Hi,
I just made an offer for a property which is currently a mortgagee in possession. The agent had told me that since we are dealing with the bank as the seller, it will be sell as it is. I asked the real estate agent if we can do a building and pest inspection before the offer but he declined and told me that we can’t do that in this transaction. I would like to know if this is legit? If there will be any supporting reference to my claim?
Kind Regards,
Andrew
See this thread, another guy with the exact same question:
https://www.propertyinvesting.com/topic/5037398-buying-a-mortgagee-in-possesion-2Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I am currently offering on one of these right now for a client. Its a nice little destroyed home that the owner has smashed up when she was high. There is not much left.
In my offer, I have accepted the property as is, but it is still subject to undertaking due diligence to my satisfaction. I will not be able to request that the seller pays for any repairs, but if inspections turn up a major issues that I have missed, I can walk.
I have explained that I am concerned that Meth may have been made in the house. If it tests positive, I have told them that I will walk. In reality (with the knowledge that by law, this has to be disclosed to any potential buyers) I’ll try to hit them up for a discount. If this doesn’t work we will then walk.
They can always reject the clause. In these situations the agent is nothing more than a middle man. He has no input into the process.
Good luck
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