You are funny. In Auckland no problem maybe you are somewhere else. I use it all the time. My agents use it, no problem. It's meant to be vague that's the whole point.
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It is interesting. I think it depends on many things. In auckland, most investors are local and they have been to open home etc before making offer. Outside auckland, there are lots of out of town buyers who put offers first and then go and view the property, so most agents and vendors will treat a general DD clause as just to get hold of the property first and then decide later. I can totally understand why they don't like general DD. In Auckland crazy market, I know many people buy without doing due diligence except seeing the house (which I think is too risky), so vendor does not see it as too much risk.
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so the agents sidinz works with won't touch vague DD clauses... I won't accept them as a vendor but the guys you work with use them all the time and allow you to be deliberately vague despite agents acting in he interests of the vendor... Add to that you don't deal in multi offer situations...
Which Auckland do you operate in? Is this a fictional location somewhere just outside Suva?
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Oh so you're a vendor not an investor, you just should have said so. I don't accept them as a seller either but most sellers aren't investors. Always be as vague as possible. Definition of vague means being able to get out of the contract for any reason. It's 101 of investing. I work with agents who are working primarily for me you don't use vendor agents when you are buying only when you are selling.
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Originally posted by Frezzinghot View PostDD clause can save your ass, use them as much as possible.
FH
For a novice investor the right advice is to find a property you're really interested it, do as much background research as possible before making an offer (you might actually learn something too) then make it as easy as possible for the vendor to say yes to your offer.
A reasonable vendor selling a property with nothing to hide will see a DD for building inspection and/or LIM as low/no risk but vague, catch all clause like above even mean that if a better property option come up for the purchaser you can pull out of this sale and buy something else... Why would a vendor knowingly agree to this clause?
After all in this market you're competing against others... Two + years ago you could put any clause you wanted safely knowing there was no competition... Not the case today.
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Originally posted by Bobsyouruncle View PostI work with agents who are working primarily for me you don't use vendor agents when you are buying only when you are selling.
What is the set up to have with selling agents who working to satisfy you're interests at the cost of the vendor?
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A reasonable vendor selling a property with nothing to hide will see a DD for building inspection and/or LIM as low/no risk but vague, catch all clause like above even mean that if a better property option come up for the purchaser you can pull out of this sale and buy something else... Why would a vendor knowingly agree to this clause?
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As a seller/vendor, I would favour offers which do not include a Due Diligence clause. However, as a buyer/investor, I would use them for out of town (Auckland) investments to give us an opportunity to do my checks for areas which we are not very familiar with.www.PropertyMinder.co.nz
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