What to do with this buyer?
- Thread starter vbplease
- Start date
I'd take the old dryer and furnishings and spend the weekend putting them on gumtree/ebay.
I would have just said take off the $150 as well though. But I would have confirmed that it goes unconditional and with your chosen settlement date.
It is good sometimes to think of these things in the buyers shoes and what their options are:
a. try on a $150 discount. (Probably still buy whether the answer is yes/no)
b. Pull out of the deal because of B&P. Need to find somewhere else and have wasted legal and B&P on this place ($200-$1000 wasted)
What option do you think they were trying? Will I don't think people are too bloody-mined on these things, I have seen someone waste a $10k deposit on being stubborn and unreasonable.
I would have just said take off the $150 as well though. But I would have confirmed that it goes unconditional and with your chosen settlement date.
It is good sometimes to think of these things in the buyers shoes and what their options are:
a. try on a $150 discount. (Probably still buy whether the answer is yes/no)
b. Pull out of the deal because of B&P. Need to find somewhere else and have wasted legal and B&P on this place ($200-$1000 wasted)
What option do you think they were trying? Will I don't think people are too bloody-mined on these things, I have seen someone waste a $10k deposit on being stubborn and unreasonable.
2 things for what its worth:
1. Take the deal, reduce the price by a couple of hundred and be done with it. Whats the equivalent in interest payments whilst waiting for a new buyer? Or ads to advertise the property?
2. That is a horrendous B&P clause and gives you absolutely no protection as the vendor. We use something akin to the following:
"The sale is conditional upon the purchaser obtaining a building and pest inspection by [date]. If the report is found to contain a major structural defect or major pest infestation the purchaser can terminate the contract by providing this response to the vendor and a copy of the report by [date]. If the purchaser does not obtain a building and pest inspection and/or does not notify the vendor by [date] then this condition lapses and, providing there are no other conditions, the property is considered sold unconditionally."
Or something to that nature.
1. Take the deal, reduce the price by a couple of hundred and be done with it. Whats the equivalent in interest payments whilst waiting for a new buyer? Or ads to advertise the property?
2. That is a horrendous B&P clause and gives you absolutely no protection as the vendor. We use something akin to the following:
"The sale is conditional upon the purchaser obtaining a building and pest inspection by [date]. If the report is found to contain a major structural defect or major pest infestation the purchaser can terminate the contract by providing this response to the vendor and a copy of the report by [date]. If the purchaser does not obtain a building and pest inspection and/or does not notify the vendor by [date] then this condition lapses and, providing there are no other conditions, the property is considered sold unconditionally."
Or something to that nature.
It's the standard 30day contract. They actually extended the b&p as they didn't start it until they achieved finance which was a big hurdle in itself..
Yep, I think they're in for a rude shock.. the balance of the BC fees due on settlement will make this clothes dryer seem pretty insignificant.
The thought did cross my mind.. enter the unit and at least take the tv and dyson vacuum worth a few hundred.. The tenant is still in there and the lease is carrying over to the buyer, so that would make an interesting situation
Yeah it was quite strange to try and think what they were thinking.. They must have just wanted to try it on. I was 99.9% sure they wouldn't want to break the contract but people do strange things. Losing $10k for being stubborn is taking it to the extreme.
I remember reading the Vic b&p clause a while ago - much in the favour of the seller. A major pest infestation?? Most buyers would want to run a mile if it was a minor one and still active?
This reminds me of when I sold my parents house a few years ago - the buyer complained at the pre-settlement inspection that the landscaping was a lot more untidy than when they signed the contract and wanted $100 compensation or they'd delay settlementThe thought did cross my mind.. enter the unit and at least take the tv and dyson vacuum worth a few hundred.. The tenant is still in there and the lease is carrying over to the buyer, so that would make an interesting situation
I said fine.. the next day I took the new creepy crawly hose, pool chemicals and other bits and pieces back to the pool shop.. about $200 worth. They didn't know I bought those things and didn't know the difference I'm curious as to why you are "giving" them all the furniture and it is not in the contract, but the are reducing the price because one of the "free" items may or may not be working?
I would still just suck it up rather than lose the sale over it, but I would also want to take the Dyson and the TV. They are not "furnishings" anyway. However, you don't want them to do a final inspection the day of settlement and stop settlement because the TV is missing (although I don't see how they could get away with it as it is not in the contract).
It also reminds me of a sale where our buyer asked for $2K reduction for some stumps that needed replacing. Their solicitor (vendor's brother) also said the cubby house was not "up to building code", so we took it and they got to look at the big hole into the back of the neighbours tin shed with pots stacked up. Turns out they were pregnant with their first son, so more fool them.
I would still just suck it up rather than lose the sale over it, but I would also want to take the Dyson and the TV. They are not "furnishings" anyway. However, you don't want them to do a final inspection the day of settlement and stop settlement because the TV is missing (although I don't see how they could get away with it as it is not in the contract).
It also reminds me of a sale where our buyer asked for $2K reduction for some stumps that needed replacing. Their solicitor (vendor's brother) also said the cubby house was not "up to building code", so we took it and they got to look at the big hole into the back of the neighbours tin shed with pots stacked up. Turns out they were pregnant with their first son, so more fool them.
It was a verbal agreement for them to take the furniture. They had a lot of trouble getting pre-approval so my agent told me it would be best to not include the furniture in the contract for risk of getting a lower val - they were knocked back first time with LMI.
I wasn't overly keen on keeping the furniture as I had no need for it and would have made things very tricky for continuing the lease with the same tenant.
It's unconditional now thank goodness. It's tempting to go in and take a few things but the tenant would probably wonder what I'm doing.. I should be entitled but as you say they'd want to delay settlement and I think I'm happy to forget about it all now..
Wow, did they want you to upgrade the cubby house to code after they signed the contract? thats a bit much..
Interesting one, must be something obvious for the inspector to mention that as they aren't generally putting the dishwasher on for a cycle to check it's functionality, or looking too closely at the white goods. At least he didn't notice the dodgy leg in one of the chairs at the dining room table!The apartment I'm selling today should be going unconditional.. but the buyer has come back with something from the b&p inspection which at first I thought was funny, but now is testing my patience.
They want the purchase price reduced by the cost of a clothes dryer the b&p inspector thinks is faulty.
They're getting the place fully furnished for free - it wasn't included on the contract (they were originally knocked back on finance so didn't want the val reduced any further with furnishings included). There is nothing included in the contract for chattels..
Should I just reduce the price or offer 50-50 and be done with it? I would like it to be over and done with today..
Or stand my ground on principle since they're getting the furnishings for free?
Good it's unconditional now!
or that the termites were all inbred because they had little interaction with other termite communities in the area.
Our solicitor said that as it was a chattel and not fixed to the ground, we should remove it, which we did. They were now looking at a gaping hole and straight into the ugly back of the neighbours ugly shed
. It was not in our normal "generous" nature. We had planned on leaving flowers and champagne, but instead we took the cubby, took the plans and the full page spread from the newspaper in 1932 where the house was featured. Our solicitor also suggested we leave the first pest report where some dill had made it sound like termites were "at the door" and leave it in the kitchen drawer to give them a scare .(It was the only sale that my mother had ever done where the vendor was forced to pay for the pest report, so we had one done by a real dill and it sounded bad (but was not bad at all - just a stupid man wording it so badly that it scared us, and we knew it was all good.) So we paid for a second one, which was realistic and fine. Had we not found our next "perfect" house, we would have told them all to shove it.)
I'd never seen our solicitor ruffled, but the vendor's brother who was acting for them, managed (through the building report) to get back the $2K we got them to increase their price by, but lost them a fantastic "Raiders of the Lost Ark" cubby house, and lost them any goodwill we had towards them. Vendor was pregnant with their first child (a boy - would have loved the cubby house). Her brother made it clear that he was the big city lawyer and our solicitor was the suburban hick lawyer and it was the only time I've seen her feathers ruffled... was quite funny really (not at the time though).
