In 2011 I bought a property for $235,000 on the Central Coast of NSW. After buying the property I ordered a B&P report which identified a range of issues with the property.
The report scared the shit out of me so I called the B&P inspector and my solicitor and realised I had a choice to make.
1. Terminate the property safety using the building and pest clause in my contract.
2. Ask for a price reduction. I decided to ask for a $22,000 price reduction which was immediately accepted by the seller.
This experience taught me a very valuable lesson that I have used hundreds of times for myself and my clients since.
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