Termite damage and structural issues

[see_change]

Btw , if the owner of the property had posted their property on caveat emptor , for sale , and then you'd posted , I have no problems with that .

But your posting about one specific property . Have you done building reports on every other similar property , so you can be in an informed positon to compare it . Maybe , just maybe , lots of other properties have similar problems .

I don't know much about the area you bought in, but it wouldn't be surprised if the houses are similar to yagoona where my in laws live . Almost every house in the street was build by the original owners . They built the garage then liven in that while they built the house . He's a sparkie so he had an idea on what he was doing but many of his Neighbours weren't . All the original owners which are the good ones and the bad ones , and there's lots of the later .

Cliff

 

[macca446]

I recently sold one of my ips in western sydney,had an original offer that i excepted buyer paid 0.25% then right at the end they pulled out cause they never saw the huge power lines at the back of the property omg clearly seen in photos let alone they inspected the property twice lol,then they asked for there deposit back cause they thought they were tricked buy the agent and because of the laws in nsw I am glad I got the drop kicks deposit.

Macca446

 

[TMNT]

If you are going to rely on an agents word for a termite Clause, then you are nuts

And property investment is not for you

I'm currently looking at a fire damaged property, and it doesn't say fire damaged, so please don't buy that one,

I know many agents that will tell me the property has termites in it when no report has been done

That's because he knows I will pull out out of it anyway, do why waste everyone's time

Also, I have anrelstionship with this agent, this agent is always upfront about the problems he is aware of

 

[write2abdul]

This is completely fair. My vendor has a pest treatment company(has a truck at his residence with his company logo) and still did not disclose. Complete waste of time. He will have the same problem from the next one who goes into contract this week. Why not be fair and let the buyer take the decision

I recently sold one of my ips in western sydney,had an original offer that i excepted buyer paid 0.25% then right at the end they pulled out cause they never saw the huge power lines at the back of the property omg clearly seen in photos let alone they inspected the property twice lol,then they asked for there deposit back cause they thought they were tricked buy the agent and because of the laws in nsw I am glad I got the drop kicks deposit.

Macca446

 

[write2abdul]

I wish all the agents in NSW are like yours

If you are going to rely on an agents word for a termite Clause, then you are nuts

And property investment is not for you

I'm currently looking at a fire damaged property, and it doesn't say fire damaged, so please don't buy that one,

I know many agents that will tell me the property has termites in it when no report has been done

That's because he knows I will pull out out of it anyway, do why waste everyone's time

Also, I have anrelstionship with this agent, this agent is always upfront about the problems he is aware of

 

[write2abdul]

I will try that and already have planned to go to auction with the report

In your negotiation for the refund of the .25 did you mention you will be going to the Auction with your report.

 

[see_change]

I'm not sure on the legal situation of waving a building report at an auction , but , you've already called the owner greedy and dishonest in a pubic forum where both of you are identifiable .

I'm not a lawyer , but if some one called me greedy and dishonest , in my books that's libel and I can sue them .

I'd look at the building report and see if it's for your eyes only . Many legal reports are for the person who paid for it . By disseminating information from the report in a public arena you are effectively restricting the ability of the inspector to earn money .

Given the nievity you have displayed in the post , I would strongly counsel against doing that , and if you want to , seek legal advice before you do it .

Cliff

 

[write2abdul]

Ok thanks for the advise. I was not aware and i'm not sharing the report with anyone but socializing my experience

I will delete this post

I'm not sure on the legal situation of waving a building report at an auction , but , you've already called the owner greedy and dishonest in a pubic forum where both of you are identifiable .

I'm not a lawyer , but if some one called me greedy and dishonest , in my books that's libel and I can sue them .

I'd look at the building report and see if it's for your eyes only . Many legal reports are for the person who paid for it . By disseminating information from the report in a public arena you are effectively restricting the ability of the inspector to earn money .

Given the nievity you have displayed in the post , I would strongly counsel against doing that , and if you want to , seek legal advice before you do it .

Cliff

 

[wylie]

True but why the law needs to favour the vendor only in NSW while in other states it protects both. So with this law anyone can make money just advertising his crap property and can make about 6-8 K just putting on the market

Wrong. In Queensland we have always bought cash unconditional. If something pops up like termites, we have no P&B clauses to protect us, so we can use the cooling off and lose the amount written into the contract. I wouldn't complain about it because it is how we have chosen to enter into that contract.

If I wanted to have a building or pest inspection I would either write them into the contract or do them before signing the contract.

Don't complain about something you have entered into knowing the risks.

 

[wylie]

This is completely fair. My vendor has a pest treatment company(has a truck at his residence with his company logo) and still did not disclose. Complete waste of time. He will have the same problem from the next one who goes into contract this week. Why not be fair and let the buyer take the decision

If the vendor has not disclosed the termite issue to the agent, the agent has done nothing wrong. If he has disclosed it to the agent, that agent should be passing that on to prospective purchasers.

This does happen.

We were told of fire damage to a property where there was no visible signs there had ever been a fire. We were told (same property) that the lower level was not legal head height so the bedrooms there were "storage rooms".

Not all agents are bad apples, scumbags or liars, you know.

 

[see_change]

Ok thanks for the advise. I was not aware and i'm not sharing the report with anyone but socializing my experience

I will delete this post

Sensible move . Don't think that every one believes the situation is correct , but it is the way it is and you have to work with the rules .

Cliff

 

[cu@thetop]

This has been a very informative thread as to people's attitudes.

I haven't read the deleted post but it seems newbie buyer loses .25% pulling out of a contract due to massive termite damage from a property owned by a pest control "professional".

Personally I like the idea of people posting pest/building inspections they've had undertaken on a property (assuming the inspector allows so for copyright reasons) as a heads up to other forumites.

It was suggested that many forumites wouldn't want scrutiny on their "duds" so the prevailing sentiment is to flog it off to the next sucker and let's all keep "mum" . I'm having a problem with this. Just because I was dumb enough to buy something with major defects I wouldn't pass it on to some unsuspecting schmo . I usually treat people like I would like to be treated by them.
Op has learnt a lesson - which although at a cost could have been much worse.

Every mistake I have paid for has eventually repaid itself with interest if you learn the lesson.

 

[wylie]

Personally, I would never sleep at night if I pulled the wool over someone's eyes as a vendor. But I would never assume everyone would be as honest when I am a buyer.

I think every vendor should pay for a building and/or pest report that can be accessed by anyone interested, but until that happens, it is up to the purchaser to either do their homework before signing a contract, or put clauses in to cover them if their building/pest shows up major issues.

For me, I just find it annoying that having not done that, the OP is wanting the rules changed for him, after signing and agreeing with those rules.

Perhaps the vendor knew there was termite damage, if he was a pest man (was it his vehicle?). That doesn't mean he has told the agent, and it doesn't mean he is duty bound to tell anybody. Can he sleep at night? That is his problem. Putting in appropriate clauses to get out of the contract with no penalty should a big problem emerge during DD is the job of the purchaser's solicitor, not the job of the vendor... buyer beware.

 

[hobo-jo]

Personally I like the idea of people posting pest/building inspections they've had undertaken on a property (assuming the inspector allows so for copyright reasons) as a heads up to other forumites.

This +1.

Great idea for a thread write2abdul and it may save someone else doing an inspection on the same property or getting burned (even if they should have done their own due diligence).

Just keep all information factual, avoid any labels that might be misconstrued. Simply linking the property, building/pest results & identifying that the seller had their own pest control company would have been enough for most to draw their own conclusions about the vendor.

 

[write2abdul]

Yes, as long as the inspector allows for copyright why not share. This forum is about helping each other then why not start this?

This has been a very informative thread as to people's attitudes.

I haven't read the deleted post but it seems newbie buyer loses .25% pulling out of a contract due to massive termite damage from a property owned by a pest control "professional".

Personally I like the idea of people posting pest/building inspections they've had undertaken on a property (assuming the inspector allows so for copyright reasons) as a heads up to other forumites.

It was suggested that many forumites wouldn't want scrutiny on their "duds" so the prevailing sentiment is to flog it off to the next sucker and let's all keep "mum" . I'm having a problem with this. Just because I was dumb enough to buy something with major defects I wouldn't pass it on to some unsuspecting schmo . I usually treat people like I would like to be treated by them.
Op has learnt a lesson - which although at a cost could have been much worse.

Every mistake I have paid for has eventually repaid itself with interest if you learn the lesson.

 

[write2abdul]

In a sellers market for example Sydney, no agent I have dealt with till now has agreed to put in the Subject to building and pest. Not sure about others.

I'm aware of the law but the problem is that I need to spend time and money every time on a home and loose it because of the law in NSW as the vendor doesn't disclose the truth(he doesn't need to). So its all buyers beware....

My idea of this thread is to why cant we help each other and share the information if we are already aware of issues with a certain property so that we can save someone's time and money. They are both positive and negatives but i'm sure we can sort this out.

Personally, I would never sleep at night if I pulled the wool over someone's eyes as a vendor. But I would never assume everyone would be as honest when I am a buyer.

I think every vendor should pay for a building and/or pest report that can be accessed by anyone interested, but until that happens, it is up to the purchaser to either do their homework before signing a contract, or put clauses in to cover them if their building/pest shows up major issues.

For me, I just find it annoying that having not done that, the OP is wanting the rules changed for him, after signing and agreeing with those rules.

Perhaps the vendor knew there was termite damage, if he was a pest man (was it his vehicle?). That doesn't mean he has told the agent, and it doesn't mean he is duty bound to tell anybody. Can he sleep at night? That is his problem. Putting in appropriate clauses to get out of the contract with no penalty should a big problem emerge during DD is the job of the purchaser's solicitor, not the job of the vendor... buyer beware.

 

[beachgurl]

If the vendor has not disclosed the termite issue to the agent, the agent has done nothing wrong. If he has disclosed it to the agent, that agent should be passing that on to prospective purchasers.

Not all agents are bad apples, scumbags or liars, you know.

Hmm from my experience with these agents I'd say they know