Sub Sales

J

JG07

Guest
Hi,

We are looking at buying a new house that is just a shell really and it is an investor flipping it on, do you know if you are entitled to get it fitted out the same as someone who purchased a house off the plans from the builder. Is there something in the contract that you would be buying that allows you to get it fitted out?
 
Are you sure that you can "flip" it in the first place? Many contracts explicitly preclude this. Have you asked your solicitor?
 
I would have read this as the OP buying the house from the flipper. As such he is purchasing from the flipper and has no agreement or contract with the builder. Sounds like the flipper negotiated a cheaper price for an unfinished house?
 
rmelly said:
I would have read this as the OP buying the house from the flipper. As such he is purchasing from the flipper and has no agreement or contract with the builder. Sounds like the flipper negotiated a cheaper price for an unfinished house?
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What usually happens is that the Flipper(tm) assigns the benfit of the contract to the second purchaser therefore the second purchaser has all the rights contained in the contract.
 
the flipper owns the house.have done this in the past. i owned the house and it was purchased from me..after i purchased from the builder in the same hour..(good solicitor)
i did however go ahead and have the kitchen ,built ins and fireplace (took what was on offer from the builder) put in before i sold it on
JG07 are you getting it at a good price ie under what the normal prices for other new builds in the area are going for
 
It was happening a lot in the early years of the boom but then the poor developers got annoyed and got their solicitors to put in clauses preventing sub-sales (which shouldn't be allowed IMO, free market and all that)
 
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ya we are the purchasers, the benefit for the guy selling it is that they dont pay stamp duty in the middle as they (as far as i know) dont conclude contracts so the contact would be between ourselves and the builder, we are only looking at it at the moment so was wondering if anyone had any info on it.
 
buy it off the flipper but insist that it is finished with a kitchen etc.. the flipper is probbaly selling as a shell because they get to keep the pc sums as well..
or go to the builder and see what he can do for u,prices are down and i am sure he would rather get rid of a 2nd house than see the flipper make money
 
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