Buyer's guide
Six steps from pre-approval to transfer, and the three points where financed buyers stumble: the bank's valuation gap, the deposit's fate, and timelines. Specifics differ between banks — this guide gives you the right questions, not promises.
Damj is the buyer's agent: coordinating you, the seller, and the bank, documenting every stage, and protecting the deal with realistic scheduling. Damj never receives any part of the price or deposit — the price moves through the government channel and the deposit goes to the seller directly.
No. Pre-approval is an initial estimate; the final decision comes after the bank's property valuation and a review of your obligations and debt-burden ratio. Treat it as a seriousness signal, not a guarantee — and pay no deposit before its fate on refusal is written down.
The bank finances a share of ITS OWN appraised value — not the agreed price. The difference is a cash gap you carry unless the price is renegotiated. Ask what the valuation was based on and weigh the options before committing: renegotiate, raise your down payment, or withdraw per the deposit agreement's terms.
The deposit goes to the seller directly under a documented tripartite agreement — Damj never holds it. What matters most in your case: the agreement must state in writing, before any payment, exactly what happens to the deposit if financing stalls or is refused.
Longer than cash: an accredited valuation, bank committees, and sometimes a housing-support authority — timelines differ between banks. The longer clock tests the seller's patience and the exclusivity term, so Damj sets expectations with both sides from day one and documents each stage.
The bank disburses the financed amount to the seller through the official title-transfer process, and any cash portion from you goes through the same government channel. Damj never receives any part of the price or the deposit — anyone requesting a transfer in Damj's name is a fraudster.
The support authority's track (its conditions and timelines) stacks on top of the bank's, extending the schedule somewhat. Tell Damj upfront so support timelines are built into the deal schedule and the deposit agreement.