yeah it was like that for us when we found out about the repairs.  when we were reading the building report our heart sunk at all the work.  we really had our sights set on this prop.  but oh well.    wasnt meant to be.

ok i put on the panties and stepped up the mark.  they refused to budge on the contract price at all and so we have sent written confirmation that we will be withdrawing from the contract due to unsatisfactory building inspection.

Im a bit disappointed because this Ceduna saga had been ongoing for weeks – with research, more research … and even more research … then finding the house and getting the contract going.  I am out of only $1000 when combining the pest/building/solicitor expenses. 

at least the valuation hadnt been done yet cos that was another $550 due to travel to the location!!!!

the losses could have been alot worse if we had bought the house because we really feel that it wasnt worth the price considering the expenses.

u watch …. i bet Ceduna rises in value and in 5 years time I look back and see that my $150k (plus $15k repair) house is now worth $300k+.    LOL.    But the purchase is just way out of my comfort zone for only my 2nd IP and its in a town I dont know.  too much of a risk for me with it being Ceduna … Mine or no mine.

I hope I did the right thing.

see thats the thing – its already the cheapest house for sale in ceduna.  the valuation is getting done early this week so I will know exactly what its valued at then.

the only cheaper house in ceduna is 40 years older and its under contract – so no longer avail.

with a drop already of $30k from the original listing price of $180k (although I found it after it had already dropped to $159k) maybe its too much asking for even more off.

its just that when i was making my first offers i didnt realise there was that much work.  so maybe in the vendors mind they have already dropped the price due to the renovations needing to take place.

i guess there is no hurt in asking?  but if they say no, ive turned a $150k investment into a $165k investment and im not sure that I want to spend that much.

ill talk to the real estate agent on monday and forward them the cost of renos.  It wont hurt to ask, they may even budge just a little bit on the price.  hubby is saying he doesnt want to buy it unless its $140k ….. but i cant see them accepting that considering its a 25% drop from their first listing price

my first offer will be them covering the entire cost of the renos and see what they come back to me with 

thanks for your advice richard – ive sent them an email to see what is happening with that.  are they allowed to do it without my authorisation/knowledge, or is it something i sign off on?

just letting you know that I appealed it and two days later they came back and said that they will allow the loan    I basically told them what is happening in the area and indicated to them how low risk it is for them because I have $220k in equity on another property – and Im only wanting $150k.

and they said that pending a valuation done on the property I will get finance 

so there were 80's style high fives all around after that phone call    haha

thats what i was thinking.  and i said to her that i would be extremely surprised if they went anywhere near that – and they were adamant that she had read it everywhere.  so i dropped the subject. 

it was referral based.  i asked everyone i could think of that is interested in financing and most people mentioned this company. 

and i like the way this company is run.  I pay my annual fee (not commission based) to use their services and advice, and they dont sell their own product.  so there is no conflict of interest.

they have a commission based service if u come to them with a lump sum of money and get them to invest it for you, but that didnt suit our needs. so we are paying a lump sum each year instead for their guidance.

/me slinks into chair and looks around to see who is watching over her shoulder

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haha