Grrrr

[slofox]

Thought I'd sold me house. Then today the buyers cancelled due to solicitor's approval not forthcoming. Can't build a garage round the back because it would be too close to the gully which has environmental protection...


Bastards!

229593

[steve_t]

Damn, that sux. Hopefully, a better offer will be around the corner. The article in the Herald yesterday saying 'now is a good time to buy' will hopefully drag a few more prospective buyers into the market for ya. Good luck! :niceone:

[PrincessBandit]

What a pita! Awful having something you think is all lined up then it goes turtle. Fingers crossed the next buyer is on the horizon for you.
Do you need to disclose this new info to future prospective buyers?

[slofox]

What a pita! Awful having something you think is all lined up then it goes turtle. Fingers crossed the next buyer is on the horizon for you.
Do you need to disclose this new info to future prospective buyers?

This is the second time a buyer has backed out. I'm starting to think the house has a juju on it...:angry:

Do I need to disclose? I would have though everyone round here would've known about the gully protection. Council makes enough noise about it...we'll see.

Oh well, come July the bank will chuck me out anyway. Better go check out under that bridge...

[steve_t]

This is the second time a buyer has backed out. I'm starting to think the house has a juju on it...:angry:

Do I need to disclose? I would have though everyone round here would've known about the gully protection. Council makes enough noise about it...we'll see.

Oh well, come July the bank will chuck me out anyway. Better go check out under that bridge...

Gutted. You only need to disclose stuff if asked but any astute buyer will simply ask "is there anything I need to know?" Too many people make offers subject to finance or whatever and then can't get finance! It's pretty crap.

[Mully]

Gutted.

The house equivalent of a tyre kicker....

[Gone Burger]

Sorry to hear mate and know how you feel. I've had my gorgeous house on the market for 9 months now. Problem is everyone through absolutely loves it, and the price, but not the road out to it. Paying rent and a mortgage is more than crippling.

Best of luck for another offer that outshines the first one. Will be the happiest day of my life when mine goes.

[ckai]

Gutted. You only need to disclose stuff if asked but any astute buyer will simply ask "is there anything I need to know?" Too many people make offers subject to finance or whatever and then can't get finance! It's pretty crap.

It's actually an interesting topic. Local agent got done some years back for not disclosing that 4 townhouses were getting built next to a house he was selling. The reason was it affected value.

If you've got an agent, it's there job to outline the potential pitfalls and let the buyer research the viability to them. BUT there's the other argument of 'buyer beware' and some agents have got off based on it.

It's such a mickey mouse topic, most agents will generally disclose everything just to cover their asses.

It's totally different for private sellers. Because they're not 'pros' they have the excuse of not knowing in the first place. BUT if they find out anything new that may affect a sale prior to an offer, they need to disclose it. After offer it generally doesn't matter because the seller is meant to do their own research and due diligence.

No one needed to disclose a highway was potentially going through my parents Tauranga house. Go figure.

It's dumb :) If they're buying backing onto a gully, chances are it has gully protection. Agent should tell them that fact from the start but shouldn't really tell them they can't build anything because of it unless it's a proven fact (I've seen people get around it).

Bloody sucks though. I hate conditional offers :)


Sorry to hear mate and know how you feel. I've had my gorgeous house on the market for 9 months now. Problem is everyone through absolutely loves it, and the price, but not the road out to it. Paying rent and a mortgage is more than crippling.

Best of luck for another offer that outshines the first one. Will be the happiest day of my life when mine goes.

9 mths is getting up there. Any talk of the agent pulling it down for a few months as a refresh? Or you doing it private? I've been out of the game for so long I don't know if 9 mths is normal or not. Hell, when I left the market 3 months was all it took to sell. More likely less.

[awa355]

Thought I'd sold me house. Then today the buyers cancelled due to solicitor's approval not forthcoming. Can't build a garage round the back because it would be too close to the gully which has environmental protection...


Bastards!

229593

Sounds a bit of me, I would love my own gully to heave all the rubbish into. I'd save on my green fingers bag fees. waste oil, old papers, lawn clippings. Left over bits from rebuilds.

Seriously though, It's a kick in the guts when you think you have a sale and get let down. A lost vehicle sale is bad enough but a house sale is worse. Can you post the 'buyers' address? We'ill let him see the error of his ways.

[wysper]

It's dumb :) If they're buying backing onto a gully, chances are it has gully protection.

Thing is, it is obvious if you know about it. I had never heard of gully protection before this thread. So to me it would have never occurred to even ask.
Funny how things are very obvious to some but not others.

[BMWST?]

wtf is gulley protection?worlds gone mad

[Mully]

Thing is, it is obvious if you know about it. I had never heard of gully protection before this thread. So to me it would have never occurred to even ask.
Funny how things are very obvious to some but not others.

+1 I would have had no idea.

[Laava]

You don't need to disclose that. You are selling the existing property, not the potential to build a garage! They will probably come back at you now with a lower offer. Cnuts!

[p.dath]

What a pita! Awful having something you think is all lined up then it goes turtle. Fingers crossed the next buyer is on the horizon for you.
Do you need to disclose this new info to future prospective buyers?

I doubt there is a need to disclose the info if you don't know about the intention to build garage.

HOWEVER, due to a law change about 2 years ago, the buyer can now sue the agent involved for failing to disclose information that affects the value of the property (previously the law did not allow agents to be sued).

And if the buyer based there price on being able to build a garage, and the agent knows this, and knowing withholds information that they wont be able to, then I think the agent would be in a risky position.

Real estate agents now have a duty of disclosure, and their personal cheque book is on the line if they don't.

[slofox]

Just to clear this up.
There is indeed no need to disclose those particular building restrictions. Any building on any property is subject to council approval, permits, yaddayadda. The potential buyer's research should include all this stuff and in the case in hand, it did.
If anyone were to ask me, I would tell them what I know but would also suggest they check out with the council. Which is exactly what my buyers did. When the answer came back no, they were at liberty to abandon the agreement. Which they did. Unfortunately for me.

[HenryDorsetCase]

Thought I'd sold me house. Then today the buyers cancelled due to solicitor's approval not forthcoming. Can't build a garage round the back because it would be too close to the gully which has environmental protection...


Bastards!

229593

I always tell my clients that it might be unconditional, but it isn't sold till you have the money.

[HenryDorsetCase]

This is the second time a buyer has backed out. I'm starting to think the house has a juju on it...:angry:

Do I need to disclose? I would have though everyone round here would've known about the gully protection. Council makes enough noise about it...we'll see.

Oh well, come July the bank will chuck me out anyway. Better go check out under that bridge...

I wouldnt: they are probably getting that information from their LIM report.

[HenryDorsetCase]

I doubt there is a need to disclose the info if you don't know about the intention to build garage.

HOWEVER, due to a law change about 2 years ago, the buyer can now sue the agent involved for failing to disclose information that affects the value of the property (previously the law did not allow agents to be sued).

And if the buyer based there price on being able to build a garage, and the agent knows this, and knowing withholds information that they wont be able to, then I think the agent would be in a risky position.

Real estate agents now have a duty of disclosure, and their personal cheque book is on the line if they don't.

well it did, and they were.

but you are right in that the REAA 2008 is much tougher on the agent than the previous version.

[p.dath]

well it did, and they were.

Didn't the law limit the amount that could be sued for to some paltry value, like hundreds of dollars, and that limit has now been greatly increased to hundreds of thousands of dollars? Effectively very few agents got sued as a result. It was just too hard.

And didn't the law require you to use some ineffective self appointed self governed realtor's group who hardly ever ruled against the members who appointed them (which is what prompted up the tightening of the law in this area), and the new law change gives the buyer the ability to go to someone completely independent now (a QC if I can remember correctly) to get rulings?

Bit hazy in my memory.

[ckai]

Thing is, it is obvious if you know about it. I had never heard of gully protection before this thread. So to me it would have never occurred to even ask.
Funny how things are very obvious to some but not others.

Sorry I was meaning it's dumb what does and doesn't need to be disclosed. Not that everyone should know what gully protection is. I should have made it a new line :)

It's so hit and miss what you need to actually disclose. Rule of thumb in my view is if it affects value, disclose.


wtf is gulley protection?worlds gone mad

Hamilton city is famous for the gullies that run through it. But no one knows this :) Hell, I didn't know about it until I valued a property that had a gully down the back. And that was after valuing for a year! The council has a zone that covers pretty much all gullies in the city so no greedy capitalist developer can fill them up and have crap loads more land to subdivide. It preserves the natural condition of them so you don't build in the zone. Generally they're not stable soils anyway.

I valued some bloody cool houses that got permission to cantilever decks out into their gullies and planted them all out. The great thing is, no one knows what you have around the back and they're generally a nice secluded back yard.

Gully protection isn't like a Heritage Protection and that you can't do shit with the buildings. It just means the land size is generally restricted as to where you can build on it. Most properties with gully protection have a section about 1500m2 plus.


Just to clear this up.
There is indeed no need to disclose those particular building restrictions. Any building on any property is subject to council approval, permits, yaddayadda. The potential buyer's research should include all this stuff and in the case in hand, it did.
If anyone were to ask me, I would tell them what I know but would also suggest they check out with the council. Which is exactly what my buyers did. When the answer came back no, they were at liberty to abandon the agreement. Which they did. Unfortunately for me.

IN my view only the zone needs to be disclose, nothing to do what can and can't be built there. That's totally up to what gets designed for the site. You possibly could have a funky shaped garage, but you've got a garage none the less :)


well it did, and they were.

but you are right in that the REAA 2008 is much tougher on the agent than the previous version.

Not to mention more realistic penalties. I used to like the $200 fines some agents got given. :lol: Surely that went into the end-of-year piss up? haha

[crazyhorse]

Buggar!! Just what you didn't need. :hug: