This bloke bought at auction, unable to get finance - ceiling 1.8m

Discussion in 'Loans & Mortgage Brokers' started by aroe, 9th Dec, 2016.

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  1. C-mac

    C-mac Well-Known Member

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    Really frightening stuff, this story is. Frightening for so many reasons... dodgy previous owner converting a garage to a 'unit' (um, didnt the other lot owners complain when someone just starts walling up and closing a part of the common property off??), frightening how stupid some buyers are. And frightening for this rotten sales agent taking this hunk'a'junk property to auction.

    Imagine sleeping in a bed in that 'bedroom' and listening to everyone elses toilet flushes all night long in full surround sound via those MULTIPLE exposed plastic PVC pipes in the 'lovely' shrunken bedroom area.

    Really hope this goes to ACA. Wonder which standard-archetype 'go-to' they'll use though..
    Usually it is a choice of:

    Dodgy plumber (dodgy agent in this case)
    Struggling 'battler' (stupid duped buyer in this case
    Cranky neighbour strikes again (outraged lot owner in same block on floor above)
    Poverty-p**n angle (mum with 9 kids going off at some authority figure)
    All of the above?
     
    C-mac, 11th Dec, 2016
    #41
    spludgey likes this.
  2. dan_89

    dan_89 Well-Known Member

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    I have a feeling this one was designed by a well renowned architect named Joseph Fritzl.

    Any word if the story from original post is actually real or just a troll!?
     
    dan_89, 11th Dec, 2016
    #42
  3. wombat777

    wombat777 Well-Known Member

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    Speculation ...

    From the renovation to the exterior of the block, I would guess the block was owned by a single owner. Perhaps intent of converting the garage was to generate funds to renovate the remainder of the block.
     
    wombat777, 12th Dec, 2016
    #43
  4. dabbler

    dabbler Well-Known Member

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    Anyone know what happened with this one ?

    I was just thinking how you could probably sell your dogs kennel or maybe your tree house in Sydney at the moment.....lol
     
    dabbler, 30th Mar, 2017
    #44
    Perthguy likes this.
  5. Perthguy

    Perthguy Well-Known Member

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    It is listed as sold. Can't see how it is legal personally.
     
    Perthguy, 30th Mar, 2017
    #45
  6. Gockie

    Gockie Life is good ☺️ Premium Member

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    Just re-reading the thread title, being from Sydney I just interpreted that as being he bid up to 1.8mill for an apartment and couldn't get finance!
    #adifferentspin
     
    Gockie, 30th Mar, 2017
    #46
  7. Brickbybrick

    Brickbybrick Well-Known Member

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    I just did the same!
     
    Brickbybrick, 30th Mar, 2017
    #47
  8. neK

    neK Well-Known Member

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    I did the same when I first read the thread too.

    Anyway, does anyone know what happened in the end?
     
    neK, 30th Mar, 2017
    #48
  9. Ace in the Hole

    Ace in the Hole Well-Known Member

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    He's probably flipped it for a 50% profit on purchase price by now.
    This is Sydney.
     
    Ace in the Hole, 30th Mar, 2017
    #49
    dabbler, Brickbybrick, DaveM and 1 other person like this.
  10. hash_investor

    hash_investor Well-Known Member

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    Exactly. How can you sell a dodgy apartment and force a buyer into a contract just because it was an auction. If that is what the law says then the law and its creators are dumb.
     
    hash_investor, 30th Mar, 2017
    #50
    Perthguy likes this.
  11. big max

    big max Well-Known Member

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    Personally I believe the terms of the contract should apply. If they basically say buyer beware and do your own due diligence etc then so be it. Lesson is read the terms of any contract you enter into and understand the risk you are taking on.
     
    big max, 30th Mar, 2017
    #51
  12. chylld

    chylld Well-Known Member

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    Wonder if this property has settled ... if it hasn't, and there's no way to weasel out of the contract, wouldn't the best option be to simply not complete and wait to get sued for the difference after the vendor finds another buyer?

    Given that there were other bidders (unless he was lured into bidding against himself) surely there is enough demand to minimise the damage...
     
    chylld, 30th Mar, 2017
    #52
  13. Perthguy

    Perthguy Well-Known Member

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    If the contract is accurate. It also depends if an occupancy certificate has been issued. If there is no occupancy certificate, how can it be sold as residential premises?
     
    Perthguy, 30th Mar, 2017
    #53
  14. r3ckless

    r3ckless Well-Known Member

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    Gosh, look at the photos. looks strange alreayd, not to mention the plumbing pipes in the celing too lol.

    Anyone noticed that cramped AF bathroom?
     
    r3ckless, 30th Mar, 2017
    #54
  15. neK

    neK Well-Known Member

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    Can the purchaser sue the Private Certifier who claimed it met all requirements.?

    At which point, the Private Certifier would point the finger at the Vendor who probably bribed him to get the Occupancy certificate. And it would continually go around in circles.
     
    neK, 30th Mar, 2017
    #55
  16. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    The purchaser doesn't have any relationship with the private certifier so no breach of contract. But they could possibly sue under negligence.
     
    Terry_w, 30th Mar, 2017
    #56
    big max and neK like this.
  17. Ted Varrick

    Ted Varrick Well-Known Member

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    If life gives you lemons, and you need to make lemonade ... be thankful for AirBnB...
     
    Ted Varrick, 2nd Apr, 2017
    #57
  18. Scott No Mates

    Scott No Mates Well-Known Member

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    No sale by the looks of the extract:

    upload_2017-4-2_20-56-13.png
     
    Scott No Mates, 2nd Apr, 2017
    #58
    Perthguy likes this.
  19. God_of_money

    God_of_money Well-Known Member

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    God_of_money, 21st Jun, 2017
    #59
  20. dabbler

    dabbler Well-Known Member

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    ROTFLMAO

    Maybe worth an inspection.....
     
    dabbler, 21st Jun, 2017
    #60
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