🎧 Episode 222: The $98,000 Property Mistake That Could Happen to You

Could you really lose nearly $100,000 over a missed bank transfer? Yep—you absolutely can. And in this episode, we unpack a real-life story that proves just how easily that kind of disaster can happen. A Queensland buyer lost his entire $98,000 deposit simply because he didn't meet a deadline—and the worst part is, it was completely avoidable.

We break down exactly what went wrong—from not checking his internet banking limits to relying on a casual text from the agent saying it was fine to pay a day late. Spoiler alert: it wasn't. We explain why "time is of the essence" matters in contracts, how legal advice should come before you sign anything, and how quickly things can unravel when you don't follow the proper steps.

This isn't about scaring you—it's about making sure you understand how serious contract conditions are and why it's so important to get everything in order from the get-go. If you're buying your first home, this episode talks about lessons you most definitely do not want to learn the hard way.

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Episode Highlights:

00:00 - Introduction
02:17 - A buyer loses $98,000 after missing a crucial deadline—what happened?
04:25 - Lesson #1: In Queensland, "time is of the essence" in contracts
05:17 - Lesson #2: The wording of your contract matters, review it early
05:58 - Lesson #3: Know your bank's transfer limits
07:03 - Lesson #4: Extensions must be in writing – texts from the agent don't count
07:55 - The missed opportunity to fix a critical mistake
09:12 - Lesson #5: Bank limits and personal inconvenience don't excuse breaches
09:38 - Lesson #6: If you breach the contract, the seller can keep your deposit—plus interest
11:04 - Lesson #7: The contract clearly gave the seller the right to terminate the deal
13:50 - Lesson #8: Don't sign a contract without getting legal advice
15:19 - Lesson #9: Extensions must be confirmed in writing by your solicitor
17:49 - Lesson #10: Get legal advice and raise your banking limit before signing anything

Resources:

➼ FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse

➼ Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers

➼ Visit our website https://www.homebuyeracademy.com.au/

➼ Join our Facebook Group to get access to free monthly live Q&A sessions
https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia

➼ Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG

If you enjoyed today's podcast, don't forget to subscribe, rate, and share the show! There's more to come, so we hope to have you along with us on this journey!

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Learn how to buy your first home without making avoidable mistakes.

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Co-Founders

Veronica Morgan & Meighan Wells

Veronica & Meighan are both licensed real estate agents who exclusively help buyers. Together they have nearly 40 years experience as property professionals.

Veronica is principal of Sydney based Good Deeds Property Buyers and is also co-host of The Elephant in the Room property podcast as well as Location Location Location Australia on Foxtel and author of Auction Ready: how to buy property at auction even though you're scared s#!tless!

Meighan is the multi award winning principal of Brisbane based Property Pursuit, chairperson of the REIQ Buyers Agent Chapter & a regular media commentator.