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Someone will get burned at auction I expect.
Lots of termites in some areas. Is the exception to not find any.
can you forward the pest /building inpection to the agent so that he is obliged to show interested parties?
sorry to derail a bit, but ive never pulled out of a sale before,
so in nsw is it min 0.25% holding deposit, followed by deposit, follwoed by sale?
ie for the property to be undercontract at all, 0.25% min must be paid???? which is non refundable under any circumstance if the buyer pulls out for any reason?
I remember putting a property under contract with no deposit for 2 weeks because I was overseas, but the vendor had accepted my offer
Another one:
{address removed} Wollstonecraft - agent already had building and pest done which is available via their supplied link for $330 - told me 2-300k on this old property would fix it right up.
We got our own done. Verbally told that house in horrendous condition structurally and massive termite damage - pretty much needs to be knocked down, not worth trying to fix.
It is an 800m block in Wollstonecraft so the land value is there and great location. I just don't have the financial capacity to buy such an expensive property, sit on it for ages then spend a motza rebuilding.
Someone will get burned at auction I expect.
Lots of termites in some areas. Is the exception to not find any.
Lots of termites in Sydney ....
We had termites in a house in concord west .
On the north shore , the one pest person we used said if he can't find termite activity , old or new , some where on the property , he's not looking hard enough ...
BTW , I'm not sure it's appropriate to name a specific property on this forum . The reality it's buyer beware , and if it became a common activity , I could see unscrupulous buyers naming properties on the forum to scare competition away for a perfectly good house . The reality is this forum is effectively anonymous
Cliff
I have about 5 or more properties got termite damage.
This is where QLD has the best contracts that actually favours buyers more than the vendors. You have 5 days cooling off where you pay 0.25% if you back out, but you also have 14 days for pest and building inspection whereby if you the buyer is unsatisfied with the outcome can terminate contract with NO penalty. Then there is the subject to finance clause as well. So it's great for buyers but not so good if you are selling and every buyer comes in wanting you to drop your price or terminate over a scratch on a wall or something minor.
In this online age we should stop this kind of thing happening to stop dishonest and greedy owners. You be fare and take money according to the current market.
..
Atleast you disclosed that and prospective buyer will plan accordingly
I backed off in the cooling period today and lost 0.25% - 1800K but I'm happy that I could have lost more if I have not done the building and pest.
Lets share properties which have similar issues. NSW law doesn't protect us to get the deposit back but I think we can help each other from these greedy vendors.
NSW law has done its job and protected the vendor from a tyre kicker. You signed the contract with these conditions clearly spelt out for you. You pulled out in the cooling off period... doesn't matter what the reason was.
You have no right to the 0.25% as far as I can tell.