Hi de ho
Was in the process of purchasing two properties and the deal went south because of bad BIR’s and pest reports and clauses in the contract allowed it to be terminated.[ohno]
The Vendor got real shirty because he has done something with his super and the sale of the proerties and is up for up to $50-100K in taxes if the sale does not go ahead (contract signed just before EOFY) and started demanding that I purchase.[ohno2]
Got my trusty commercial lawyer involved and looks as though I’ll be walking away with $5-10K nett [lmao] in my pocket and not end up owning either of them.
Gotta love people in a squeeze doing amazing things to ensure deals go through![cigar]
Later…….
If you think you can you can, if you think you can’t you can’t.
Hi,
Does BIR = Built In Robes or something else?
Also it would be only common sense to ensure the contract had escape clauses for you to cancel the deal. If not you would have been in deep sh@#$t.
How did you end up with $10,000 after NOT buying the property? I could understand if you bought at a cheaper price and saved $10,000. But you didn’t buy the property – so how did you get money for that!??!?!?
Or did you buy and sell immediately?
BIR = Building Inspection Report
The property is being onsold immediately at a profit with the Vendor paying all commissions, SD and taxes.
Later………..
If you think you can you can, if you think you can’t you can’t.
So you DID buy the property, Rod? You flipped it, right? The didgy ones with the bad BPI’s? Yeah, amazing what people will do…
kay henry
Congratulations on your good luck!
When did you find out the vendor had to sell at all costs? It would have put a big smile on your face.
It will end up being a flip, a first for me.
Found out the Vendor was in a tight posi when the agent rung me up (I get on quite well with the guy) saying his Vendor is going nuts and was chewing him “another one”. First time in 20 years he’s had anything this bizarre happen to him as a REA.
Agent basicly was washing his hands of his Vendor as he thought contract had come to an end with the conditions in it.
He turns around with the two new contracts and says no commission and he’ll go back for another 5K on both offers. How sweet it is!
Discussed this with my accountant and even he was scrating is head as to how I walk away with a nice sum in my pocket WITHOUT owning either proerty in the end?
Later………
If you think you can you can, if you think you can’t you can’t.
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