Buying at auction-no report

Discussion in 'The Buying & Selling Process' started by Darwin55, 10th Feb, 2019.

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  1. Darwin55

    Darwin55 Well-Known Member

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    Hi all. I’m considering buying at auction.

    I’ve never been involved in auctions.

    My main worry is I don’t have a full building report done like I have with my other properties....

    The real estate provide a building status report and pest report but nothing on the actual condition of roofing, plumbing, bathroom etc

    Is this standard or would you get your own independent building report done before entering the auction?
     
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  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    dunno if its wise to ask other people about that sort of thing.

    its your risk profile, your resources, and in the end, your money

    ta


    rolf
     
  3. Propertunity

    Propertunity Well-Known Member Premium Member

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    YES, get your own! If you win at auction it's yours warts and all.
     
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  4. Scott No Mates

    Scott No Mates Well-Known Member

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    @Darwin55 - how experienced are you with assessing these things? Do you normally rely on a building inspection? How do you know that the roof has been built to withstand cyclonic conditions or what allowance would you need to make in your maximum price to counter the cost of a roof upgrade/drainage fix/bathroom membrane replacement etc?
     
  5. Marg4000

    Marg4000 Well-Known Member

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    Get your own report before the auction.
    Choose a different company to the one the seller used.
    Marg
     
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  6. Paul@PAS

    [email protected] Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Some states are trying to assist keep costs down so that one report by a buyer can be shared and cost is. On fall of hammer you dont want to buy termites, defects and unstable property needing demo or new roof, etc. It will pay for itself if it lists a major issue.
     
  7. Darwin55

    Darwin55 Well-Known Member

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    Thanks for the replies. Ended up getting one done and was later successful at auction. Very happy.
     
  8. AlbertWT

    AlbertWT Well-Known Member

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    How to know if there is one B&P already conducted before the auction?
    of course, as a registered bidder, that sounds like helping out your competitor?:eek:
     
  9. Sackie

    Sackie Well-Known Member Premium Member

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    I've been offered a few times by agents to look at someone else's BnP and I always decline and do my own.
     
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  10. Marg4000

    Marg4000 Well-Known Member

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    It doesn’t help anyone else.

    It’s your report and you are the only one who sees it, unless you choose to share it around.
    Marg
     
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  11. AlbertWT

    AlbertWT Well-Known Member

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    Yes, that does make sense.
    Thanks, People for the sharing.