Compared to some of the other expirences I've just read above, mine is quite small even though it didn't seem that way at the time. Although I didn't lose that much, the lesson I learnt from it was invaluable. After getting all excited about a investment property book I just read a few years ago, as you do, I thought I'd go out and buy a property far from where I had any idea of about anything.
I searched via the internet and BAM out jumped the perfect one for me. Yahoo, everyone else that lives there must have missed this one because the pictures look so good, and the price woh. Anyway a few weeks down the track I get the pest, building and electrical inspection results. Building seems to be structually sound, there's a plus. Electrics for 3/4 of the place look normal, the other 1/4 done by the local footy team after a few to many beers, not good. All right that's one all, I'm not panicing that much. Pest inspection, "there doesn't seem to be any activity in the building that I can find". Well that instilled confidence in me of his ability to find his own butt. Doesn't seem, did that mean that he looked from the the front fence, or even the pubs beer garden accross the road, I don't know. I would have been much happy if he had said there was no evidence that my new purchase was the latest trendy restaurant for well heeled termites. I suppose it was that little added extra at the end of the inspection paperwork that caught my eye, "things you might want to look at". OK so what bolt of reality is he going to instill in me now."There is a large colony of Subterranean termites in the tree out the front" This tree I then find out is miles from the house at a distance of 3 meters. Upon some well intended study about Subterranean termites after the fact, I find out that any wood they have within 50 meters of their home, is considered as a free banquet.
OK not a problem, this is why I got these inspections done in the first place. Wait a minute what does that document say at the bottom? "If a response for objection is not received within 3 days, this contact will then be binding. I did not receive the paperwork until 2 days after the due by date.
After going back and forward with each others lawyers, I had to purchase or face a costly court process. Anyway it comes to settlement day and my lawyer receives a call from the other side, " we need an extension to the settlement". What the! Obviously we didn't give it and the contract was terminated. (No pun intended!) Turns out that their bank had sent the incorrect title to yippiterville and needed another day to get the correct one there. I was so lucky that I got out of it with a couple of grand lawyer fees.
Moral of the story, when you think you are protected by doing inspections, make sure they give you adequate time to respond.
Now I'm out of breath reliving that experience on paper!
