Worst Buying Experience EVER..................

[MERIDIAN]

Just though id share my first buying investment experience.

11/12 /2013
I put an offer in for a 4 / 2 / 2 with Air Conditioning as a rental pending my Solicitors sign off of Contract / Section 32.

12/12/2013
Meet with my solicitor and contract is riddled with clauses relating to settlement.
IE.
If settlement take longer than 15 minutes $250 every 15 minute charge.
If we / or our bank is 15 minutes late $500 re schedule fee.
Settlement must ne between 11 - 1 or fee's occur.

I go back to Vendors and their solicitor refuses to remove clauses so vendor sacks them and they employ another solicitor to draft up documents.

This time it is a Standard REIV contract

16/12/2013
Go to put in offer on new contract and discover Real Estate Agent accidently put A/C in advertising......

Anyhow decide to proceed without it.

17/12/2013
Offer Is accepted and settlement is set for 3/2/14

31/1/14
Discover the agent mislead me it stating that house is wired for phone line.... have a agreement and due to not being vendors fault decide to swallow the $500 cost.

3/2/14
NAB attend settlement (Vendors Bank) without the TITLE and claim they have lost it.

4/2/14
Force Vendors to Lease me property free of charge as I have already have tenants

10/2/14
Tenants are in.

14/2/14
Still no settlement date NAB suggest 6 weeks away.....

Anybody have similar or worse experiences?

 

[ok180]

Nothing too out of the ordinary there besides NAB losing the title.

I would be wary of letting the property like this. Settlement still far off, who is getting the rent? What if the tenants damage the the place? How can you be insured if it isn't yours? In my experience when new tenants move in their are usualyl a few odds and ends they want fixed that the last tenant might not have been to worried about, who is going to pay for that? I would not have let the tenants move in thats for sure.

 

[D.T.]

Every finance app or purchase / sale has its hurdles. All those that can persevere through them consistently end up with lots of houses.

 

[MERIDIAN]

Nothing too out of the ordinary there besides NAB losing the title.

I would be wary of letting the property like this. Settlement still far off, who is getting the rent? What if the tenants damage the the place? How can you be insured if it isn't yours? In my experience when new tenants move in their are usualyl a few odds and ends they want fixed that the last tenant might not have been to worried about, who is going to pay for that? I would not have let the tenants move in thats for sure.

Hi mate,

Basically the Let give me full ownership ( minus structural changes but does allow for A/C install) unless I default on settlement.

It started 4/2 and I had a week to prepare the house for Tenants which was easy as previously it was owner occupied and kept in mint condition and was only just over 12 months old..

It is full insure under my name and I am receiving the rent.

This all done via my solicitor.

thanks
Daniel

 

[MERIDIAN]

Every finance app or purchase / sale has its hurdles. All those that can persevere through them consistently end up with lots of houses.

Thanks Mate,

Needed a little pick me up as most investors (76% but memory) stop at one and my goal is far greater but all these issue have almost tipped me in the two hard basket.

 

[The Y-man]

3/2/14
NAB attend settlement (Vendors Bank) without the TITLE and claim they have lost it.

..........

Still no settlement date NAB suggest 6 weeks away.....

Anybody have similar or worse experiences?

More common than you think.

The Y-man

 

[The Y-man]

31/1/14
Discover the agent mislead me it stating that house is wired for phone line.... have a agreement and due to not being vendors fault decide to swallow the $500 cost.

This should have been in the section 32 - never take the agent's word.

The Y-man

 

[Truly Exotic]

I had a 9 week delay in settlement once, worked well for me as I was renovating,

4 weeks for my side not being ready,

and then 5 weeks for their side losing the title

 

[mrdobalina]

Vendor has been very accommodating.

 

[MERIDIAN]

This should have been in the section 32 - never take the agent's word.

The Y-man

Hi MAte,

I am green, section 32 will only advise if service is available and currently connected to provider..

Was advised Wiring is there but is currently not connected to a provider.

turns out wiring from wall to house is there but Telstra want $500 from house to street...

BUT I did learn the lesson not to trust anybody except myself..... & triple check everything

Thanks
Daniel

 

[MERIDIAN]

Vendor has been very accommodating.

Yes, I agree and all this has been out of their control.

Funny thing is they have had to lease their new property as they had organised settlement on the same day and the people they organise with had the same issue.

Chain reaction....

 

[lizzie]

Don't let this minor hiccup put you off - over the years, and dozen of houses later, I could count on one hand the number of settlements that went according to plan.

I think the worst one was when they increased the PPOR offset loan to $xx, instead of by $xx ... so instead of getting a big cheque for the new IP purchase, got a piddly cheque not worth squat ... and had to reapply

 

[Kinnon Bell]

ANZ lost one of my titles when I was selling. I was notified a fortnight from settlement. They expressed posted the form to me, husband and JP to sign. Husband was still in transit to Cairns and 3 days away. Posted it back on Friday and was still able to settle a week later on the next Friday.

Wonder what is taking nab so long?

 

[MERIDIAN]

Thanks Lizzie...

Really need that reassurance....

 

[MERIDIAN]

ANZ lost one of my titles when I was selling. I was notified a fortnight from settlement. They expressed posted the form to me, husband and JP to sign. Husband was still in transit to Cairns and 3 days away. Posted it back on Friday and was still able to settle a week later on the next Friday.

Wonder what is taking nab so long?

They turned up to settlement expecting to settle with out it..... ( WTF)

They then only advised yesterday that it is officially lost.

LAND AND TITLE OFFICE HAVE A MASSIVE BACK LOG.


Not all bad I am receiving rent but not paying interest for this period.

 

[The Y-man]

Yep, you ain't seen nothin yet!

The Y-man

 

[perthguy]

Anybody have similar or worse experiences?

Not even close. I did have a difficult settlement on my last property purchase though. I was refinancing three existing properties and purchasing another at the same time (with an investment partner). The loan structure at the time had gotten quite messy with around 7 or so splits but no cross-collateralisation. My new bank approved the new loan structure to pay out all existing loans and the purchase of a new house. They sent the deal to their solicitors for settlement and essentially the company refused to settle the deal. I spoke to the solicitor myself who told me "this can't happen". I was gobsmacked to say the least.

I spent around 30 hours figuring out all their complex rules and putting proposal after proposal to them to get the deal to go through. I even sent my mortgage broker and his boss to try to negotiate a deal but they failed. I'm a VERY determined person and I kept telling the solicitor the deal would happen and settlement would be on time. In the end, I came up with a solution that would work, put it to my mortgage broker, who agreed and sent it to the solicitor. Answer came back "no". I made the solicitor go through step by step exactly why it wouldn't work and found the problem. The solicitor had written down the info wrong from my old bank's solicitor and had one of my splits against the wrong security property. Once that was sorted out I got the all clear to proceed to settlement and we settled two days early!

The solution turned out to be very straightforward and there was no need for me to spend 30 hours or more figuring it out. I was also disgusted at the end of that I had the pay this company for the work I had done. My bank no longer uses that firm and my last dealings with the banks new conveyancing firm was hassle free.