Getting the REA to increase the listing price

Not entirely sure in Vic but in NSW it is the law you have to adjust the price guide upon refusing an offer higher than the guide.

IMO depending on how desperate other buyers are, it might be a good idea to make the offer to flush out other buyers. They will see an increase in the guide means they have competition.

 

The B&P came back way worse than expected. Seems like there are some pretty serious structural issues potentially and rising damp.

Should I make the REA aware of this?

 

Depends how serious the issues are. If your serious about the purchase then get estimates for treatment of the rising damp. Also try to ascertain if 'potential' structural issues are serious and possible quotes.

Based on the B&P you mentioned, I wouldn't be buying this as a long term Buy and Hold unless I got it at a spectacular price and/or was going to demolish it anyways.

I would let the agent know of your grave concerns (probably knows already) and I would definitely not be paying anywhere close to asking price, if buying it at all. just my opinion.

 

Pretty much my thoughts. Not confident enough to touch it, especially for a first IP. B&P inspector gave me rough numbers as to what he thought it would cost, it wasn't pretty.

 

Will be interesting to see what it sells for. My dad use to tell me "a sucker is born everyday".

Actually.....you could play another card in order to get back some of your B& P costs. If you know your not interested at all, tell the agent nicely you don't think its for you but would be happy to onsell the report to any prospective buyers who will be doing it anyway, for half the price. hehe I actually have done this in the past and on a few occasions they did take me up on the offer.

 

I might go to the open house on Saturday with hard copies and sell them!