Advice on house offer

If it has been a rental for such a while then vacant are there any problems that would result in an adverse building report ?

The agent told me both times the contract feel through due to finance.
That could literally be finance or it could of been the banks valuation failed. I don't know.

The house is on a steep slope which I know turns a lot of people off. The rear of the house had moved and a retaining wall has been put in. The house is wood, not brick. Can't get a building inspection till offer is accepted.


It's been unrented as the rent market is slow here and I think rent was too high for the place. I looked at the place to rent 9 months ago and said rent was too expensive at the time.

If you cant get a building inspection without an offer,make sure you add a clause "subject to a favourable building inspection" or similar in your offer.
Andrew

We bought a couple of years ago and paid a little more than ot was probably worth, but the house didnt need any work, and we plan to be here a while, so we're not going to lose out on the place.

It does sound a bit like the agent is playing silly buggers with you.

Best of luck with it!

Cheers

Dan

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Originally Posted by Eevo

Can't get a building inspection till offer is accepted.

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That's not right. Something smelly there. Walk away.
I would suggest the previous interested parties canceled their finance to get out of the contract.

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Originally Posted by LandyAndy

If you cant get a building inspection without an offer,make sure you add a clause "subject to a favourable building inspection" or similar in your offer.
Andrew

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Yep, that's in every offer I make.
As well as subjec to finance and valuation with my bank.
I also put a settlement date of 30days. I don't know if 30 is too long or too short

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Originally Posted by Mick_Marsh

That's not right. Something smelly there. Walk away.
I would suggest the previous interested parties canceled their finance to get out of the contract.

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It's very common in SA.
Otherwise if the offer isn't accepted, you have wasted money on an inspection.
My parents when selling got one done and offered it during the open. House sold with one open.

I might ring up and ask for the inspection company name.

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Originally Posted by Eevo

I also put a settlement date of 30days. I don't know if 30 is too long or too short

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It's a common thing on vacant houses.

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Originally Posted by Eevo

Back in december I found a house I like.
It had been on the market for 90 days. It already had 1 offer fall through due to finance.
It was advertised for 420-440
After consulting a few banks and a few people, I put in an offer of 380, mainly due to the house being below average condition.
I got a phone call to say a different offer was accepted a few hours before mine was submitted however my offer was in the ballpark.

Fast forward to this week, I get a call from the agent who said the contract fell through due to finance.

So I make another offer this morning for 375. I get a phone call to say my offer has been rejected and I need to be offering 420 and above. When questioning about being in the ball park, he claims I must of misheard him. I told the agent the property isnt worth that much and I won't be offering that amount.

So my question is, is the agent playing games? A guy at work suggested the agent didnt even present the offer.

My uncle, who has bought, built and sold a few homes, says its been on the market for 4 months, and I should wait a week and make another offer but decrease the price by 5k and repeat week after week.

Or have we reached an impass?

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Is the agent playing games? - possibly but I think is just being slack in telling you that you were 'in the ballpark' at 380. He had hoped it was selling back then.

He has taken your latest offer to the owner and the owner is obviously still wanting 420 and so that is what you have been told.

Use the head not the heart and offer whatever you believe that the property is worth. Leave it to the seller to decide if he wants to sell to you at your price. In which case you may have reached an impasse.

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Originally Posted by Narangga

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He has taken your latest offer to the owner and the owner is obviously still wanting 420 and so that is what you have been told.....................

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The agent got the gig because he told the vendor it was worth 420 and that is what the vendor wanted to hear. Very common practice.

I paid maybe 50k more for a piece of of land (no agent) than it may have been 'worth'. Was hard to know at the time. No house on it, and unique on the Bellarine.

Its now worth 50% more 5 years on and I can cope with that. Backed up by the recent sale of the same acreage next door.

If you want it buy it. The condition of the house is your only real concern and reading between the lines I would be concerned too.

good luck! DL