2 properties

hey all. i have 2 properties that I'm interested in and they are going to auction a week apart. my first option will be the property B which is a week after property A. but i don't want to lose out on property A as I might not win property B.

Agent B told me that there are quite a lot of interest in property B that the offer has to be quite bullish for the owner to accept prior to auction. I will need to do a building and pest report before i make an offer?

what do you guys think? what is the best way to go about doing this?

 

Well, put a pre auction offer on both and see where it goes

 

Like Dave said, put an offer in prior to auction on both of them.

 

wouldn't that be showing my cards to the agents and allowing them to use my offer against me?

 

Yes, but you have no alternative.

It's worse when property A and property B are listed with different agents and the auctions are on at exactly the same time.

 

so no other choice but to put in an offer i guess? Its quite hefty considering i have to spend about $450 for building and pest report PER property.

 

It's an expense you'd likely pay if you were going to bid for it at auction.

It's unlikely they'll allow any conditions with your offer too - so a building/pest report is money well spent.

 

The choice is yours. I mean.....you don't HAVE to get a B&P for each property.

 

$450 is a drop in the ocean when you are looking at property worth 1000x more.

 

Sometimes the vendor already has B&P done, you can always check?

 

true @Steven Ryan.

unfortunately no B&P was done by the vendor. I think Ive poured heaps on B&P for the 4 failed auctions ive been to.

such is life

 

Better to invest a few dollars in B&Ps than to buy a place with a $30,000 problem, yeah?

 

I was given by an agent, a vendor supplied P&B just a few weeks ago - and I seriously wondered if it was for the same house that I inspected.
The report mentioned nothing of the serious cracking I saw in the brickwork, nor the obvious subsidence in one corner of the house that needed (in my opinion) some underpinning. I'd be paying for my own P&B I think. It is just the cost of doing business. Better to spend $500 on a report than $500K of mostly borrowed money on something that will be a money pit.

 

would it be wise to do the building and pest report a few days before the auction instead of a week in prior? might prevent a few people from getting the report and i might be able to purchase one that another interested buyer have already done?

 

Good idea!
You can often do that at 50% of the normal P&B price, since all they have to do is change the name on the front page.

 

Take the B&P reports to the auction or to an open and see if any other people want to buy copies from you!

 

CF+ B&P. Simply order one and sell 3 x copies, each at half the original cost Win-win!