Pre-Exchange Inspections

Hi all,

I have just been told that our buyer wants to do a pre-exchange appliance/inclusion inspection. This will be the third inspection overall and is a week and a half after their offer had been accepted. The real estate agent stated that this has become quite common in the last few years.

I am familiar with pre-settlement inspections but not these.

Has anyone had a pre-exchange inspection and have the buyer pull out of the deal?

I'm pretty confident all our appliances are in great working condition and we have actually thrown in quite a few extra inclusions but as we are in process of packing the place may not be as glamorous as it was the last two inspections and would hate for the buyer to change their mind at this stage of the game.

 

Hi, it is not uncommon to have multiple inspections through the sale process. Although there is no set pre exchange inspection I have done numerous. It is all getting very real for the buyer at this stage and there may be a few nerves on their part. I would not be too concerned and allow the inspection. Just explain that you are moving and the property is a little more of a work site than when being marketed.

 

Now that the price has been settled this is the part where they find something wrong with the property and then ask for a discount before entering the written contract.

 

It's not uncommon for the buyer to request another inspection just before exchange.

It also comes down to the demand for the property. If the agent has multiple interested parties - then he/she is not stuffing around and allowing three pre exchange inspections to anyone. If there's only one genuine buyer - then you don't want to scare them away. If you've got a good agent - take their advice.

Cheers

Jamie

 

Thanks, all good, exchange has occurred and the inspection was just a formality. Now to go shopping

 

It seems to vary from state to state. In WA it is very common to have a final inspection before settlement. We have noticed in NSW that it doesn't seem to be an accepted practice.

 

Pre Settlement yes. Pre exchange, not really.