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  • Profile photo of JstyleJstyle
    Member
    @jstyle
    Join Date: 2011
    Post Count: 3
    November 1, 2011 - 8:21 am

    They cant reneg the contract if it is not a MAJOR structual defect.
    Have a look at your your wording for the special comments in regards to the building inspection.

    If they wording says MAJOR structual or Substantial damage then they cannot cancel the contract using the building clause.
    Its a 35year old house, they cant pull the pin on the contract without losing the deposit (unless it hasnt gone over the 3 day cooling off period).

    It really depends how much you want the sale, by the looks of the things they mentioned it wouldnt cost too much to fix.

    At worst by the sounds of it if they do use the cooling off period then youd probably end up with $1000 and a free building report and you can spend that $1000 to fix the defects :) lol win win?

    Good luck!

    Profile photo of JstyleJstyle
    Member
    @jstyle
    Join Date: 2011
    Post Count: 3
    October 25, 2011 - 1:00 pm

    Hi,

    Yes the real estate agent can do this if they have multiple interested parties/offers.
    The tennants are within there rights to stay out their lease knowing that they will need to vacate on then 5th of Feb 2012 (you will need to give them 60 days notice prior to the 5/2/2012)

    I have been in this position many of times, if i was you i would stick to your guns and not offer then a cent more then what you think the house is basically worth. Do not get emotionally attatched to it and make a foolish offer. The market at the moment is very slow and stagnate so stick to your guns and if you dont get this one im sure another one will pop up.

    If your going to make another offer on it and you want to move in as soon as you settle, i would make the offer subjec to vacant possession with say 120 days (which should cover until the 5th of february). Definately make sure you can view everywall/ceiling etc of the house to see the condition of the property is in before you make your offer.

    Good luck!

    Jon

    Profile photo of JstyleJstyle
    Member
    @jstyle
    Join Date: 2011
    Post Count: 3
    October 18, 2011 - 10:38 am

    Hi,

    Im in the same boat. I have an IP and am unsure if i should fix it or not right at this stage.
    Personally i do like the idea of fixed for 2 years as this will ensure i know what im paying for the next 24months!
    My gut is telling me to fix it as im sure what my repayments are going to be, that said i dont see rates going below 6% in the near future at all, even if it does you wouldnt be losing too much i dont think.

    When you fix an IP can you pay IO or does it have to be I&C?
    Also how does this effect your borrowing capacity in the future for say a PPOR?

    My loans 260k with about 200k equity.

    Sorry if im hijacking your post but very similiar situation!

    Thanks

    Jony

Viewing 3 posts - 1 through 3 (of 3 total)