How different methods of property sale impact when you need a Building Inspection.
The timing of a building inspection depends on your situation and mostly the method of sale.
As the findings of a building inspection report may cause you to withdraw an offer you should always ensure that you are informed of your rights and options. Engage a conveyancer or settlement agent as early as possible.
If you have not already got a conveyancer try Jim’s Conveyancing on 131 546.
Organise the inspection prior to the auction date and as early as you can. You may then also be in a position to make a confident and informed offer prior to the auction itself. Many buyers will consider a ‘bird in the hand to be worth two in the bush’.
You can also check out our e-commerce section to see if an inspection on your property has already been completed. Jim’s Building Inspectors often conduct what we refer to as ‘on spec’ building inspections on properties which are going to auction.
We conduct a building inspection on the property but may make the report available to multiple interested parties, often at a more competitive price.
The general risk with ordering a building inspection prior to auction is that you may not be the successful bidder. If this is the case, contact your local Jim’s Building Inspector directly as many offer discounts to assist you when further building inspections on other properties are needed.
However, the bigger risk is bidding at auction and winning a property which has not had a building inspection completed may mean your best laid renovation plans and savings go out the door.
With up to 1 in 5 homes being subject to termite damage at some point in their life cycle and approximately 1/3 of all homes being sold with a major defect of some type, it is not worth skipping the building inspections.
We are obviously biased in this matter but we have also seen too many examples where people have purchased a property and come to us after the auction when they discover that their budget for their new kitchen is now going to go on simply making the property water tight, addressing rising damp or dodgy repair jobs.
PRIVATE OR FIXED DATE SALES and EXPRESSIONS OF INTEREST
If you are planning to buy a home or any property, to occupy or as an investment, you should make any verbal or written offer conditional on a building and termite inspection at least.
Generally any wording should indicate that you retain the right to withdraw from the sale without financial penalty should safety hazards or major defects be identified. Also consult your Conveyancer about any local state based requirements for settlement processes and your options.
If you don’t have a settlement agent yet, contact: Jim’s Conveyancing on 131 546.
Again, the earlier you place an offer, conditional on your building inspection report, the earlier you can place an offer. In a rebounding market there is often a high degree of competition and many people use Jim’s Building Inspections, as with many inspectors in each city, we can get your inspection done quickly and when you need it.