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Building Pest Inspection BEFORE making an offer

Discussion in 'The Buying & Selling Process' started by MissSwiss, 12th Apr, 2016.

  1. MissSwiss

    MissSwiss Member

    Joined:
    9th Apr, 2016
    Posts:
    19
    Location:
    NSW
    Hi All,
    I'm new to this forum but wholly impressed by the activity here.

    Wanting to make an offer on an interstate property (QLD) which is quite old and in a fair state of disrepair. My husband and I can see a good amount of work that we need to put into it, but we suspect a building and pest report could potentially reveal a lot more. The advertised price is certainly far too high, so we will be offering significantly lower.

    What do you think of getting a building and pest report before making an offer? We feel that it will help to direct us in what sort of offer we should be making. I have a feeling that making a low offer straight up (with a building report to justify) might have more of an impact than making an offer and then trying to renegotiate.
     
  2. jaybean

    jaybean Well-Known Member

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    20th Jun, 2015
    Posts:
    981
    Location:
    Melbourne
    Why not do it after. You can still pull out if it fails B&P.
     
  3. FirstTimeBuyer

    FirstTimeBuyer Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    88
    Location:
    Sydney
    We did the B&P after making an offer and was able to negotiate a reduction in the price based on quotes on the repairs for roof etc.
     
  4. Mumbai

    Mumbai Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    763
    Location:
    Sydney
    That...
    and That!
     
  5. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,162
    Location:
    Canberra and Sydney
    Generally make it a condition of your offer. In QLD there's a spot in the contract where you can stipulate that the offer is conditional on a satisfactory building/pest inspection and finance approval.

    Cheers

    Jamie
     
  6. MissSwiss

    MissSwiss Member

    Joined:
    9th Apr, 2016
    Posts:
    19
    Location:
    NSW
    Ok great... I wasn't sure if I could get an awesome price straight up, or if it just wouldn't really make any difference.