repairs to investment property

[gregm1999]

Hi, I am in the cool off on a investment unit
There is some damage to the bathroom that my architect reported that it would be between 3-5k to repair correctly.
Still waiting on a written reply from the vendor, their agent says they should be able to fix for $1800 and my quote was a bit high, anyway, I am thinking of backing out if they wont fix it as i will be out of pocket potentially $5000
What are your views on this, they verbally offered 2k but I dont have anything in writing, considering the way stamp duty is going on 30 jun in nsw
I have noticed a few bargains recently and a couple of agents have called me back with lower prices than when I first looked at their properties
its a bit of a buyers market at the moment in sydney/nsw
what would you do if it was you?

 

[Aceyducey]

Greg,

I suggest you send a letter to the REA (as soon as possible) stating that you will be withdrawing from the purchase if you do not have a written commitment from the vendor to pay in full for the repairs.

As it's a buyers' market you should have plenty of leverage

Cheers,

Aceducey

 

[whitt]

i was in similar position a while back. I faxed agent a copy of quote and mentioned verbally it affected the viablility of the deal. he came back with a price reduction