Forum Replies Created
All,
Well, we got game. We told them $430k was too much, and offered $415k in negotiations (based upon the fact that termites had once been there, and that we’d need to do some things to some guttering etc).
They didn’t like that, at all – so we walked away. Days later, we got a call from the real estate agent saying they’d be happy with $423k. We told them it was still too much and that they were not being realistic.
Days later, they said $420k. We said still too much. We told them $416k. They said $419k. We said $418k.
Done
.So, I think we did OK?
z
dnh83 wrote:Hi Z,
I'd also side with the comments made by other forum members.
You mentioned that it's cheaper than anything else in the area that is similar – think about why…
If we just consider PPORs for a moment, nobody want's to buy someone else's problem (this applies whether its a car, business or house)…the exception here is if you're fixing a problem to provide a solution – eg: Reno's…
Additionally, how long has it been on the market, have other potential buyers enquired in detail and backed away due to what was found ??
While it is true that termites can be completely eradicated, and the damage rebuilt, you're still buying a product that has at one time or another had faults and serious concerns…can you live with this ??
At the end of the day, the decision is yours to make – we can only provide our opinion towards your situation, be it positive or negative…I hope it's helped
All the best with your future purchase, where ever it may be.
Cheers,
Darren
Hi. Well said, I think.
It was on the market 2 days, and seemingly had a LOT of interest, which is why we put an offer down so quick. We felt, being eager young first home buyers, that we should try and get the jump on others, as soon as it popped up. I guess maybe we were a bit naive?
I feel at this stage, it somewhat hangs on the results of the borer-scope inspection work. I’ll keep you guys updated as to how things go. You’ve been really good to me, so I feel it’s only fair to keep you up to date on it, so that others might learn from my mistakes!
z
Forest Lake PM wrote:Hi Zebrax,I live and work in Forest Lake. Honestly depending on where the termite damage is I would possibly walk away. I have purchased my own home in Forest Lake. My house did have previous termite damage HOWEVER it was outside in a small plank of wood in the very small retaining wall. So I continued to buy it.
Having said that, I have seen properties fall apart due to termite damage (I work in rentals for a real estate).
If you were to continue with the purchase, I would be obtaining a quote to put ina new barrier adn confirm it does have a guarentee on it. Quote on repairing the termite damage and then turn around and ask the sellers to etiher do the above / drop the asking price by the amount or walk away.
Termites in Forest Lake don't go away. It was the construction guys here, when building Forest Lake they just demolished all the massiv termite mounds out here and then started building, so there are termites everywhere.
Sorry to be bearer of bad news though. Hopefully you will find another place, but Forest Lake is a great place to live! There is also a 3 bedroom, 2 bathroom place next to me for sale for waaaay less than what you paid, I know it has a pool too! You are looking at UNDER $360k for next door!
Wow.
. Epic fail, by the sounds of it.I can tell you now, the termite damage found is on a small architrave inside the door of the living room. It *seems* like a small bit of damage, but this is why we want to exercise significant due diligence to find out the real extent of the damage, if there is any significant damage.
We are getting quotes on the new barrier. Also getting quotes on the damage repair.
As for price – wow, now I’m depressed. The place really did “feel” like it was worth this much – as the kitchen was very new, and the whole place seemed pretty polished on the inside.
We will see how the damage comes out, and what the quotes come to I guess. If we’ve got too much damage on important parts of the building, I think we should run away as quick as we came! I guess that is the point of the “subject to building + pest” inspection clause
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. Epic fail, by the sounds of it.
