Hi,
I have an interest in an property (Villa) that is currently on the market for $369 000 and the reason for sell is it was a repossessed property.
Couple of issues:
– apparently there is a mainteance issues in the external areas of the building which is covered by the builder's insurance due to it being under 7 years.
– Strata fee is $1500 (normally $400) due to building on the sinking funds which is currently $10k only. Of course the agent is trying to assure me that this is only temporary
– The property was last sold at the height of the boom in 2004 and was sold at $435 000 which is a somewhat concern.Other than requesting for a Stata report, have the structral engineering report and etc. Should I be requesting for any other further information?
Thanks for your help in advance
Hi Jins
I would be sifting through all of the strata minutes and any other docs they have on file. Normally the REA can provide written consent for you to check through these things – you should be able to pop down to the strata office and look through the docs.
I don't have an issue with REA's but I wouldn't take their advice as gospel. Do your own due diligence and seek the answers yourself – particularly the builders insurance issue.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Thank you for your help Jamie and it seems that the real estate is playing the avoidance game to try to get more interested. Its only going to result in me making a compliant to her office for her unprofessionalism
Her office will not care, and neither will the Real Estate Institute.
Remember that if this property starts costing a bomb in maintenance, it won't be coming out of the REA's pocket, it'll be yours. Why would she care.
If you do offer on the property, put a very stern "subject to results of body corporate and strata records inspection that is satisfactory to the buyer, within 21 days" or something like that. Basically a get out of jail free card. You'd have your solicitor help you word it.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Thank you for your help, yes thanks to the this wonderful site had some interesting words to use such as yours and similar statements " Subject to the buyer being able to secure on insurance policy over the property that is acceptable to the buyer" and "Subject to finance on terms acceptable to the buyer" and etc.
Just out of interest….
What are the positive things that attract you to this property that make the negatives seem worthwhile?
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Its located in a nice area and the place suits my purpose. In comparison to other properties on the market, its cheaper
Jac has offered excellent advice. If you do make an offer – make sure it's subject to your terms.
Best of luck with it.
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Gone off the market!!! Back to the drawing boards but do appreciate your help guys
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