Building and Pest Reports

Hi All,

So I’ve signed a contract for an investment property in QLD and there is a pest/building report condition. I’ve received the report and there are some drainage issues (water build up in gutter, no drainage at the back of house leading to moisture), fungal decay of fence and soil erosion impacting the slab.

This is the first time I’m going through this process, I’ve never bought an existing home - have only built before. Is it possible to negotiate a reduction in purchase price for these issues? Would I need to share the report and provide quotes of how much these issues would cost to get fixed?

thanks in advance for your help

 

Speak to whoever is doing your conveyancing they should be able to walk you through the process.
I have always negotiated after building and pest, they always find something.
On my most recent purchase I asked for a $4000 reduction, I gave quotes and my reasons and they met me at $2500, I would have bought it for my original offer anyhow so I accepted.
I'd say it all comes down to the strength of your offer and how reasonable your request is.

 

B&P reports are written in a way to make it seem the world is going to end.

Its always best to schedule a call with the B&P inspector to run through the findings with them. This will give you an idea on how significant the issue is.

 

Are you seeking a contact for B&P?

 

I haven't seen any P & B report without drainage issues. They find something for drainage, no matter what. It depends on how bad it can be, are there any retaining walls?

"soil erosion impacting the slab" this may need some investigation to see how bad is this.

Get some quotes to fix them and try negotiating. In current market, it's not easy to negotiate of these items usually. Reality is, it's almost not possible to find a property that doesn't have any issues in the B & P report.

 

Thanks all

I actually have already purchased this property I ended up getting a structural engineer to double check and it was all good. I was able to get $2.5K off the purchase price.

For my second property, I was able to negotiate $25k! very very lucky - but there is a bit of work to do on that one.