Hi People,
Just had a query about a situation I'm in. I'm purchasing another IP in a rural town a few hours away which i was going to self manage with my other properties. There is already a tenant in place. Unfortunately the bank has been a bit delayed so settlement will be pushed back a few weeks. Which means it will settle while I'm away on a trip. Is it possible to do the entry inspection before the property settles or could i just pay the current agency selling the property to take photos?
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
You can do the "final inspection" whenever you want. It's just better to do it as close to settlement as possible in case anything has changed that will be a game changer for you.
The selling agent is not really batting for you… they don't want anything stopping their paycheck, which doesn't happen till settlement occurs. I don't think it is appropriate to give this task to them.
Can you send a trusted friend or relative along, with a clear list of things to pay attention to and take photos of, and report back to you?
But really it would be better if you were there yourself. Chat to your solicitor and mortgage broker about the dilemma of your holiday and see if settlement can be done earlier so it's all done and dusted before you go. This wouldn't be the first time they have come up against such a situation and they will be well-equipped to sort it out for you.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
You can always appoint another agency to manage the property and getting them to take the condition report.
Out of interest, how far in advance are you needing/wanting to do the pre-settlement inspection? Few weeks, a month? More?
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
Why the delay? If it has been delayed, can you get it delayed further until you get back from your holiday.
If you MUST get another party to do the final inspection just prior (say up to 3 days before settlement) then you must get pictures (and video if possible) along with a written report. You should be their yourself or failing that use a trusted management agency that you are paying for; that does NOT include the selling agent as they have a conflict of interest in getting this settled as soo.n as possible so they can get paid.
Take HEAPS of date stamped pictures in every room, of every item (light fittings, switches, heaters, fans, dishwashers etc inside and outside. If you have/need to do the inspection early and still go on holidays, make sure you get your agent to do another inspection just prior to settlement and have the report and photos emailed to you where you can then give final approval for settlement to proceed (in writing to your settlement agent/lawyer).
Can you delay your holiday if necessary?
The holiday is a work thing so it's unchangable. The settlement can be delayed but it is already be delayed considerable with problems with the valuations etc it's alright I decided I'd just spend the money on a plane ticket for my Girlfriend to go and check it out. Not really a holiday destination like she thought i was sending her to
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
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