The "Oh", "Really?" and "I Wish I Had Known That!" of Making an Offer and Organising Finance

Comments

# Tim O'Dwyer said on January 24, 2008 12:30 PM:

"Banks can perform miracles"?

I suppose so in theory, Shannyn, but few conveyancing solicitors, conveyancers or conveyancing clerks to my knowledge anywhere in Australia have ever seen banks or other property lenders go too far out of their way for their customers. Most of us think it's a miracle of sorts if a lender actually gets its act together in time. Perhaps things will improve when someone, whose contract has crashed, successfully sues their lender or outgoing mortgagee for the damages caused by that lender's or mortgagee's culpable disregard for their customer's contractual obligations. Hell, sue the broker too!    

# Craig Brown said on January 24, 2008 2:15 PM:

Hi Shannyn

I agree that all purchasors should arrange their own <a href="http://evaluator.com.au">valuations and pest and building reports</a>.

There is legislation in at least some states that require a cooling off period.  Maybe you could tell us about tehse, and in particular how they do or don't apply at auctions.

Regards

Craig Brown

<a href="http://evaluator.com.au">Evaluator.com.au</a>

# Shannyn Hunter said on January 24, 2008 3:53 PM:

Hello Craig,

Thanks for the comment, most of the people I deal with are totally unfamiliar with the conveyancing process and so it's good to be able to help people learn from other's mistakes.

You will get more information on cooling off than I can supply in this comment by typing 'cooling off' into the search field above.

I appreciate the feedback,

Shannyn

# Sue Horton said on January 27, 2008 1:26 PM:

Purchasers should always choose their own building and pest inspectors to avoid soft reports from inspectors recommended by their agents. A lot of purchasers assume their inspectors are also suitably qualified, licenced and insured, but don't check or know how to check out the inspectors qualifications or licences. Clients should always ask for the individual inspectors licence numbers, professional indemnity policy and trade background to avoid Bob-cat drivers and bricklayers undertaking their building inspections. NEVER use one inspector to do both Building & Pest Inspections for you. They are most likely only truely experienced in one or the other areas. We are based on the Gold Coast and QBSA has a licence search facility for clients to do a licence history check for inspectors in QLD. We provide our Insurance, Licencen no's and experience details on our web-site. There are many unqualified and un-insured cowboys in our profession and purchasers should protect themselves by spending 10 minutes doing a background check on their inspectors and don't be shy asking for the licence numbers etc. Cheap inspections are cheap for a reason! Inspectors referred by agents and conveyancers are usually getting some kind of kick back for the referrals and usually are prepared to offer soft reports in return. A lot of franchise inspection companies also sub-contract out to inspectors that is why its important to always ask for your individual inspectors licence number. Purchasing a property is a huge investment so I would say to all purchasers spend the time and make sure your building and pest inspectors are qualified and have professioanl indemnity insurance to protect you and your investment.

# Alan said on January 30, 2008 11:01 PM:

Sue

Please explain your involvement in the process!  Explain how you know "Inspectors referred by agents and conveyancers are usually getting some kind of kick back" or is this a guess.  I am an Agent and have never received a kickback and only ever recommend qualified Inspectors who are totally unbiased.  These guys are professionals and you have defamed them!

Come clean!!

# Alexander said on February 22, 2008 11:30 AM:

The tricky world of the building inspection...This post comes in useful. I absolutely agree with Sue. We must avoid reports from inspectors recommended by their agents.

# Australian Real Estate Blog said on October 2, 2008 11:33 AM:

Anyone who has dealt with the banks for a home loan will tell you about their battle scars with pride.