Forums / Property Investing / Help Needed! / renegotiating after the pest and building inspection

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  • Profile photo of DonnaOgleDonnaOgle
    Member
    @donnaogle
    Join Date: 2013
    Post Count: 10

    I have a home I am negotiating to purchase for private rental.  It has a history of termite treatments and we were aware of this, although the inspection revealed that there is not a current termite barrier at all, although this was the impression we got.  So now we will approach the vendor and ask for her to either place the barrier (@$5000) and a few other minor things, or ask for a reduction in contract price.  Has anyone else been in this situation…we would like some advice.

    Profile photo of Colin RiceColin Rice
    Participant
    @fms
    Join Date: 2011
    Post Count: 338

    Have never been in that situation but would do the same thing you are contemplating BUT would also depend on the competition for the property as you could loose the deal to someone else who would not stipulate this condition.

    You would have to weigh up loosing the house for 5k worth of work (depending on competition) or requesting the issues be remedied and renegotiate on purchase price or get the seller to amend. I would personally renegotiate the price and get it fixed myself to ensure it is done properly. 

    All the best. 

    Colin Rice | CDR Finance
    http://cdrfinance.com.au/
    Email Me | Phone Me

    Perth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Hi Donna

    It's quite common. I've had two clients in the same situation as you in the last week. If there's no competition for the property then I'd give it a go. It's a legitimate request.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of jenni_nextplace.com.aujenni_nextplace.com.au
    Member
    @jenni_nextplace.com.au
    Join Date: 2013
    Post Count: 36

    Absolutely Donna go for it.

    Its a very common thing to do.  

    I agree with FMS, get the work done yourself, don't offer the seller the option to attend to it themselves. It may not be completed to your satisfaction.  

    Profile photo of CatalystCatalyst
    Participant
    @catalyst
    Join Date: 2008
    Post Count: 1,404

    Put your concerns and revised offer in writing and give it to the real estate agent. As others said- depends on how the market is as to whether they will accept.

    No harm in asking but decide whether it is a deal breaker for you.

    Profile photo of wobblysquarewobblysquare
    Participant
    @wobblysquare
    Join Date: 2010
    Post Count: 95

    wouldnt hurt to ask for a quote, from termite company. Then ALL can be assured it is 5k and not 8k or what ever. Also be a more transparent bargaining chit (subject to competition notes made previously)

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