buying a mortgagee in possesion

Hey Andrew,

I had a apartment at palm beach here on the gold coast, Mortgageee, bank, sounds simular.

I had 7 day finance, 14 day pest and building.
when you sign the contract, make sure that is one of the clauses. and settlement is rarely less than 30 days, so seems like something fishy is going on, you have every right to get your bulding and pest done, but make that a clause of the accepted offer, do not do prior and I wouldnt personally purchase if its questionable.

Kind regards

J Avery

andrew wrote:

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,

To do a building and pest inspection you will need permission to access the building. The vendor may or may not give this. The vendor is in their right to refuse.

It is also true that the bank may not be inclined to negotiate as they want a straight sale.