options and rates available to us? Understanding all the details is crucial for making informed decisions.

Additional Concerns

There are some contrary opinions from my in-laws regarding the costs involved. They are expressing concerns that the price for this property is too high. Moreover, I find it troubling that the bank is only considering ONE of our incomes for the loan assessment. What are your thoughts on this?

Property Overview

We are considering a 101m² property, a spacious 4LDK custom home that is 15 years old and priced at 85 million yen, located in South Tokyo along the Ikegami area. Our intention is to establish this house as our long-term residence for years to come, so we want to ensure that it is a sound investment.

How AI Legalese Decoder Can Assist

To navigate this complex process, employing tools like the AI Legalese Decoder can be highly beneficial. This tool can help decipher complicated real estate contracts and legal jargon, ensuring that we fully understand all the terms and conditions associated with purchasing the property. By clarifying the legal implications and responsibilities involved, we can make better-informed decisions and protect our interests moving forward. In a market where agents might not have our best interests at heart, having a clear grasp of legal documents is even more vital.

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