If you’re a Brisbane home buyer looking at a house selling through auction, you’ll need to organise your building and pest inspection before the hammer falls and the auctioneer yells “SOLD!” Be prepared, because the process for auctioned homes is a little different than the usual.
Andrew’s Expert Advice on Inspections for Auctions: Unfortunately, you can’t trust that the vendor disclosed everything before the auction. But what if you checked every nook and cranny at the open house yourself? Even if you are a Brisbane investment property buyer with multiple homes under your belt, it’s still not enough to rely on your own eye and knowledge. I have inspected 20,000 homes in Brisbane and trust me, it takes time to perfect the art of making a comprehensive, unbiased and detailed report. So, give me a call if you want to be properly equipped for auction.
Whilst the laws in each state differ slightly, typically once a purchaser makes the highest bid at auction and the property is declared sold, the contract is binding. In other words, an auction contract is unconditional. So, get your inspections done early and be sure the property really is what it appears to be. An independent property inspection report really should be non-negotiable – it is just too valuable.
When should a building and pest inspection be organised?
Whilst a vendor is required by law to disclose known concerns relating to the property prior to an auction, there are no legal obligations requiring them to disclose structural faults with the building. The key to buying at auction is to be prepared and not get swept up in the moment without knowing exactly what you are bidding on. It is essential that potential home buyers and investors contact a building and pest inspection company in Brisbane prior to auction day. Being armed with a detailed report is priceless. If you are the lucky final bidder, you are effectively making a commitment to purchase the property. Be aware that at auction, there is no cooling off period and failing to inspect prior to auction could leave you with large repair costs and substantial financial outlays that you had not budgeted for. In Queensland, a Contract of Sale usually allows seven days after signing for an inspection to be completed, however, this should be confirmed prior to bidding.
It is also wise to have a legal representative oversee the Contract of Sale to ensure that this is the case for the particular property. If it is an inclusion, there may be opportunities for a potential buyer to negotiate a new price or seek repairs to be undertaken by the vendor. In some instances, a buyer can walk away from the deal. This would only be the case in extenuating circumstances so it is advisable to seek legal advice.
What a building and pest inspection report will detail
When organising a building and pest inspection to be undertaken, it is critical that this is carried out by an independent business – not one organised by the vendor or the agent. An unbiased point of view is critical to ensure that all major and minor concerns are noted with accuracy and without judgment. A range of internal and external aspects will be closely looked at and it is then up to the prospective buyer to determine what is fixable and what really is a deal breaker.
Everything from rising damp to squeaky floorboards and windows that don’t open with ease will be noted. Structural faults, dripping taps and evidence of the presence of termites or other pests will not go unnoticed. Whilst the report may come back longer than you imagined, consider this a valuable insurance policy. There may be materialistic issues noted such as loose doorknobs and uneven shelving but you could also uncover prior renovations that have not received council approval or extensions that fail building regulations. The more you know the better.
A pest inspector will have a keen eye on the property, looking for the presence of any current termites or previous activity from bugs and pests. Using thermal imaging equipment, you can be confident that all areas of the home will be inspected including between wall cavities to ensure your prospective home is pest-free or at least be aware of what steps you may need to take to secure the property from any unwanted visitors.
Justifying the cost of a building and pest inspection
When planning to purchase a home, keeping a good budget and knowing your financial limitations is a must. Knowing you are up for an additional expense can often really stretch the purse strings and be one of those essentials that are moved to the ‘nice to have’ list instead. If that is where your head is at, think again. You may spend a few hundred dollars on an inspection only to be outbid but it really is a wise use of money, even if you are not the final bidder. Purchasing a property is often the largest financial outlay you will experience so spending a few hundred dollars is not really much when you consider the big picture. Avoid the regret of “if only.”
How to choose a building and pest inspector in Brisbane
Ensure this process is watertight by partnering with an impartial professional property inspection business that has no reason to keep their findings quiet. An independent business will not view the property with rose-coloured glasses which means you will get full disclosure and evidence of what is seen. Action Property Inspections in Brisbane are the trusted name in pre-purchase inspections. Experienced and reliable with a great reputation in the local area, you can be guaranteed that your building inspection will be undertaken with the focus and attention you expect.
Action Property Inspections can also organise an independent, highly qualified and licensed pest inspector to visit the property to conduct the pest inspection for you. Knowing that neither service is being compromised, you can be guaranteed that at the completion of the inspection, you will be in possession of two extremely detailed reports and photographs as evidence.
It pays to organise your own building and pest inspection prior to placing your first bid at an auction. Save yourself future headaches and significant financial outlays you hadn’t planned on. A detailed and easy to read building and pest inspection from Action Property Inspections is recommended to protect you from investing in a costly mistake.