Termite damage and structural issues

Yes, unless you are a qualified person who is aware of how to check for pests and structural issues, you will be impressed by how well they have covered everything nicely. They also did cladding recently to cover up.

My bank valuation also came in just now and came in very low than what I was expecting.

Someone will get burned at auction I expect.

Lots of termites in some areas. Is the exception to not find any.
 
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Welcome to NSW. Not sure why the rule is different by state. As a buyer, currently the prices are high and a law supporting the seller even if they don't disclose anything they are already aware.

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
 
Questions to Forum admins:

Can we start a separate thread where the forum members can report all such properties which have issues with building and pest so that we can help each other?

This will also encourage the vendors and agents to be fair knowing that they cant just fool prospective buyers?
 
Well heres one {address removed} toongabbie - i was told it was in a 1/100 area flood zone and that it was R3 zoning so i could have a comparatively large building envelope. In fact the back half of the property was 1/20.
i put a stop payment on the 0.25% cheque i had given only to be sent numerous letters and threatened with legal action over a few months.

In the end although the property was misrepresented i relented and gave them the 0.25% figuring legal action was more expensive (in my letter to them explaining why i was withholding payment i had made it clear that either way they had been notified in the cooling off period).

i offered 630k - later same property on for offers above 599k
 
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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.
 
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This is great guys. Keep them coming. We can help each other here instead of going through the pain of wasting precious family time to visit the property(along with small kids) every weekend, money and arrange for solicitors, arrange for building and pest just to know the vendor and agent were not disclosing the truth they already know and the vendors are happily enjoying the deposit money....


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.
 
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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.

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
 
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Thanks Cliff. Any ideas how we can stop this kind of things where the vendors make money by this false information?

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.

Everything on this forum is information shared from past or current experience. Its always upto to the forum members to use their judgement..


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
 
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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.
 
maybe a subtle suggestion that the new title holder may get your building report and subsequent correspondence to the agent, in the mail should the .25% not find its way home :rolleyes:
 
Thats why the vendor needs to be fare and disclose. Otherwise they will loose prospective buyers

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.
..

Mm,

What did they do that was greedy or dishonest ? They put a house on the market . Buyer beware . thats how the market works .

Has it occurred to you that the owner wasn't aware of the issues ?

If you find damage you can always go back and offer a lower price , or walk away . We've done that several times.

You had two options . You could have done your dd before making an offer , but you wanted to secure the property at that price then do you dd . You may not like it but that's how the system works and it's not going to change any time soon . If you don't like it , buy in queensland .

Maybe the fact that your offer was higher than other buyers indicated that they were aware there was damage / issues with the house .I've been though many houses with pest / building inspectors and most of what they do isn't rocket science .

Personally , I think what you are doing is vindictive and indicates a lack of investing maturity .

What you complaining about is a minor concern compared to some organised and deliberate practices that occurs with in the property market.

If you think that is unfair ,then I suggest you chose another way to invest your money . Maybe you should buy some OTP UNITS . I hear there are good opportunities in docklands and parramatta .........

In the past 13 years I don't recall a similar post .

if only for the case there would be MANY MEMBERS who wouldn't that sort of scrutiny of their dud properties when they flog off their duds ........

Cliff
 
In your negotiation for the refund of the .25 did you mention you will be going to the Auction with your report.
 
Atleast you disclosed that and prospective buyer will plan accordingly :D

I'd be surprised if TGP declares that if they sell one of those properties .

I HAVE NEVER SEEN ANYONE DECLARE THAT A PROPERTY HAS TERMITE DAMAGE , unless they are concerned that the property is unsafe for prospective buyers to walk through , eg " rat infested hovel , enter at your own risk "

I do recall one property where the agent handed out hard hats to prospective buyers . Great marketing gimmick and they got lots of inspections .

Cliff
 
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.
 
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 :D

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.
 
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