Buyer Solutions pulls out of investment property purchase. Why?
To save our client money and to ensure they buy a better property.
What happened?
We inspected the property Wednesday. The selling agent assured us there were multiple other buyers and he was selling the property on Thursday. They would not allow a building inspection before offers were remitted which was an immediate red flag. It’s a danger from our perspective as you cannot see all the works/costs that may need to be incurred after settlement. Essentially, you’re buying blind.
Ever so optimistic, we bought the property anyway, however, subject to a satisfactory building inspection.
Next day at around 3 pm, we had our trusted building and pest inspector, on whom we rely to advise our clients fully about the condition of the property, report back to us. The property had numerous expected faults that we had budgeted for and prepared to repair, however it also turned out to have numerous ‘surprise’ issues that would have been quite costly to remedy.
This brings us to the 23rd of December and and the last trading day before Christmas. We advised our client, based on the new knowledge we had obtained from our thorough building and pest inspection, to exercise his right to pull out of the purchase.
Our buying client was content with our advice to act with restraint and withdraw from the purchase.
I predict the vendor wasn’t too happy with his agent at this point as losing a sale so close to Christmas would have been disappointing.
The property ultimately sold on New Years Eve for less than we offered, supporting the fact that we were right to withdraw.
At Buyer Solutions, we aren’t just about buying property and getting paid. We pride ourselves on buying quality property at the right price always!
Award Winning Service, Buyers Agent of The Year, Buying property, First home buyers, Home buying, Investment property
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