No, but what she did was agree verbally to our offer subject to having these inspections performed at 9AM the following day. On this basis I arranged for these inspections to take place. She then changed her mind at 9.30PM the night before the inspections were due to take place, leaving me with no option but to proceed with them.
Urgent Advice Required
- Thread starter Dave Hooper
- Start date
Hi, I once did something like that except that I expected the inspection costs to be my expense. It cost me $300 & I offered a low low price because the house was in 'original' condition, euphemism for unrentable, if I only knew it then.
Strangely or not so strangely, the family accepted my unconditional low offer over the next one which was $30K higher. I think they must have been afraid the contract would fall over.
You never know, you might still get the property. What'd you have done had the inspection revealed something wrong? You'd still walk away & cop the loss. so take heart, it's $750, a business cost. It sucks but unfortunately, some deals fall apart.
Good luck & I hope you still get something from it. PS: when I sold the dilapidated house above, someone said, obviously not aware I was the owner, 'it's a terrible house'. I still made $62500 in 18 months.
KY
Strangely or not so strangely, the family accepted my unconditional low offer over the next one which was $30K higher. I think they must have been afraid the contract would fall over.
You never know, you might still get the property. What'd you have done had the inspection revealed something wrong? You'd still walk away & cop the loss. so take heart, it's $750, a business cost. It sucks but unfortunately, some deals fall apart.
Good luck & I hope you still get something from it. PS: when I sold the dilapidated house above, someone said, obviously not aware I was the owner, 'it's a terrible house'. I still made $62500 in 18 months.
KY
Thanks. The waiting is killing me.
Yes, I could have canceled. But I'd begged them to come, so I would have been pretty rude to cancel at the last minute. And I figured there was still some chance this would go ahead, so I took a small gamble in allowing them to proceed.
And the gamble looks like it has not paid off, so you cannot expect this fee to be reimbursed by anybody. BUT... they may still come back to you in which case, you are forearmed with a building inspection report and can put in an unconditional offer, so it may not be wasted.
Let the agent know you are still keen, I reckon.
Let the agent know you are still keen, I reckon.
Have done so. He's spoken to her solicitors, and we are all waiting on the vendor now.
Inspection was as I expected. No termites, which is a plus. The builder was less than complimentary, but expects that if we throw 20 or 30k at it then it will be perfect. I had anticipated that, so I was not shocked.
So yeah, from that point of view all was OK.
So yeah, from that point of view all was OK.
I'd try not to let the agent or vendor get even a whiff of the results of the inspection, in case they use to information to get another offer.
The waiting is the worst. I put in a low ball offer last year and waited 2 and a half weeks before it was knocked back!
Let us know how you go!
The waiting is the worst. I put in a low ball offer last year and waited 2 and a half weeks before it was knocked back!
Let us know how you go!
If things are not clear by tonight I would give 24 hour deadline. Would let the agent know that buidling inspection was disappointing and its now clear that you would need to put 10's thousands in to bring it back up to reasonable standard. That you are now looking at another property (even better start asking the same agent to show you some of their other properties and show some interest in one or two) At the moment you are making her feel comfortable. At worst she has you to fall back on.
You have fear of loss and she seems to have none. Not the position you want to take in a negotiation
You have fear of loss and she seems to have none. Not the position you want to take in a negotiation
GoAnna! Your comment makes a lot of sense.
I'll see if we have anything by tomorrow morning, otherwise I'll let them know that the offer will be withdrawn by 5PM Tuesday night.
I'll see if we have anything by tomorrow morning, otherwise I'll let them know that the offer will be withdrawn by 5PM Tuesday night.
An update for anyone following this thread;
Vendor has now agreed to our offer, but must have the finance companies approval to proceed. I am assuming this is because our offer must be below the amount of the vendors loan.
So still waiting. Should have a response by COB tomorrow with any luck.
Vendor has now agreed to our offer, but must have the finance companies approval to proceed. I am assuming this is because our offer must be below the amount of the vendors loan.
So still waiting. Should have a response by COB tomorrow with any luck.
Good news: the finance company has agreed to her selling at our offer.
Bad news: the agent has a new offer
Result: he is taking both offers to her now.
Bad news: the agent has a new offer
Result: he is taking both offers to her now.
G'day Dave,
This one had me a bit stumped there for a while, must a verbal thing in Vic pre-contracts or something.
Over this side of the paddock, when someone accepts your offer then that's it - I think it's the same in Qld as well. Obviously in Vic accepting an offer doesn't actually mean anything ??
Care to explain for us non-Victorians...
Well, she hadn't signed, but had verbally indicated to the agent that she would accept our offer.
Verbal contract is meaningless in Queensland. You must sign on the dotted line for it to be legal.
We contracted, cash unconditional for $345K on a house several years back on a Saturday which had been verbally agreed to at $330K but the contract was not going to be signed until the Monday.
Our offer didn't ever get shown to the vendors because the $330K offer was from a husband and wife who were both solicitors and they threatened to sue the principal if they were gazumped.
She was not prepared to risk it, but our solicitor told us that the verbally agreed $330K was not a contract until the contract was signed by both parties.
Never did like that principal
We contracted, cash unconditional for $345K on a house several years back on a Saturday which had been verbally agreed to at $330K but the contract was not going to be signed until the Monday.
Our offer didn't ever get shown to the vendors because the $330K offer was from a husband and wife who were both solicitors and they threatened to sue the principal if they were gazumped.
She was not prepared to risk it, but our solicitor told us that the verbally agreed $330K was not a contract until the contract was signed by both parties.
Never did like that principal
Dave you must be learning heaps fom this process. What would you do differently next time (although the outcome may still be good in the end - who knows what the offer looking like)
Not sure I could have done everything too differently. Thinking about things tonight, I realise that the "other offer" is possibly a bogus one used by the agent to attempt to get me to bump mine up (I didn't).
No news yet, so we'll see what tomorrow brings.
No news yet, so we'll see what tomorrow brings.
