B&P report prior to selling IP?

While a B&P report is part of the standard steps in the purchasing process, has/would anyone selling an IP get a B&P done to understand what the purchaser might come back with as part of the contract process?
Many of us have negotiated down the sales price due to hidden issues shown through the B&P process and I'm wondering if anyone who has sold ever got a B&P to understand what issues a purchaser might be use as negotiation chips during the selling process. (To then decide either to resolve the issues before going to sale, or that the profit wouldn't be there should such issues be used as negotiation points during sale process)

(I'm aware that ACT requires a vendor to provide a B&P, but this question is for other states where a purchaser gets their own B&P)

Interested in thoughts,

 

I've just purchased up in QLD - and some of the agents have ordered building/pest inspections on their listings.

Probably to ensure that they're not wasting their time/effort by listing a lemon.

Having said that - I'd always commission my own (but it's nice to know that they've also had one conducted and still decided to proceed with the listing).

Cheers

Jamie

 

Thanks @Jamie Moore previously when I sold I didn't get a B&P, went ok then. Thinking about the unforeseen things that come up in B&Ps, and are used to negotiate down the sales price, for $600 or so, I'm thinking I would like to know what could be brought up in the negotiation process and decide whether to resolve it myself, hold longer, or accept that negotiation could occur during contract process.

BTW, congrats on the new purchase

 

Can we assume that when you purchased the property you got a building/pest report done then, so that you already have an idea of what a potential purchaser may raise @Mac Fields ?

If you want to get one done just so that you have it (assuming it is not required by law) do so if that will make you feel more comfortable about it, but I can tell you we see a lot of people buy property here in Melbourne (particularly at auction) without having even had the contract checked, let alone the due diligence of getting a building/pest report as well. If you need to, you can always get one if the purchaser starts negotiating based on something that has shown up, but what if they don't bother? The flip side is that if you know there are potential issues that are highlighted via a build/pest, you could factor that into your asking price up front, knowing that you may need to give a little in the negotiation. But you have already factored that figure into your final sales price.

 

We very rarely see B&P's being provided for normal sales, becoming more common for auctions though.

 

We have just done some *clearing and repair work on a property soon to go to auction, it was a PPOR a number of years back, but a shorter term rental since, it hasnt been maintained since 2009.

The selling agent has organised a B&P, all i can say is i hope they are sitting down when they get it

Maybe they know there are problems and want to know to what extent, so they are prepared when it comes up and can negotiate

My estimate of real repairs would run to at least $30k for home owner doing the little things themselves

(* Not my property. Paid work )

 

Interesting. I know a lot of agents don't get one and don't ask about it, as that way they are not "lying" when asked if they are aware of any issues with the house. They literally do not know, so they consider that they are then not being untruthful.

 

Interesting comments. My IPs are older, and I negotiated some prices down on things the sellers didn't know were there. Taking this into account, I'm testing to see if for $600 or so, it is preferable to be forewarned rather than start the contracting process for unforeseen issues be raised and negotiations to start. It could help me decide if the profits I calculate will be the profits I take home, or if I need to factor in any reductions.