Hi,
I am yet to invest in my 1st property and have found one positive gear property. However there’s a catch, the building need some strutural work and the body corporate is suing the building for repairs for the damages.
In cases like this, what are the chances that the builder would fix the problem? Second, does the fairtrading department have the power to enforce and demand the builder for damages? [xx(]
Wins
Hmmmmmm
/me thinks you’d want to get a good price if you go ahead
Perhaps work out the cost of the repair bill, take that off the value of the property then work out some sort of agreement where if any compensation is received from the builder, it goes to the vendor.
—
Jeremy Lunn
MelbourneHi,
Positive cashflow most often exists when you solve problems.
You certainly seem to have found a problem, but I’m always cautious when there are structural problems since these can be very expesnive to fix.
The way forward has to be to have a builder do a thorough inspection and provide a written quote for the repairs. You can then use this as a point of leverage to negotiate the price lower.
I’d also definitely get some legal advice about the body corporate issue. The last thing you want is to buy into a war. A good question to ask is ‘why is the vendor selling’?
Finally, be sure that any legal action vests with the owner of the time and does not transfer with title.
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
You must be logged in to reply to this topic. If you don't have an account, you can register here.
