They accepted our offer $43K below listed price WOO HOO

I told you all that i would let you know when we find a place and i think it is going to happen now ( subject to finance of course, but we did have a pre-approval, so fingers crossed) We made an offer and it was accepted today.

The best thing about it is, the sellers listed price was $320K and our accepted offer is $277K so a drop of $43K. I believe that his listed price was way over anyway but i am stoked that we are getting a 7 year old, 3bed, 2bath, DBL Garage, Pergola, Brick place on a fully fenced 886sqm block. And it is one street away from where we are renting now.

One question i was wanting your opinion/advice on is. The house is currently tenanted and they have done a small amount of damage, eg back door has a big hole in it ( from dog or so they say) and also skirting around door to garage has been chewed by the dog too. Is that damage covered by their bond until we settle, which won't be until 25th Sept as they are on a lease until the 19th Sept with the current owner and if they do any more damage in the meantime will that also be covered. The Real Estate tells me that it is part of the exit report when they leave which will be under the current owner still but should i get that in writing or is it too late now. We still have the 5 day cooling off period and i am going to ring the agent first thing in the morning but i just rang and got the building insurance and i was told that we would not be covered if the tenants do any damage to the house.

I hope that makes sense and i look forward to hearing from you but overall we are so excited and can't wait to move.

Congrats!!

I think if the damage is to be fixed it is a decision for the current owners as the tenants will be out before you take ownership. In saying that, as they have damage the property, then it should come out of their bond as they need to hand it back to the owners in the same or similar condition keeping in mind general wear and tear

wow...brilliant effort

what area did you get a house 43k below asking price[if you don't us asking]

wwwooowweee great shopping, what a bargain, Congratulations. Maybe I should take you to the Christmas sales with me?

Hi TheMax,

I would love to go Christmas Shopping with you, i am quite good at spending other people's money as well as my own.

We are very pleased with our effort. We are waiting on loan approval, but all going according to plan, i think we have done well. It does need a few jobs doing to it but that helps make it your own with your own touches i think.

I think I will need all the shoppping help I can get because there will be no money left for ANYTHING!!

ahhh just answered my own question, i see where you are....

yeh a LOT of cheap stuff selling in a few neck of the woods i was going through over there

You have an insurable interest in the property. So well done on getting it insured. Please seek legal advice ASAP. Get it from a solicitor not a conveyancer. By memory you have entered a contract to buy the place as it is now and it will or is meant to be in the same condition at hand over. So, you may not expect any repairs to come out of the current tenants bond. They are not your tenants anyway. How do you know that the door was not like that when they moved it? Have you seen their condition report? What if it does not come out of their bond what then? You will be needing a conveyancer anyway so pay a few bucks more and get proper legal advice. I would proceed with caution regarding expecting any repairs to come out of someones bond, why have n't they had it fix before it was put on the market?

Well done on the price reduction. Funny what the real price is. I hope you have done all your research and had the place inspected etc before you signed. Also I hope you signed subject to................... etc.

You have 5 clear days to cool off not inc. Sat & Sun. So for peace of mind make an appointment Monday morning.

Good luck & congratulations.

KW………..

Thanks for all of your well wishes everyone. I have had great discussion with the Real Estate Agents/Principal and i basically gave them the ultimatum to give us a signed letter stating that the damage that i inspected plus any further damaged will be taken out of the tenants bond/current owner has to fix or we would pull out of the contract. I have it in writing now, signed by the Principal of the Real Estate Agency.

I am currently waiting to see if our finance is approved and if so then i have a Building Inspection ordered and set up to go already. I have until 27th July for Finance and 3rd August for Building and Pest so that gives us plenty of time.

The thing i found when talking to the Building guy was, even though he goes in and inspects the place, gets in the roof and so on, he can not touch, move or ask to move any piece of furniture that may be covering a hole in the wall etc. So tell me what is the use of having a Building Inspection of the inside of the house if they can only look and see anything that is visual to the eye. I am not sure how that is allowed if you are buying a property?????

Make sure the letter from the nice real estate agent is incorporated by reference in your contract, in the special conditions section. As some times any other agreement made out side of the contract is void. As in most building contracts "The contract is whole in itself". Also I would make sure that the agent has the authority to make such a promise as it’s not his/her house.

Also remember is 7 years old & just out of the housing warranty. You got it for $43,000 less???? Make sure you get that inspection done.

Just a few ideas for you & your protection. It’s always better to be safe than sorry.

Good luck & let us know how it all works out.

KW.............